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Indian equity benchmarks opened lower on Monday, resumed declines after a one-day breather on Friday. The BSE Sensex closed 2.46% lower, or 1,836 points, to 72,696.39 and the NSE Nifty 50 fell as much as 2.6% to 22,512.65. Intraday, Nifty 50 fell 2.78% to 22,471.25 and Sensex was down 2.65% to 72,558.44. All 15 sectoral gauges compiled by thee NSE traded lower, led by the NSE Nifty Metal Index's 4.8% fall.
Meanwhile, the rupee hit fresh record low and closed 25 paise lower at 93.95 against the US dollar. Besides, Brent crude for May delivery rose 1% to $113.32 a barrel, reversing earlier losses. WTI crude gained about 2.8% to $101.01 a barrel as markets assessed potential escalation following the US ultimatum to Tehran over reopening the Strait of Hormuz.
Meanwhile, European markets followed weak Asian cues. The pan‑European Stoxx 600 fell 1.6% at the open, with all major sectors in negative territory. The UK's FTSE 100 dropped 1.4%, Germany's DAX declined 1.9%, France's CAC 40 fell 1.4% and Italy's FTSE MIB slipped 1.6%.
Tracking the global markets US futures are also trading lower indicating a lower open for the Wall Street. S&P 500 futures as of 3:47 p.m. were trading 0.80% lower a $6,508.50, while Nasdaq 100 was down 0.76% to $23.916.50.
European markets followed weak Asian cues. The pan‑European Stoxx 600 fell 2.20%, with all major sectors in negative territory. The UK's FTSE 100 dropped 2.10%, Germany's DAX declined 2.05%, France's CAC 40 fell 1.95% and Italy's FTSE MIB slipped 2.6%.
The BSE Sensex closed 2.46% lower, or 1,836 points, to 72,696.39 and the NSE Nifty 50 fell as much as 2.6% to 22,512.65.
Rupee on Monday hit fresh record low as it was trading 25 paise lower at 93.95 against the US dollar.
Trent board is set to meet on March 26 to consider raising Rs 500 crore via NCDs on private Placement basis, the company said in an exchange filing.
Vedanta approved 3rd dividend on Monday:
Get more details here.
India’s Volatility Index (VIX) spiked more than 16% today, signalling heightened market uncertainty. The rise reflects increased demand for hedging as geopolitical tensions continue to weigh on sentiment.
Stock Market Live: PM Modi Flags Security, Energy And Trade Risks Amid Middle East Conflict
In the wake of sustained geopolitical jitters, particularly due to the ongoing Middle East conflict, the Indian stock market, after enduring much hardship over the past month, has officially entered bargain territory.
The index is currently trading at a highly attractive 12-month P/E of 17.6x.
The valuation reset has created some severe price dislocations. Here are some of the most heavily discounted stocks offering the highest return potential right now:
KPIT Tech's valuations have cratered by 42.1%, giving the stock a staggering 74% return potential, Indigo Paints' valuations have dropped 38.7% from its recent peak, unlocking a 69% upside.
Multinational brokerage firm UBS has upgraded the rating and share price targets of Power Grid Corp., NTPC Ltd. and NHPC Ltd. on higher expected summer power demand besides calling them a defensive play in the current market setup.
Analysts attributed their bullish call to improving visibility on long-term power demand driven by increasing data center capacity, consumer durables, EV penetration and likely government policy push towards energy security post the ongoing Iran conflict. These stocks have corrected 14-18% since their peak in September 2024 and the risk-reward now seems favorable, they said in a note.
Source: PTI
Transrail Lighting has withdrawn the share application funds meant for allotment in the capital of its wholly owned subsidiary in the UAE, according to its disclosure in an exchange filing.
The currency extended losses in trade after opening at a record low earlier in the session.
Bajaj Finance, Bajaj Finserv, HDFC Bank, ICICI Bank, ITC, Kotak Mahindra Bank and TCS were the Nifty stocks trading at their 52-week lows.
Geo-political tensions remain in focus as the US-Iran war enters day 24, with Asian markets opening in the red. The rupee is expected to open at record lows, while global bond yields continue to rise.
FII short positions are unchanged at 86%, and FIIs have remained net sellers in the cash market for a 17th straight day. The sell-off in gold and silver continues, while crude prices remain elevated.
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