The benchmark indices closed near the day's low with steep losses on Monday, tracking weak global cues. Soaring crude oil prices amid ongoing Russia-Ukraine crisis continued to spook investors. Barring the Nifty Metal index, all the sectoral indices on the NSE ended in the red. The Nifty settled below 15,900 mark.
As per provisional closing data, the barometer index, the S&P BSE Sensex, dropped 1,491.06 points or 2.74% at 52,842.75. The Nifty 50 index skid 382.20 points or 2.35% at 15,863.15.
In the broader market, the S&P BSE Mid-Cap index shed 2.25% while the S&P BSE Small-Cap index lost 2.30%.
The market breadth was weak. On the BSE, 861 shares rose and 2,599 shares fell. A total of 135 shares were unchanged.
In the commodities market, Brent crude for May 2022 settlement rose $8.16 at $126.27 a barrel. It has jumped 66% so far in calendar year 2022. India imports majority of its crude oil requirements. A spike in crude oil prices has raised concerns over the impact on inflation, currency and input cost for companies across sectors. Higher crude oil prices could increase India's expenditure and adversely affects the fiscal deficit.
Politics:
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The seventh and final phase of Uttar Pradesh elections 2022 began at 7 A.M. and will end at 6 P.M. today. This will conclude the fiercely contested polls held in five states. The results of exit polls for elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur will be broadcast from 7 P.M. today, after the end of polling. Votes will be counted on 10 March 2022.
Buzzing Index:
The Nifty Realty index fell 5.47% to 393.65. The index lost 8.24% in two trading sessions.
Brigade Enterprises (down 9.15%), IndiaBulls Real Estate (down 7.17%), Oberoi Realty (down 6.90%), Prestige Real Estate (down 6.30%) and Sobha (down 6.25%) were the top losers in the Realty segment.
Stocks in Spotlight:
Balkrishna Industries advanced 3.80%. The company has successfully commenced commercial production of the Brown Field Expansion and Debottlenecking project at Bhuj plant ahead of schedule. This will result in increased production of tires up to 50,000 MTPA (million tonnes per annum).
Nazara Technologies rose 0.99%. The company's board approved issuance of equity shares worth Rs 25 crore to existing shareholders of Datawrkz Business Solutions. These shares will be issued on a preferential basis, at a price of Rs 2,260 per share.
JK Cement slumped 11.27% The board of directors of the company approved entering into paint business through a wholly owned subsidiary, formation of new wholly owned subsidiary and investment in the said wholly owned subsidiary.
Coal India jumped 4.09%. The state-run coal major reported total coal supplies at 608.15 million tonnes (MTs) as of 4 March 2022. Coal India (CIL) said it has moved past the previous highest coal off-take of 608.14 MT achieved in FY19. CIL chief Pramod Agrawal pointed out the "sustained efforts and inspired performance of CIL's subsidiaries and has written to them "to end FY22 on a sound note scaling even more highs." Almost all CIL subsidiaries are ahead in their respective coal off-take numbers over corresponding period last year, the company said in a statement. CIL said it is concentrating its efforts to increase its supplies further in a bid to touch 670 MTs off-take mark in FY22. CIL had pipped the 575 MT total coal despatch of FY21 on 16 February itself. Off-take ending FY20 was around 580 MT.
Info Edge lost 0.61%. The company had announced that it has invested an amount of about Rs 91 crore in Aisle Network through its wholly owned subsidiary. Aisle is engaged in the business of running multiple dating platforms on the web via its mobile apps Aisle, Anbe, Arike and HeyDil. Info Edge said the investment is done as a strategic investments that would help to strengthen its offerings in the match making segment by addressing the needs of people of different age groups and beliefs, searching for a suitable match for them. The company has agreed to acquire 21,483 shares comprising 11,699 Compulsorily Convertible Preference Shares (CCPS) and 9,784 equity shares via mix of primary infusion and secondary purchase. The aggregate shareholding of the company, post this investment, in the said entity would be about 76% on a fully converted & diluted basis.
Zydus Lifesciences skid 1.52%. The lifesciences company has received approval for its New Drug Application (NDA) from the Drug Controller General of India for Oxemia (Desidustat). Desidustat is a first-of-its-kind oral treatment in India for anemia associated with Chronic Kidney Disease (CKD) in patients either on dialysis or not on dialysis. It is an oral tablet formulation which is the first-in-India alternative to injectable erythropoietin-stimulating agents (ESAs), Zydus Lifesciences said in a statement. CKD is a serious progressive medical condition characterized by a gradual loss of kidney function, usually accompanied by other comorbidities including anemia, cardiovascular diseases (hypertension, heart failure and stroke), diabetes mellitus, eventually leading to kidney failure. CKD patients are often on multiple medications and are at safety risks of drug-drug interactions.
Global Markets:
The Dow Jones futures were down 483 points, indicating a weak opening in the US stock market.
Shares in Europe and Asia tumbled on Monday after news that the U.S. and European allies are considering a ban on Russian oil imports, posing a risk of global "stagflation."
Russia has continued to ramp up its assault on neighboring Ukraine in recent days, with forces attempting to advance and isolate the capital city of Kyiv and other major cities while being met with fierce Ukrainian resistance.
In Asia, China lowered its GDP target to 5.5% for this year from last year's 6.1%. The new target for the second-largest economy was announced by Premier Li Keqiang in his work report presented to the National People's Congress (NPC), the country's parliament which opened its annual session in Beijing on March 5.
The International Monetary Fund on Saturday said the War in Ukraine will have 'severe impact' on global economy. "While the situation remains highly fluid and the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious," the IMF said.
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