Good morning!
The GIFT Nifty is trading 0.09% higher at 24,745, indicating a flat-to-positive start to the benchmark Nifty 50 index. The futures contracts for the S&P 500 and the Euro Stoxx 50 are up 0.78% and 1.75%, respectively.
Market Recap
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%.
US Market Wrap
Equities advanced after fresh data showed the U.S. services sector grew at its fastest pace since mid‑2022, while an underlying price gauge eased to its lowest level in nearly a year. A strong rally in megacap stocks helped lift overall markets, with the Nasdaq 100 gaining 1.5%.
In after‑hours trading, Broadcom Inc. delivered an outlook that fell short of investor expectations, but the disappointment was partly offset by the company's announcement of a share‑buyback program of up to $10 billion through the end of 2026.
Asian Market Check
Asian stocks rebounded after the previous session's steep selloff, taking cues from a rally in US markets supported by stronger‑than‑expected economic data, even as the ongoing Iran conflict continued to cast a shadow over global sentiment. Oil extended its gains for a fifth straight day, reflecting persistent geopolitical risk.
South Korea's Kospi Index surged 11%, recovering sharply from its worst-ever single‑day decline in the prior session. The broader MSCI Asia Pacific Index climbed 2.8%, while US equity futures also advanced on Thursday, suggesting improving sentiment after the initial volatility triggered by the Middle East tensions began to ease.
Commodity Check
Gold extended its gains as the US dollar weakened and the war in the Middle East moved into its sixth day with no signs of easing. Spot bullion traded near $5,160 an ounce in early dealings, after rising about 1% in the previous session. Safe‑haven demand remained strong as investors reacted to intensifying regional conflict, with US and Israeli forces continuing airstrikes on Iran, while Tehran launched missiles into multiple neighbouring countries, targeting key energy infrastructure and deepening geopolitical uncertainty.
Crude oil prices moved higher as traders weighed the deepening repercussions of the U.S. and Israeli military campaign against Iran, with both sides signaling they intend to continue the fight despite its disruptive impact on global energy flows. West Texas Intermediate advanced toward $76 per barrel, extending sharp gains after surging roughly 11% over the first three trading days of the week, while Brent crude settled near $83, underscoring persistent volatility across oil markets as the conflict escalates.
Key Events To Watch
Prime Minister Narendra Modi and President of Finland Alexander Stubb will address Raisina Dialogue 2026 in New Delhi.
Earnings In Focus
Fractal Analytics
Stocks In News
- GE Shipping: The company plans to acquire a secondhand Kamsarmax dry bulk carrier to expand its fleet.
- Polycab India: The company receives an I-T notice to pay Rs 327 crore; management believes the demand is inflated due to clerical errors.
- Solara Active Pharma Sciences: The company's non-operational Brazil-based arm has been voluntarily deregistered.
- BSE: The exchange receives SEBI approval to launch new derivative contracts on the "Sensex Next 30" index.
- Tata Consumer Products: The company's official X (formerly Twitter) account has been compromised; the team is working to regain control and reports no sensitive info has been accessed.
- PCBL: The board will meet on March 9 to consider amendments to the company's debenture trust deed.
- LTIMindtree: The company has been recognised by NelsonHall as a leader in GenAI and Process Automation for the banking sector.
- Cyient: NCLT admits a petition for the liquidation of Infotech HAL, a 50:50 joint venture between the company and HAL.
- Gandhar Oil Refinery: The company receives a summons from the CGST body seeking transaction details; no violations have been alleged as of now.
- UPL: The company has uploaded the official scheme of arrangement along with the joint valuation report and fairness opinion for its restructuring.
- Bharat Forge: The company approves availing an unsecured Rupee Term Loan worth Rs 800 crore.
- Hindustan Unilever (HUL): The company completes the sale of its entire stake in Nutritionalab for approximately Rs 307 crore.
- Gujarat Gas: The company issues Force Majeure notices to industrial customers due to severe constraints in R-LNG availability, citing war-related impacts not covered by insurance.
- Arkade Developers: The company's arm, Arkade 360 Facility Management, has been renamed to ‘Assist 360 Facility Management'.
- Ramky Infra: The company secures a major EPC order worth Rs 1,402 crore from Maharashtra Industrial Township Ltd (MITL) for infrastructure works at Dighi Port Industrial Area.
- Magellanic Cloud: The company's arm receives a Letter of Acceptance worth Rs 6 crore from South East Central Railway.
- Neogen Chemicals: The board will meet on March 7 to consider a fund-raising proposal.
- DLF: The company clarifies that reports of a Supreme Court-ordered CBI probe are misleading; the court has directed an inquiry into specific supply issues (water/power) at a Gurgaon project involving five allottees.
- Kotak Mahindra Bank: Shareholders approve the appointment of Anup Kumar Saha as a Whole-Time Director and the issuance of NCDs/bonds on a private placement basis for FY27.
- Persistent Systems: The company will transfer its 100% stake in its Polish arm to Aepona Group.
- Mufin Green Finance: The company approves the allotment of 2.5 crore shares and 76 lakh warrants at an issue price of Rs 98 each.
Bulk / Block Deals
Sundram Fasteners : HDFC Mutual Fund sold 22.48 k shares at Rs. 832.36 per piece.
Tourism Finance Corp: UNITY ASSOCIATES sold 35.50 Lakhs shares at Rs. 68.51 per share
Shares to exit anchor Lock-in (next day)
Vikran Engineering: 6 months share lock in, 116 mn lock in shares, 45% of total outstanding shares
Urban Company: 6 months share lock in, 7 mn lock in shares, 0.5% of total outstanding shares
Bazaar Style: 1.5 years share lock in, 15 mn lock in shares, 20% of total outstanding shares
Board Meeting (next day)
Prabha Energy Limited – Fund Raising
IPO Listing
Omnitech Engineering
Insider Trades/Pledge
NCC: A V S R Holdings, Promoter, bought 1,17,000 shares, Sirisha Projects, Promoter, bought 1.72 Lakhs shares.
Marathon Nextgen Realty: Ansuya Ramniklal Shah, Promoter Group, bought 23,000 shares.
NRB Bearings: Harshbeena Zaveri, Promoter & Director, created pledged 3.29 Cr shares, Trilochan Singh Sahney Trust 1 (Revised), Promoter, released pledge of 2.49 Cr shares.
Westlife Foodworld Ltd: Horizon Impex Pvt Ltd, Promoter, bought 34,010 shares.
Price Band
Price Band change from 20% to 10%: Tejas Networks
Short Term ASM:
List of securities to be excluded from ASM Framework: Avanti Feeds
F&O Cues:
Nifty Feb futures is down 1.62% to 24,578.00 at a premium of 97.5 points.
Nifty Options 10th Mar Expiry: Maximum Call open interest at 27600 and Maximum Put open interest at 23900.
Securities in ban period: Sammancap
Currency Check
The rupee slumped 67 paise to close at an all-time low of 92.16 against US dollar on Wednesday, weighed down by spiking crude oil prices in the wake of the Iran crisis.
Forex traders said the dollar index crossed 98 levels on the risk-off situation prevailing all around the globe amid the US-Iran crisis, further pressurizing the rupee.
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