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Indian equity benchmarks extended losses for the fourth consecutive trading session—their longest losing streak since January—amid a global selloff triggered by the escalating crisis in the Middle East. The BSE Sensex fell over 1,100 points to close near 79,100, while the NSE Nifty 50 fell 1.5% to end below 24,500. Both the benchmark indices recouped nearly half of their losses it clocked during the morning trade, led by the gains in Bharti Airtel Ltd. and Infosys Ltd.
Fourteen out of 15 sectoral gauges compiled by the NSE ended lower, led by the NSE Nifty Metal Index's 4% fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 0.1%.
Elsewhere around the world, Dow Jones Industrial Average futures fell 0.33%, while S&P 500 futures declined 0.34% and the Nasdaq 100 futures dropped 0.45%. In Europe, Stoxx Europe 600 rose 0.6% shortly after the open. FTSE 100 was up 0.1%, while Germany's DAX and France's CAC 40 were up around 0.5% each. UAE equities fell as trading resumed on Wednesday after a two-day suspension aimed at protecting markets amid the US-Israeli attacks on Iran. In Asia, South Korea's Kospi ended 12.1% lower at 5,093.54; the Korea Exchange temporarily halted trading in the index during the session.
Indian equity benchmarks extended losses for a fourth straight session, marking their longest losing run since January, as the Middle East crisis kept global risk sentiment weak. Sensex fell over 1,100 points to close near 79,100, while Nifty dropped 1.5% to finish below 24,500.
Both indices cut about half their intraday losses from the morning session, with gains in Bharti Airtel and Infosys helping the recovery. Fourteen of 15 NSE sectoral indices ended lower, led by Nifty Metal down 4%, while Nifty IT was the only gainer, up 0.1%.
Tata Capital said it has allotted non-convertible debentures (NCDs) worth Rs 343 crore on a private placement basis.
HDFC MF added 2.90% stake in Vishal Mega Mart, to take its holding to 8.81%.
Source: Exchange filing
Asian stocks plunged the most in nearly a year, led by the biggest South Korean crash ever, as mounting concerns over the Iran war triggered an exodus from some of the world’s best-performing markets. The MSCI Asia Pacific Index slumped as much as 4.5%.
Walmart-backed Indian fintech firm PhonePe is aiming to list at a valuation of between $9 billion and $10.5 billion, news agency Reuters reported, citing two people with direct knowledge of the matter said.
That suggests the IPO will raise about $900 million to $1.05 billion. But even at the top end, the deal would mark a cut from the $12 billion valuation at which PhonePe last raised $100 million in private markets in 2023.
Steel Exchange of India has raised Rs 350 crore via preferential issue of warrants to non-promoter entities. The issue price is Rs 9.45 per warrant.
The tenure of the warrants shall not exceed 18 (eighteen) months from the date of allotment. Each Share Warrant shall carry a right to subscribe 1 (one) Equity Share, which may be exercised in one or more tranches during the period commencing from the date of allotment of warrants until the expiry of 18 (eighteen) months from the date of allotment of the warrants.
The Sedemac Mechatronics IPO has been booked 1% as of noon.
The grey market premium (GMP) for the Sedemac Mechatronics IPO stood at Rs 17 lower than the upper limit of the issue price at 11:30 a.m. on March 4, according to InvestorGain. The latest GMP indicates an estimated listing price of Rs 1,335 per share, at a discount of 1.26% over the upper limit of the issue price of Rs 1,352.
Source: Bloomberg
Higher crude prices linked to the Middle East crisis weigh on the oil and gas sector.
The rupee depreciated as much as 55 paise at the open and weakened to a record low at 92.02 against the US dollar.
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