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

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

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	<strong>CLOSING BELL</strong></div>
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	<strong>Stock market highlights: </strong>Domestic equities&#39; losing run entered sixth straight session on Friday as growth concerns, amid fears of elevated interest rates, hurt sentiment. The S&P BSE Sensex fell 142 points, or 0.24 per cent, to close at 59,464, while the Nifty50 declined 45 points, or 0.26 per cent, to end at 17,466.</div>
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	Adani Enterprises (down 5 per cent), Hindalco, JSW Steel, M&M, Tata Steel, SBI Life, L&T, Tata Motors, BPCL, HDFC Life, HDFC, and HDFC Bank were the top laggards. On the flipside, ONGC, Divis Labs, Asian Paints, Coal India, Adani Ports, Bajaj Auto, Power Grid, and NTPC eked out gains.&nbsp;</div>
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	In the broader markets, the BSE MidCap index dipped 0.17 per cent, and the BSE SmallCap index eased 0.15<span style="white-space:pre"> </span> per cent. Sectorally, the Nifty Metal index plunged 3 per cent, followed by the Nifty PSU Bank index (down 0.8 per cent).&nbsp;</div>
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	<strong>&#39;Risks to the market rally are rising&#39;</strong></div>
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	Risks to the rally in the global equity markets &ndash; especially arising from geopolitical shocks &ndash; are rising, wrote Christopher Wood, global head of equity strategy at Jefferies in his recent note to investors, GREED & fear. This, he wrote, can see oil prices climb higher going ahead.<a href="https://www.business-standard.com/article/markets/risks-to-the-market-rally-are-rising-oil-stocks-a-good-bet-chris-wood-123022400481_1.html" target="_blank"><strong> READ MORE</strong></a></div>
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	<strong>Zee Entertainment: Stock entering bear grip?</strong></div>
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	There is a &ldquo;Death Cross&rdquo; formation on the daily chart, whose significance reveals a bearish sentiment. The stock may enter a long-term bearishness if it fails to quickly rebound and hold ground over the 200-day moving average (DMA), presently positioned at Rs 241.<a href="https://www.business-standard.com/article/markets/here-s-how-to-trade-zee-entertainment-shares-post-entering-insolvency-123022400378_1.html" target="_blank"><strong> READ MORE</strong></a></div>
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Business Standard

Bear run enters sixth day as Sensex fall 142 pts, Nifty near 17,450 | News on Markets - Business Standard

Fund Flow :: Diis buy equities worth Rs 1,586.06 crore

Fund Flow :: FIIs on the backfoot again, sell equities worth Rs 1,417.24 cr on Thursday

Commodity check :: Brent, WTI crude rise about 1%

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SGX Nifty up 61 pts, in-line with Asian peers

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Asian shares rise; mainland China indices, Hang Seng outliers

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US markets retreat into positive territory; Dow Jones up 100pts

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Good morning, readers! Stay tuned for live updates with Business Standard

Stay tuned for live updates with Business Standard

SpiceJet soars 12% as net profit jumps five-fold to Rs 107 crore in Q3

Despite a big jump in passenger traffic, business has continued to be impacted by high fuel prices and depreciating Rupee, the company said. <a href="https://www.business-standard.com/article/markets/spicejet-soars-15-as-net-profit-jumps-fivefold-to-rs-107-crore-in-q3-123022400743_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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Olectra, in partnership with RIL, unveils hydrogen bus; stock zooms 20%

The company said the 12-metre low-floor bus has a seating capacity of 32 to 49 seats for passengers and one driver seat with its commercial launch is expected within a year. <a href="https://www.business-standard.com/article/markets/olectra-greentech-zooms-20-on-pact-with-reliance-for-hydrogen-powered-bus-123022400528_1.html?1677223867" target="_blank"><strong>READ MORE</strong></a><br />
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Policybazaar hits 5-month high; surges over 30% thus far in February

Shares of PB Fintech, the parent company of Policybazaar, hit an over five-month high of Rs 586.60 on Friday on the back of heavy volumes. The stock of fintech company was trading at its highest level since September 13, 2022. <a href="https://www.business-standard.com/article/markets/policybazaar-hits-over-5-month-high-surges-30-thus-far-in-february-123022400347_1.html?1677216744" target="_blank"><strong>READ MORE</strong></a><br />
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NEWS ALERT :: US slaps fresh sanctions against Russia

<blockquote class="twitter-tweet"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BREAKING?src=hash&amp;ref_src=twsrc%5Etfw">#BREAKING</a> US announces new sanctions targeting Russian banks, military industry, semiconductor access <a href="https://t.co/Uf2Le9jWZ2">pic.twitter.com/Uf2Le9jWZ2</a></p>&mdash; AFP News Agency (@AFP) <a href="https://twitter.com/AFP/status/1629061982560067584?ref_src=twsrc%5Etfw">February 24, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

