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Stocks signalling weakness ahead
The MACD showed bearish signs on the counters of MCX India, Orient Electric, Sanofi India, Max Financial, PI Industries and Narayana Hrudalaya. Bearish crossover on the MACD on these counters indicated that they have just begun their downward journey.
Rupee continued to remain under pressure and fell to fresh all-time lows following rising uncertainty between Russia and Ukraine and rally in global crude oil prices. Momentum has been towards rupee depreciation for the past few sessions as market participants remain on the edge following geopolitical tensions. This week, on the domestic front, industrial production number will be important to watch and that could trigger volatility for the currency. We expect the USDINR (Spot) to trade with a positive bias and quote in the range of 76.70 and 77.50.
– Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services
Sachin Bansal’s Navi to file for Rs 4,000-crore IPO this week
Sachin Bansal’s Navi Technologies is set to file its draft papers with the markets regulator for a Rs 4,000-crore initial public offering (IPO) later this week, sources briefed on the matter said. The company plans to launch its IPO in June, according to the current plans. Bansal, who launched Flipkart in 2007 and exited the firm after the Walmart deal in 2018, holds 97% in the firm. The public issue will be entirely through an issuance of new shares, with no offer-for-sale (OFS) component.
Gold jumps Rs 1,298, silver zooms Rs 1,910 on global trends
Gold in the national capital on Monday rallied by Rs 1,298 to Rs 53,784 per 10 gram in line with strong international precious metal prices and sharp rupee depreciation, according to HDFC Securities. The yellow metal had in the previous trade finished at Rs 52,486 per 10 grams. Silver also jumped Rs 1,910 to Rs 70,977 per kg, from Rs 69,067 per kg in the previous trade.
SEBI asks Dish TV to disclose AGM vote results in 24 hours
Given the sharp rise in oil and commodity prices, stocks from this space are witnessing strong momentum which is likely to continue in the near term as well. Also IT is in focus with depreciating rupee and is a safe haven. FIIs continue to remain heavy sellers in India with global risk-off sentiment. Hence large FII holding sectors like Banking are seeing consistent selling pressure. Also on the domestic side, the political developments will take the front seat. The state assembly election’s exit polls would be released on Monday evening and final verdict on Thursday (10th March) will keep the market participants busy.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Can rupee fall below 78 per US dollar?
“Rupee plunged down below 77.00 on back of Crude prices touching $130 in Brent making it much expensive for net importers like India. The fall in rupee has been rapid in last one week as the Crude price saw a rise of $30 plus in March month itself hence rupee has seen rapid fall below 77.00 from 75.50 in March already. The outlook remains weak for the rupee till the time Crude price stays above $105 hence opening weakness towards 78 in the near term. If the Crude prices start crossing $130 then the rupee can even touch $78.50 in a very quick time,” said LKP Securities.
Corporate actions & cues for tomorrow’s trade
#YourTrades | Take a look at all the corporate actions and cues to watch out for tomorrow's trade Here’s @_anishaj… https://t.co/RV5QRSbvmE
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Jet fuel prices have been hiked five times recently, and worse, are expected to go up further due to the sharp spike in crude to above $120. The industry doesn’t have any choice other than passing on the higher costs to fliers since fuel costs account for around 30 percent of the operating costs of airlines. This hike is coming at the wrong time when the highly indebted industry is slowly recovering from the stress caused by the pandemic.
– Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services on rising jet fuel prices
Tech View: Nifty may see recovery in near-term
Market has remained weak as Nifty corrected heavily during the session. On the lower end, the benchmark Nifty has fallen towards the lower band of the falling channel; therefore, Nifty may witness a recovery in the near term. On the lower end support is seen at 15500 below which further correction may be seen. On the higher end, resistance is seen at 16200.
Rupak De, Senior Technical Analyst at LKP Securities
Markets are rattled with a sharp surge in crude amid the fear of further sanctions on Russia. Besides, there’s no sign of de-escalation of tension between the two nations. In short, we expect volatility to remain high and suggest keeping a close watch on global markets for cues. On the domestic front, state elections exit polls and actual results on March 10 would be actively tracked.
