Sensex sinks 769 pts, Nifty below 16,250; Titan, Maruti fall 5%, IT stks up

CLOSING BELL: Sectorally, only the Nifty IT index eked out gain on the NSE, rising 0.14 per cent

Market LIVE: Sensex down 750 pts, Nifty tests 16,250; US futures slide

CLOSING BELL

Equity markets see-sawed in trade on Friday as Russia's invasion of Ukraine escalated, with Russian forces attacking and seizing control over Europe's largest nuclear power plant earlier today.

The benchmark S&P BSE Sensex opened with a 450-point cut and extended the losses to hit a low of 53,888, down 1,215 points intra-day. It, however, recovered partially and closed 769 points, or 1.4 per cent, down at 54,334.

The NSE Nifty, on the other hand, hit an intra-day low of 16,134 but recouped losses to end at 16,243, down 255 points or 1.5 per cent.

Maruti Suzuki tumbled another 4.7 per cent today, falling over 10 per cent in two days. The stock was the second biggest laggard on the Nifty50 index. Titan Company, Hero MotoCorp, Asian Paints, Tata Motors, HUL, Coal India, M&M, Hindalco, JSW Steel, Axis Bank, Bajaj Finance, and Eicher Motors were the other draggers, cracking between 3 and 5 per cent.

On the upside, Dr Reddy's Labs, ITC, Tech M, BPCL, Sun Pharma, Ultratech Cement, and Wipro gained in the range of 1 to 3 per cent.

In the broader market, the BSE MidCap index declined 2.3 per cent with individual stocks such as Vodafone Idea, IRCTC, Jubilant Food, Info Edge, Zee Entertainment, Varun Beverages, and Indian Hotel falling up to 7 per cent.

The BSE SmallCap index, meanwhile, settled 1.3 per cent lower dragged by Power India, Vadilal Industries, MCX, Carborundum Universal, and KBC Global.

Sectorally, only the Nifty IT index eked out gain on the NSE, rising 0.14 per cent. The Nifty Auto index was the worst hit index today for a second straight day as it ended 3.3 per cent down today. All other remaining indices fell between 1 and 3 per cent.

Global markets

European markets retreated on Friday with the pan-European Stoxx 600 sliding 0.8 per cent in early trade. In the US, futures linked to all the main three indices were down 0.8 per cent each.

In Asia, MSCI's broadest index of Asia-Pacific shares ex-Japan tumbled as much as 1.6 per cent to 585.5, the lowest level since November 2020, taking the year-to-date losses to 7 per cent.

Stock markets across Asia closed in the red, with Japan losing 2.2 per cent, South Korea 1.2 per cent, China 0.96 per cent, and Hong Kong 2.5 per cent while commodities-heavy Australia was down 0.6 per cent.

4:19 PM

Nifty technical watch: Possible for index to fall below 16,000 in short term

<< Nifty slipped lower after a few days of consolidation on the daily timeframe; which will heighten the possibility of falling below the 16,000 mark over the short term.

<< Immediate support is seen at 16,100-16,000 bands. On the higher end resistance is seen at 16,500.

Views by Rupak De, Senior Technical Analyst at LKP Securities.

4:15 PM

Post market view: Rising oil prices spark fears of inflation crossing RBI’s tolerance level

<< Global bourses are witnessing a sharp sell-off as reports of Russian attack on Europe’s biggest nuclear plant in Ukraine kept tension levels elevated.

<< Rising oil prices along with uncertainties on supply change disruption have instilled fears that inflation could cross RBI’s tolerance level, though temporarily.

<< The domestic market, however, trimmed its losses as buying was witnessed in IT and Pharma stocks.

Views by Vinod Nair, Head of Research at Geojit Financial Services.

Illustration: Binay Sinha

4:12 PM

MapmyIndia owner surges 4% on completing acquisition of Gtropy Systems

C.E. Infosystems Ltd. (MapmyIndia) informed investors and exchanges that the company has completed the acquisition of a 75 .98% stake of Gtropy Systems for Rs 13.5 crore.

4:07 PM

Carlyle reportedly plans to buy 10% in Yes Bank for $500-600 million; stock falls 1%

As per a report by The Economic Times, private equity group Carlyle is considering a Rs 3,750–4,500 crore ($500-600 million) investment in Yes Bank along with peer Advent International for a 10 per cent stake.

4:04 PM

Govt to hold asset monetization meet on March 8; MTNL rallies 10%

4:02 PM

Pondy Oxides surges 6% on partnering with US-based co to set up battery recycling unit

The company said it has partnered with Ace Green Recycling Inc., a Delaware Corporation in the US, and signed a $12 million equipment supply and licensing deal spanning 10 years to set up a greenhouse gas (GHG) emission-free battery recycling facility in Chittoor, Andhra Pradesh, India.

3:58 PM

GAIL board to meet on Mar 11 to recommend second interim dividend, stock slips 2%

3:55 PM

Aviation sector veteran Sanjiv Kapoor appointed CEO of Jet Airways; stock rises 5%

The Kalrock Jalan consortium announced the appointment of aviation sector veteran Sanjiv Kapoor as the company's chief executive officer. Kapoor will take charge on April 4.