Bear run enters sixth day as Sensex fall 142 pts, Nifty near 17,450

CLOSING BELL: Sectorally, the Nifty Metal index plunged 3 per cent, dragged by Adani Enterprises, which tumbled nearly 5 per cent

9:08 AM

Pre-Open Session :: Nifty atop 17,550

9:07 AM

Pre-Open Session :: Sensex advances over 300 pts

9:06 AM

Block Deal :: Over 180 million shares of Redington change hands for Rs 3,200 crore

9:03 AM

Currency check :: Rupee opens at 82.68/$ vs Thursday’s close of 82.73/$

9:00 AM

Strategy :: 'Market texture distinctively weak; selling in bank stocks overdone'

Fifth straight day of losses happening in the third consecutive monthly losing streak has made the market distinctly weak. The bearish grip on the market has been assisted by negative global cues, FII selling and the sentimental fallout of the Adani crisis. Even though there are no clear visible positive triggers for the market now, a mild reversal is possible, going forward, culminating in positive returns in March. This view has the backing of history: Nifty never had four consecutive months of negative returns during the last 20 years.

Sector view: Banks, IT
The selling in Bank Nifty is overdone. The fears of the Adani crisis impacting the Indian banking system are exaggerated. Some high quality banking stocks are attractively valued now and, therefore, banking stocks have the potential to stage a turnaround. The strength in the US economy augurs well for IT stocks too even though concerns of a US recession might weigh down heavily on the IT segment. 

Views by:  Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

8:56 AM

NSE removes Zee Entertainment from F&O

The exchange said in a circular, "No fresh month contracts will be issued on the expiration of February 2023 contracts. All existing contracts with March and April expiries shall continue." READ MORE

8:51 AM

WATCH :: How has one year of the Ukraine war affected India?

8:48 AM

Pass-through of fall in commodity prices not clear: RBI MPC's Bhide

 In an interview with Asit Ranjan Mishra, he said the MPC is aiming to bring down inflation level within the tolerance band in 2023-24. READ HERE

8:45 AM

Adani Group Rout has room to run as charts show 85% call still valid

The combined market value of the 10 listed companies in the group has slumped by $146 billion, or about 60 per cent, since the US-based short seller released its report almost a month ago, alleging accounting fraud and stock manipulation. Adani has denied the allegations. READ MORE

8:42 AM

Sebi plans to make registration mandatory for ESG rating providers

The Securities and Exchange Board of India (Sebi) is planning to make the registration for environmental, social, and governance (ESG) rating providers, or ERPs, mandatory under a new regulatory framework that will also look to address norms related to disclosures, methodology for ESG scoring, and developing a parallel approach for ESG rating suitable to emerging markets. READ MORE

8:38 AM

Despite NCLT setback, analysts remain positive on Zee Entertainment

Their sum-of-the-parts valuations ranges between Rs 275 and Rs 390, which indicates uncertainty READ MORE

8:35 AM

Ukraine war, a year on: Equity markets see negative second-order impact

Though the Russia-Ukraine war had little direct impact on global equity markets, there was a significant second-order hit. Even as most markets corrected immediately after the Russian invasion of its western neighbour on February 24, 2022, they rebounded in a month. READ MORE

8:31 AM

Bull Spread on Glenmark Pharma for March expiry

Rationale:

 

We have seen long rollover to the March series in the Glenmark Future, where we have seen 11 per cent addition in Open Interest with price rising by 1 per cent.

Primary trend of the stock turned bullish where it is trading above its 100 and 200 day EMA. READ MORE

8:28 AM

Trading strategies for Bata India and Alembic Pharma

BUY ALEMBIC PHARMA NEAR Rs 520 | TARGET: Rs 560 | STOP LOSS: Rs 500

 

The stock is highly oversold in most of the time frames and has started changing trend in intraday charts. The stock has retraced exactly 88.6 per cent of the previous rally and the fall seems over stretched. READ MORE

8:26 AM

'Buy-on-dips' strategy suitable for Nifty MidCap 50

Charts suggests that the index indicates a sharp recovery from the intra-day lows, which signals that the selling momentum is likely to be halted in the near term. This recovery can be attributed to various factors, such as the index trading in a range of 8,800-8,400 for the past three months. READ MORE