CLOSING BELL:: S&P BSE Sensex ends lower for the 6th straight session, down 142 points at 59,464

In the process, BSE benchmark finished the week with a loss of 2.5 per cent.<br />
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	<img align="left" alt="chart" class="imgCont" height="293" src="https://bsmedia.business-standard.com/_media/bs/img/article/2023-02/24/full/1677233087-692.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0;" title="chart" width="619" /></div>
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India's economic growth likely to slow further to 4.6% in Oct-Dec: Poll

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	The economy had expanded 13.5% in April-June -- boosted largely because of pandemic-related statistical distortions -- before moderating to 6.3% in July-September. <a href="https://www.business-standard.com/article/economy-policy/india-s-economic-growth-likely-to-slow-further-to-4-6-in-oct-dec-poll-123022400414_1.html" target="_blank"><strong>READ</strong><br />
	<img alt="Economic growth, GDP" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-08/19/full/1660933146-9194.jpg?im=Resize,width=640" /></a></div>

GAIL India rallies 5% in weak market; hits 8-month high on heavy volumes

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	Gas transmission and trading volumes are likely to increase in FY24E with supplies coming from new sources, analysts say. <a href="https://www.business-standard.com/article/markets/gail-india-rallies-5-in-weak-market-  hits-8-month-high-on-heavy-volumes-123022400589_1.html?1677226838" target="_blank"><strong>READ MORE</strong></a><br />
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		<img align="" alt="GAIL" class="imgCont" height="464" src="https://bsmedia.business-standard.com/_media/bs/img/hp/home-page/2020-01/22/full/1579712484-4111.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="GAIL" width="620" /></div>
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	The company said the 12-metre low-floor bus has a seating capacity of 32 to 49 seats for passengers and one driver seat with its commercial launch is expected within a year. <a href="https://www.business-standard.com/article/markets/olectra-greentech-zooms-20-on-pact-with-reliance-for-hydrogen-powered-bus-123022400528_1.html?1677223867" target="_blank"><strong>READ MORE</strong></a></div>
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		<img align="" alt="Stock market rally, bull trading, Sensex, nifty" class="imgCont" height="464" src="https://bsmedia.business-standard.com/_media/bs/img/article/2021-03/04/full/1614804310-798.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="Stock market rally, bull trading, Sensex, nifty" width="620" /></div>
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NCLAT stays insolvency proceedings against Zee; final hearing on March 29

On Friday, the National Company Law Appellate Tribunal (NCLAT) stayed the initiation of insolvency proceedings against Zee Entertainment Enterprises (Zee). The move came after Punit Goenka, chief executive of Zee, challenged the proceedings against the company. <a href="https://www.business-standard.com/article/companies/nclat-stays-insolvency-proceedings-against-zee-final-hearing-on-march-29-123022400511_1.html?1677223867" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="Zee had sought an injunction against Invesco’s request to call a shareholders’ meeting to oust Zee’s present MD and CEO, Punit Goenka, and appoint six of its nominees to the company’s board" class="imgCont" height="464" src="https://bsmedia.business-standard.com/_media/bs/img/article/2021-10/26/full/1635270081-8039.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="Punit Goenka, Zee Entertainment" width="620" /></div>

Market Check:: Sensex near day's low, down 150 points

Risks to the market rally are rising; oil stocks a good bet: Chris Wood

<div>
	Risks to the rally in the global equity markets &ndash; especially arising from geopolitical shocks &ndash; are rising, wrote Christopher Wood, global head of equity strategy at Jefferies in his recent note to investors, GREED &amp; fear. This, he wrote, can see oil prices climb higher going ahead. <a href="https://www.business-standard.com/article/markets/risks-to-the-market-rally-are-rising-oil-stocks-a-good-bet-chris-wood-123022400481_1.html" target="_blank"><strong>READ</strong><br />
	<img alt="Christopher Wood, global head of equity strategy at Jefferies" src="https://bsmedia.business-standard.com/_media/bs/img/article/2021-02/21/full/1613919716-425.jpg?im=Resize,width=640" /></a></div>

Mahindra CIE rallies 9% to hit 52-week high on positive demand outlook

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How to trade Zee Entertainment as NCLT places it under insolvency process

