The domestic equity barometers ended with deep cuts on Wednesday. The Nifty closed a tad above the 16,600 mark, after hitting the day's low at 16,478.65. While banks, financials and autos declined, metals, oil & gas and energy stocks edged higher.
As per provisional closing, the barometer index, the S&P BSE Sensex, tumbled 778.38 points or 1.38% to 55,468.90. The Nifty 50 index lost 187.95 points or 1.12% to 16,605.95.
Global investors continued to grapple with the economic fallout from the escalating Russia-Ukraine conflict.
In the broader market, the S&P BSE Mid-Cap index fell 0.17% while the S&P BSE Small-Cap index slipped 0.12%.
The market breadth was negative. On the BSE, 1,716 shares rose and 1,625 shares fell. A total of 117 shares were unchanged.
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Global Markets:
Shares in Europe and Asia traded in the red on Wednesday as the ongoing Russia-Ukraine conflict continued to lead to a surge in oil prices.
Brent crude futures climbed above $111 a barrel, scaling highs not seen since July 2014. That's despite the International Energy Agency saying on Tuesday it will release 60 million barrels of oil from global reserves, in a bid to ease the current supply constraint.
Sanctions on Russian banks following Moscow's invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market.
A Russian airstrike hit Kyiv's main television tower on Monday afternoon, killing five people. Meanwhile, Russian forces continue to attack Kharkiv, Ukraine's second-largest city.
Wall Street ended sharply lower on Tuesday, with financial stocks bearing much of the damage for a second straight day as the Russia-Ukraine crisis deepened and stirred anxiety among investors.
Investors are also gearing up to hear from Federal Reserve Chair Jerome Powell in his semiannual hearing at House Committee on Financial Services, which begins on Wednesday. Investors will be watching closely for his comments on potential rate hikes, as market expectations for hikes this year has eased slightly since Russia's invasion.
Economy:
India's manufacturing sector saw an expansion in output and new orders in February as per the IHS Markit Purchasing Managers' Index (PMI) which rose to 54.9 for the month of February 2022, from 54 in January 2022. A reading of 50 on the PMI indicates no change in activity levels.
India's GDP growth slowed down to 5.4% in October-December 2021 from 8.5% in the previous quarter, data released on February 28 by the Ministry of Statistics and Programme Implementation showed. The statistics ministry also said India's GDP will likely grow by 8.9% in FY22, down from its first advance estimate of 9.2%, released in early January 2022.
The gross Goods and Services Tax (GST) revenue collected in the month of February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods). The revenues for the month of February 2022 are 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020.
February Auto sales:
Maruti Suzuki India slumped 6.01% to Rs 7,814.20. The company recorded total sales of 1,64,056 units in February 2022, down 0.25% as against 1,64,469 units sold in February 2021.
Tata Motors fell 1.42% to Rs 447.60. The company's sales in the domestic & international market for February 2022 stood at 77,733 vehicles as compared to 61,258 units during February 2021, recording a growth of 26.89%.
Ashok Leyland declined 0.63% to Rs 117.90. The Hinduja Group company's sales grew 7% to 14,657 units in February 2022 from 13,703 units sold in February 2021.
Eicher Motors slipped 3.15% to Rs 2,508.10. VE Commercial Vehicles (VECV), Eicher's unlisted subsidiary, sold 5,856 units of commercial vehicles in February 2022, registering a rise of 7.3% year on year from 5,457 units in February 2021.
Eicher Motors' total motorcycles (Royal Enfield) sales dropped 15% to 59,160 units in February 2022 as against 69,659 units sold in the same period last year.
Escorts added 0.91% to Rs 1869. The company's total tractor sales declined by 45.6% YoY to 6,114 units in February 2022 from 11,230 units sold in February 2021.
Hero MotoCorp tumbled 4.30% at Rs 2,426.30. The two-wheeler major sold 3,58,254 units of motorcycles and scooters in February 2022, which is lower by 29.12% compared with 5,05,467 units sold in February 2021.
Bajaj Auto slumped 4.62% to Rs 3,367.15. The two-wheeler maker's total vehicle sales declined 16% to 3,16,020 units in February 2022 over February 2021.
TVS Motor Company fell 3.18% to Rs 597.95. The company's monthly sales stood at 2,81,714 units in February 2022 as against sales of 2,97,747 units in the month of February 2021, registering a sales de-growth of 5.38% Y-o-Y (year-on-year).
Mahindra & Mahindra (M&M) declined 1.58% to Rs 778.35. M&M's overall auto sales jumped 89% year on year in the month of February 2022 to 54,455 vehicles as compared to February 2021.
M&M's Farm Equipment Sector (FES) sold 20,437 tractors in February 2022, down by 27% compared with 28,146 tractors sold in February 2021.
Stocks in Spotlight:
Varun Beverages added 2.75% to Rs 971, bucking weak market trend after the company announced that its board approved the proposal to enter into an agreement to manufacture 'Kurkure Puffcorn' for PepsiCo India Holdings.
Quint Digital Media hit an upper circuit limit of 20% at Rs 483.40 after the company said it will divest minority stake in its digital business news platform to Adani Media Ventures.
Panacea Biotec was locked in 5% upper circuit at Rs 198.50. The company and its wholly-owned subsidiary Panacea Biotec Pharma (PBPL) have entered into definitive agreements for sale of pharmaceutical formulations brands of PBPL for India and Nepal, to Mankind Pharma.
Brightcom Group was locked in 5% lower circuit at Rs 113.10. The company said the Securities and Exchange Board of India (Sebi) ordered a forensic audit of books of accounts of the company on 16 September 2021.
Coal India jumped 9.40% to Rs 184.50. The state-run coal major's offtake stood at 57.4 million tonnes (MT) in February 2022, growing 12% as compared with 51.3 MT recorded in the same month last year. The company's coal production rose 3.9% to 64.3 million tonnes (MT) in February 2022 from 61.9 MT in February 2021.
NMDC jumped 5.76% to Rs 151.40. The PSU miner's iron ore production jumped 11.66% YoY to 4.31 MT in February 2022The company's iron ore sales aggregated to 3.97 MT in February 2022 as against 3.25 MT in February 2021, rising 22.15%.
Shares of dairy stocks gained after Amul and Prag Milk hike prices by Rs 2 a litre citing rising costs. Heritage Foods (up 3.26%), Dodla Dairy (up 2.76%), Hatsun Agro Products (up 1.4%) and Umang Diaries (up 1.22%) advanced.
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