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The broader markets outperformed their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap little changed. Fourteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Auto and S&P BSE Bankex leading the losses. On the flip side, the S&P BSE Metal rose nearly 4.5%.
The market breadth was skewed neither in favour of bulls nor bears. About 1,716 stocks advanced, 1,625 declined and 117 remained unchanged.
"Domestic equity markets crash as geopolitical situation worsens due to the Russia-Ukraine crisis. Nifty decreased by 1.1%. The markets were also impacted due to the Western sanctions on Moscow", Mitul Shah, Head - Research at Reliance Securities wrote in a note.
"The madness seen last week may have subsided, but the participants are still having anxiety attacks over the Ukraine issue. The average downside in Indian market is 16-17% in past few wars, while recovery was 23% in 3 months and 34% in 6 months. Now in Russia-Ukraine War, Nifty is down 11% from its peak of ~18,600. Even if we assume market recover by 20% by end of December 2022, we will get our year-end target of 20,000 on Nifty, which is based on 22x FY24 earnings".
Russia and Ukraine could hold their second round of talks tonight.
Details of the first round of talks weren’t publicly announced.
Source: AFP
India Avoids Condemning Putin to Get Weapons for China Fight
Shares of HDFC Life Insurance Co. gained as much as 6.8%, the most in 22 months, to Rs 558.85 apiece.
The stock was the best performer among its peers and trading in the company's call options was triple the average. The stock gained compared to a 1.7% fall in S&P BSE Sensex.
Shares of Escorts Ltd. rose nearly 1.7% after SEBI approved the Kubota open offer to acquire shares from retail investors.
The open offer process should not take over five weeks for completion, according to a note by Edelweiss Securities on Monday.
Edelweiss expects the stock to run up till Rs 1,950 in next few days and final acceptance to be around 80%.
Source: Brokerage note, Bloomberg
Global building materials firm CEMEX selected Tata Consultancy Services to accelerate its digital transformation and improve employee experience for over 4,00,000 people.
TCS will work with CEMEX for next seven years. The information technology giant will utilise AI-driven human-machine collaboration suite to integrate systems.
The digital transformation will enable CEMEX to reduce time to market, improve processing times, productivity among others.
Source: Exchange Filing
Brent Oil Jumps 6% as Russia Sanctions Intensify Shortfall Fears
Russia’s three-day stock trading halt on the Moscow Exchange is its longest for extraordinary circumstances since October 1998.
The halt came sanctions sent the country's MOEX Russia Index assets plunging.
The benchmark is now 60% lower than its 52-week high it hit in October.
The country’s wealth fund is planning to buy stocks to help stabilise the markets, according to Bloomberg.
Source: Bloomberg
Russia claims to have taken control of Kherson in southern Ukraine.
Russian military says its forces have taken control of Kherson, a port city in Southern Ukraine.
This is the third city Russia has attacked, after Kyiv and Kharkiv.
Attacks have entered their sixth day today.
Source: AFP
HCL Technologies has opened a centre of excellence with IBM to modernise their network infrastructure and optimise operations.
HCL will establish an IBM Telco Initiative practice team to develop network outsourcing and modernization solutions using IBM's open hybrid cloud approach.
HCL Tech is already part of IBM's partner ecosystem collaborating on the IBM cloud for telecommunication.
Source: Exchange Filing
The broader indices outperformed their larger peers. Thirteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Bankex, S&P BSE Auto and S&P BSE Finance leading the losses. On the flipside, S&P BSE Metal rose over 3.75%.
The market breadth was skewed in the favour of bears. About 1,520 stocks advanced, 1,701 declined and 146 remained unchanged.
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India’s rupee and bonds decline as a surge in crude oil prices rekindles worries over inflation and finances for the net oil-importing nation. Traders also await a Rs 38,000 crore ($5b) T-bill auction and February PMI manufacturing data.
USD/INR gained 0.4% to 75.6650 on Wednesday.
10-year yields rose 4bps to 6.80%
Source: Bloomberg
Most yields along the India sovereign yield curve rose, with 14-year bonds moving the most in Wednesday morning trading.
The 3-year yield rose 4.8bps to 5.639%
The 10-year yield rose 3.8bps to 6.808%
The 30-year yield fell 3.5bps to 7.105%
The 3-year-10-year yield spread was 116.9bps, vs previous close 117.9bps
Source: Bloomberg
India Manufacturing PMI Picks Up In February
How Anil Ambani's Firms Have Escaped Consequences Of The 'Fraud' Tag
Reliance Securities initiated coverage of Apollo Hospitals Enterprise Ltd. with a recommendation of 'buy'; price target set at Rs 5,935.
Source: Bloomberg
HDFC Life has 1.82 million shares change hands in a large trade.
HDFC Life has another 1.37 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
The benchmark US crude oil grade WTI spiked by 11% in early afternoon futures trading, to $106.75 a barrel, the highest since June 2014 ($107.49 a barrel). The war in Ukraine is getting very ugly and destructive and hostilities between the west and Russia is intensifying. High risk for disruptions to both crude and natural gas. We expect crude oil prices to remain positive and WTI could test $110 a barrel in the upcoming session. Crude oil is having support at $100.00–97.70 and resistance is at $106.60–110.00 in today’s session. In INR terms crude oil has support at Rs7,540-7,175; while resistance is at Rs8,179–8,453.Rahul Kalantri, VP - Commodities, Mehta Equities Ltd.
The broader indices outperformed their larger peers with both S&P BSE MidCap and S&P BSE SmallCap little changed. Twelve of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Bankex, Finance and Auto leading the losses. On the flipside, S&P BSE Metal index rose over 2.5%.
The market breadth was skewed neither in the favour of bulls nor bears. About 1,256 stocks advanced, 1,202 declined and 118 remained unchanged.
Russia Steps Up Aerial Campaign Against Cities: Ukraine Update
India's dairy stocks will be in focus after Amul, one of the biggest in the industry by market share, raised retail prices of milk by nearly 4%.
Gujarat Cooperative Milk Marketing Federation, which markets Amul brand dairy products, raised retail prices by Rs 2 per litre effective March 1.
Gujarat Cooperative Milk Marketing Federation cited higher costs as the reason for the price hike.
In Focus: Heritage Foods, Parag Milk, Dodla Dairy, Hatsun Agro, Nestle India, Umang Dairies, Modern Dairies, Prabhat Dairy.
Source: Bloomberg
Last week, we stopped all exports into our sales channel in the country, said an Apple statement.
It also imposed limitations for Apple Pay.
Source: AFP
Putin is the most isolated he has ever been from the world.
Rendering Putin’s $630 billion war fund worthless through sanctions.
U.S. airspace is being closed to Russian aircrafts.
U.S. forces will not engage in the conflict with Russian forces in Ukraine.
U.S. will release 30 million oil barrels from strategic reserves.
Source: AFP, Bloomberg
Brent Oil Jumps 6% as Russia Sanctions Intensify Shortfall Fears
Stocks To Watch: EaseMyTrip, Eveready, IndiaMart, Siemens, Tata Steel
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