Good morning!
The GIFT Nifty is trading 0.43% lower at 24,483, indicating a negative start to the benchmark Nifty 50 index. The futures contracts for the S&P 500 and the Euro Stoxx 50 are down 0.94% and 3.64%, respectively.
Market Recap
The Nifty 50 ended 312 points or 1.24% lower at 24,865 and the BSE Sensex settled 1,048 points down at 80,238. Intraday, both indices fell over 2%.
Broader markets also fell, with the Nifty Midcap 150 and Nifty Smallcap 250 shedding 1.7% and 1.9%, respectively.
US Market Wrap
A selloff in stocks and bonds was trimmed as assurances on American action to secure shipping lanes through the Strait of Hormuz amid the Iran war pared what had been an over 9% surge in oil.
Following an earlier slide in the S&P 500 that reached 2.5%, the equity benchmark dropped less than 1%. President Donald Trump said the US will escort and insure tankers and other vessels through the world's most-critical energy chokepoint.
Asian Market Update
Asian equities fell for a third straight session, while oil prices inched higher, as the escalating conflict in Iran stoked fears of broader inflationary pressure and led traders to scale back expectations of Federal Reserve rate cuts. The MSCI Asia Pacific Index dropped 1.6%, with markets in Japan, South Korea and Australia opening firmly in the red amid mounting geopolitical uncertainty.
Commodity Check
Gold rebounded after suffering a drop of more than 4% in the previous session, as traders balanced a firmer US dollar against renewed demand for safe‑haven assets amid escalating conflict in the Middle East. Spot bullion moved back above $5,100 an ounce, with bargain hunters stepping in following the end of a four‑day winning streak on Tuesday. The dollar index has climbed 1.4% so far this week, and bond yields have also pushed higher.
Oil continued its upward trajectory as fresh attacks intensified across the region and markets assessed a US plan to escort and insure tankers transiting the Strait of Hormuz — a route where traffic has nearly ground to a halt. West Texas Intermediate rose past $75 a barrel, extending an 11% rally over two days, marking its strongest two‑day gain in four years. Brent crude hovered near $81 as geopolitical risks remained firmly in focus.
Stocks In News
- LIC: The company extends the tenure of its Chief Financial Officer, Sunil Agarwal, by one year.
- Servotech Renewable: NREDCAP terminates the company's Rs 73.7 crore order for renewable energy development in Andhra Pradesh.
- MAS Financial Services: The company receives RBI approval to commence factoring business operations.
- Euro Pratik Sales: The Mumbai GST Department conducted a search at the company's offices; no material financial impact is expected.
- Adani Ports: In its February business update, total handled cargo volume rose 16% YoY to 42.5 MMT, while logistics rail volume grew 3% to 52,101 TEUs.
- Allied Blenders: The company signs a pact to acquire up to a 50% stake in KION.
- Cupid: The company fixes March 9 as the record date for the allotment of bonus equity shares.
- SBI: Deputy MD Nitin Chugh has been relieved from services following the completion of his contract.
- RailTel Corp: The board will meet on March 9 to consider a dividend proposal for the current financial year.
- Capri Global: The company joins the Partnership for Carbon Accounting Financials (PCAF) to enhance sustainable finance and climate accountability.
- UltraTech Cement: The board will meet on April 27 to consider Q4 results; meanwhile, the company will acquire a 26% stake in AMPIN C&I Power Forty Four for Rs 15 crore.
- Venus Remedies: Promoters approve the merger of Sunev Pharma Solutions and Spine Software Systems with the company.
- HDB Financial Services: Karthik Srinivasan resigns from his position as the Chief Business Officer.
- Galaxy Surfactants: The company appoints Narendra Saini as the new Chief Digital Officer.
- Adani Enterprises: Its arm, Kutch Copper, divests its entire 50% stake in the joint venture Praneetha Ecocables.
ALSO READ: Nifty Stocks Shed Rs 2.5 Lakh Crore In Market Cap As Iran War Crushes Risk Appetite
- Power Grid: SEBI grants the company the regulatory relaxation it had requested regarding specific compliance norms.
- Stallion India: The company approves a rights issue allotment of 3.7 crore shares in a 19:41 ratio.
- IOL Chemicals: The company completes capacity enhancements for Ethyl Acetate (to 1.2 lakh MTPA) and Acetic Anhydride (to 32,000 MTPA) with a total capex of Rs 9.7 crore.
- AGI Infra: The company opens its QIP with a floor price set at Rs 274.825 per share.
- Shalby: The company decides to discontinue its SOCE operations at its Rajkot and Lucknow facilities.
- Dabur: The company will acquire a minority stake in luxury skincare D2C brand RAS Beauty for Rs 60 crore.
- Cipla: The company incorporates a new arm, Cipla Middle East, and forms a 60:40 JV with Kemwell Biopharma to manufacture biologics globally.
- Jubilant Foodworks: The company plans to appeal to the Allahabad High Court following an adverse I-T Appellate Tribunal order regarding the FY16 assessment.
- Sheela Foam: The board decides not to declare an interim dividend at this stage.
- Affle (India): The company announces a planned leadership evolution to align with its "10x Growth Plan."
- JSW Cement: The company is declared the preferred bidder for the Sikilangso limestone block in Assam.
- Aurum PropTech: The company approves the merger of its arms, Aurum Softwares and Liv Real Solutions.
- HMT: The company's arm, HMT Watches, has been officially struck off from the Register of Companies.
- Godrej Agrovet: The company clarifies that recent stock price movement is due to market volatility and no undisclosed developments exist.
- Lupin: The Maharashtra GST body has concluded its inspection at the company's office.
Bulk / Block Deals
- Clean Max Enviro Energy Solutions: Citigroup Global Markets Mauritius sold 8.28 lk shares at Rs. 846.72 per piece.
- InfoBeans Technologies: Rational Equity Flagship Fund I sold 1.49 lk shares at Rs. 183.43 per piece.
IPO Listing
- PNGS Reva Diamond Jewellery: PNGS Reva Diamond Jewellery will make its debut on the stock exchanges on Wednesday. The IPO of the fertility services provider received 1.23 times subscription on the final day of share sale.
IPO
- SEDEMAC Mechatronics: The Company specializes in control electronics.
ALSO READ: IndiGo Plans 10 Special Relief Operations From Jeddah To India Amid Gulf Crisis — Check Details
Insider Trades/Pledge
- Dollar Industries: V.K. Mercantile, Promoter Group, bought 35,000 shares.
- MSP Steel & Power: Sampat Marketing Company, Promoter Group, bought 9.30 lk shares & Ilex, Promoter Group, bought 9 lk shares.
- WPIL: HSM Investments, Promoter Group, invoked pledge of 8 lk shares.
- Axiscades Technologies: Jupiter Capital, Promoter, released pledge of 90,000 shares.
Price Band Changes
- Price Band change from 20% to 10%: TEJAS NETWORKS
- Short Term ASM: NIL
F&O Cues
- Nifty Mar futures is down 1.38% to 24,988.00 at a premium of 122.3 points.
- Nifty Options 10th Mar Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 24,000.
- Securities in ban period: SAMMAANCAP.
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