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	Shares of Zee Entertainment Enterprises tumbled to fresh 52-week low, after the NCLT placed the company in the corporate insolvency resolution process. Technical charts suggest death cross on Zee&#39;s stock may push it in the bear grip. <a href="https://www.business-standard.com/article/markets/here-s-how-to-trade-zee-entertainment-shares-post-entering-insolvency-123022400378_1.html" target="_blank"><strong>READ</strong><br />
	<img alt="ZEE appoints Animesh Kumar as chief people officer" src="https://bsmedia.business-standard.com/_media/bs/img/article/2018-08/07/full/1533636155-6763.jpg?im=Resize,width=640" /></a></div>
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LIC's investment in Adani Group stocks now stands close to cost: Report

The value of the Life Insurance Corporation of India&#39;s (LIC) investments in the Adani Group currently stands at Rs 33,686 crore against the cost of Rs 30,127 crore, a report in Hindu BusinessLine (BL) said. <a href="https://www.business-standard.com/article/companies/lic-s-investment-in-adani-group-stocks-now-stands-close-to-cost-report-123022400262_1.html?1677217601" target="_blank"><strong>READ</strong><br />
<img alt="Photo: Bloomberg" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-05/09/full/1652089718-1674.jpg?im=Resize,width=640" /></a>

PolicyBazaar hits over 5-month high; surges 30% thus far in February

Shares of PB Fintech, the parent company of Policybazaar, hit an over five-month high of Rs 559, as they rallied 7 per cent on the BSE in Friday&rsquo;s intra-day trade amid heavy volumes. The stock of fintech company was trading at its highest level since September 13, 2022. <a href="https://www.business-standard.com/article/markets/policybazaar-hits-over-5-month-high-surges-30-thus-far-in-february-123022400347_1.html?1677216744" target="_blank"><strong>READ</strong><br />
<img alt="policybazaar" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-02/11/full/1644592270-2009.jpg?im=Resize,width=640" /></a>

Mahindra Lifespace tumbles 8% after MD & CEO tenders resignation

Shares of Mahindra Lifespace Developers (MLDL) dropped 8 per cent to Rs 349.50 in Friday&rsquo;s intra-day trade, after the company announced resignation of its current Managing Director and Chief Executive Officer (MD &amp; CEO), Arvind Subramanian, with effect from May 22, 2023. Arvind Subramanian has been heading the company&#39;s operations since May 2020. <a href="https://www.business-standard.com/article/markets/mahindra-lifespace-dips-8-on-resignation-of-md-ceo-123022400248_1.html?1677213231" target="_blank"><strong>READ</strong><br />
<img alt="Mahindra Lifespaces" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-09/11/full/1662915413-4788.jpg?im=Resize,width=640" /></a>

Buzzing stock :: Oletra Greentech sprints over 11% on launch of first green hydrogen bus

The company has developed a hydrogen bus in technical partnership with Reliance Industries.<br />
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Buzzing stock :: No respite for ZEE even as company challenges insolvency order

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	The company has been barred from the futures and options (F&amp;O) segment of the National Stock Exchange (NSE) as a result of the bankruptcy board&#39;s decision to include the media company in the insolvency process.</div>
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	Besides, its managing director and chief executive officer, Punit Goenka, moved the National Company Law Appellate Tribunal (NCLAT) on Thursday, seeking relief against the order.&nbsp;<br />
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Broader markets :: BSE Mid, SmallCap indices outshine peers

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Sectoral trends :: All but Metal, Media indices swim in green; PSU bank index top performer

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Sensex Heatmap :: Only 6 stocks decline in early deals; Airtel, Bajaj Finserv, Infy top gainers

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Opening Bell :: Nifty starts in the positive zone

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Pre-Open Session :: Sensex advances over 300 pts

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

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

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

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	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.<br />
	<br />
	<strong>Sector view: Banks, IT</strong><br />
	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.&nbsp;<br />
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	<em><strong>Views by:&nbsp;&nbsp;Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.</strong></em></div>

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

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. <a href="https://www.business-standard.com/article/companies/adani-group-rout-has-room-to-run-as-charts-show-85-call-still-valid-123022300817_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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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. <a href="https://www.business-standard.com/article/international/global-equity-markets-see-negative-second-order-impact-shows-data-123022300928_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="" class="imgCont" height="464" src="https://bsmedia.business-standard.com/_media/bs/img/article/2021-08/26/full/1629923631-718.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="" width="620" /></div>
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'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. <a href="https://www.business-standard.com/article/markets/buy-on-dips-strategy-suitable-for-nifty-midcap-50-suggests-ravi-nathani-123022400136_1.htmlhttps://www.business-standard.com/article/markets/buy-on-dips-strategy-suitable-for-nifty-midcap-50-suggests-ravi-nathani-123022400136_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="" class="imgCont" height="464" src="https://bsmedia.business-standard.com/_media/bs/img/misc/2021-05/20/full/markets-stocks-buy-sell-trading-shares-stock-market-1621493604-65392620.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="" width="620" /></div>
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