Scan to Download
Hello and welcome to NDTV Profit's market coverage!
India's benchmark equity indices opened sharply lower today, weighed by global equity selloff and jump in oil prices. The Nifty slipped nearly 300 points to below 23,600. The BSE Sensex tanked nearly 1,000 points to below 76,000 for the first time since April 11. Auto, media and PSU banks were the top sectoral losers on the NSE.
The rupee managed to stay just above its all-time low.
US equity futures and Asian stocks declined, extending a volatile week, as oil prices rallied after an attack on two tankers in Iraqi waters underscored the threat to energy assets in the Middle East. Contracts for the S&P 500 were down 1% while a gauge of Asian shares dropped as much as 2%. Nikkei, Kospi, Hang Seng and CSI 300 fell over 1%.
Brent crude climbed back to $100 a barrel as the assault on tankers prompted Iraq to stop operations at its oil ports.
Rising energy prices triggered by escalating geopolitical tensions could create margin pressures across India's consumer and lifestyle sector, according to brokerage Macquarie, which says companies with stronger brands and premium positioning are better placed to navigate the cost shock. The brokerage has reiterated Outperform ratings on Titan, Marico, Trent, Godrej Consumer Products and Lenskart, while maintaining a more cautious stance on several other consumer names.
Shares of Zomato-parent Eternal and Swiggy fell over 4% during early trade amid reports hotels and restaurants across the country have limited their menu offerings due to LPG shortage.
India's benchmark equity indices opened sharply lower today, weighed by global equity selloff and jump in oil prices. The Nifty slipped nearly 300 points to below 23,600. The BSE Sensex tanked nearly 1,000 points to below 76,000 for the first time since April 11.
Auto, media and PSU banks were the top sectoral losers on the NSE.
_12_March_26.png)
_12_March_26.png)
_12_March_26.png)
_12_March_26.png)
_12_March_26.png)
Enviro Infra Engineers received a Letter of Acceptance for Aurangabad Sewerage Network and STP Scheme under AMRUT 2.0 from Bihar Urban Infrastructure Development Corp. The contract is worth Rs 411 crore.
The Nifty 50 is down over 200 points in pre-open, below 23,700.
The Indian rupee weakened nearly 30 paise to hover near record lows. It opened at 92.27 to the dollar and went to as low as 92.32. The dollar index was up 0.2%.
The local currency's all time low level is 92.36, hit on March 9.
Source: Bloomberg
ACME Solar has signed three Power Purchase Agreements with SJVN for a tenor of 25 years. The PPAs are for 450 MW/1,800 MWh capacity project.
Stung by the US Supreme Court ruling that invalidated most of the reciprocal tariffs, the Trump administration on Thursday initiated a formal probe into India and 15 other major trade partners for alleged unfair practices.
The United States Trade Representative has initiated investigations under Section 301 of the Trade Act of 1974 regarding the acts, policies, and practices of certain economies relating to structural excess capacity and production in certain manufacturing sectors, according to a notification.
The USTR said it has evidence of "structural excess capacity and production" in India, while highlighting the $58 billion bilateral trade surplus it had with the world's largest economy last year. The agency noted India's global goods trade surplus sectors include textiles, health, construction goods, and automotive goods.
Crude oil prices surged more than 10% with Brent crude hitting $100 per barrel just minutes ago, as markets remain unconvinced that release of government stockpiles could offset the massive supply shock triggered by the war in the Middle East.
The US benchmark West Texas Intermediate jumped to $95 per barrel even after the International Energy Agency announced its largest emergency release of crude reserves in history.
Asia-Pacific markets are down as investors grappled with volatile oil prices and escalating tensions in the Middle East, even after the US and its allies announced an unprecedented emergency release of crude reserves to calm energy markets.
Japan's Nikkei 225 Index fell 1.1% to around 54,400, while the broader Topix Index dropped 1.3% to 3,650.
Australia’s S&P/ASX 200 declined 1.56%.
Hong Kong Hang Seng index slid 0.5%, while the CSI 300 was down 0.2%.
Wall Street traders kept both equities and bonds in check as they sifted through fresh geopolitical developments, while oil prices surged. The decision by wealthy nations to tap their strategic reserves was seen as only a temporary buffer against the ongoing conflict in Iran. Meanwhile, inflation data—collected before the crisis escalated—came in softer than expected but did little to encourage risk-taking.
The Dow Jones Industrial Average index shed 289.24 points, or 0.61%, to close at 47,417.27. The S&P 500 inched down 0.08% to settle at 6,775.80, while the Nasdaq Composite ticked up 0.08% to end the session at 22,716.13.
The GIFT Nifty, a futures contract based on the Nifty, is down over 100 points to below 23,800. The Nifty 50 ended 1.6% lower in the previous session to close at 23,866.85.
Indian equity benchmarks resumed their decline on Wednesday after a brief recovery in the previous session, as rising crude oil prices and weak global cues weighed on sentiment. The NSE Nifty 50 dropped 1.6% to settle below the 23,900 mark, while the BSE Sensex fell more than 1,300 points to close marginally above 76,863.
The decline in benchmark indices erased nearly Rs 3.2 lakh crore in market capitalisation among companies in the Nifty 50 index during the session.
Global oil prices surged sharply after two tankers were attacked in Iraqi waters, forcing the country to suspend operations at its oil terminals and intensifying concerns about supply disruptions in an already volatile Middle East.
Brent crude climbed as much as 7.9% to $99.24 a barrel, while West Texas Intermediate (WTI) surged close to $94, as traders reacted to the heightened geopolitical risk and the potential impact on global supply.
Iraq's state oil marketer, the State Organization for Marketing of Oil (SOMO), confirmed that two vessels — the Marshall Islands-flagged Safesea Vishnu and the Malta-flagged Zefyros — were targeted while in the loading zone near Iraqi ports.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