– Ajit Mishra, VP – Research, Religare Broking
Rupee plummets 83 paise to close at all-time low of 77/USD amid Ukraine crisis
— Press Trust of India (@PTI_News) 1646647978000
How to navigate this market?
Rahul Sharma, Equity 99
Market at a glance
#MarketsWithETNOW | #Nifty declines over 5% since start of the month, traded at lowest since 28 Jul 2021. Check out… https://t.co/HDgeWamnBI
— ET NOW (@ETNOWlive) 1646647616000
Top 5 losers from today’s trade
Price as on 07 Mar, 2022 03:40 PM, Click on company names for their live prices.
Top 5 gainers from today’s session
Price as on 07 Mar, 2022 03:40 PM, Click on company names for their live prices.
Advance-decline ratio skewed in favour of sellers
Sector Watch: Realty worst loser, Metal index only gainer
Top 5 Nifty gainers & losers
CLOSING BELL: Sensex sinks for 4th day in row, ends 1,491 pts lower; Nifty below 15,900; IndusInd tanks 8%, Maruti 7%
Top 5 losers in late afternoon trade
Price as on 07 Mar, 2022 03:08 PM, Click on company names for their live prices.
India Exposition Mart files draft papers; aims to raise Rs 600 cr via IPO
India Exposition Mart Ltd, a leading integrated exhibitions and conventions venue, has filed a preliminary prospectus with markets regulator Sebi to raise Rs 600 crore through an initial public offering. The initial share-sale comprises fresh issue of equity shares aggregating up to Rs 450 crore and an offer-for-sale (OFS) of up to 11,210,659 equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).
STOCK WATCH: Paytm market cap slips below Rs 50,000 cr vs high of Rs 1.16 lakh cr
Price as on 07 Mar, 2022 02:39 PM, Click on company names for their live prices.
As expected investors are flocking to gold, while MCX Gold gained nearly 2%, globally it crossed $2,000/oz in today’s trade. Gold is a safe haven for investors, historically it attracts funds in times of uncertainty. The yellow metal is likely to test its all-time high levels witnessed in 2020.
– Nish Bhatt, Founder & CEO, Millwood Kane International
European shares hit 1-year low on prospect of Russia oil ban
- European stocks hit one-year lows on Monday, with Germany’s blue-chip index looking set to confirm a bear market as Western countries mulled a Russian oil import ban, raising the prospects of broader inflationary risks and slowing economic growth.
- The pan-European STOXX 600 index tumbled 2.4% by 0812 GMT. The German DAX dropped 3.7%, with the index having shed more than 20% from the record closing high on Jan. 5, and entering what is known as a bear market territory.
- Strong gains in London’s mining and energy giants partially offset losses in the FTSE 100, which dropped 1.1%, while France’s CAC 40 and Italy’s FTSE MIB fell 3.4% and 2.9%, respectively.
Sensex down 1800 points
Market live updates: India VIX surges 5%, hits 29 level
EUROPEAN MARKET UPDATE
- DAX drops 22% from Jan high
- CAC 40 falls 20% from Jan high
- STOXX Europe 600 retreats 2%, hits lowest this year
Market live updates: Infosys wins Telenor deal to transform its finance and supply chain operations through standardized, Oracle Cloud ERP solution
Price as on 07 Mar, 2022 01:31 PM, Click on company names for their live prices.
Realty stocks under pressure, bleed up to 7% in afternoon session
Price as on 07 Mar, 2022 01:27 PM, Click on company names for their live prices.
BSE SMALLCAP INDEX TANKS OVER 2%
> Here are the gainers and losers from the pack
CAMS acquires majority stake in Fintuple to strengthen value proposition for AIF, PMS
Price as on 07 Mar, 2022 01:10 PM, Click on company names for their live prices.
Global Market Update: Dow Jones futures recover 100 points from lows as Ukrainian Defense Minister says temporary reduction of Russian attacks in combat zones
JSPL Board will consider declaration of Interim Dividend on March 10
Price as on 07 Mar, 2022 12:44 PM, Click on company names for their live prices.
#MarketAlert | European natural gas jumps as much as 17% to record high #MarketsWithETNOW #Europe #naturalgas… https://t.co/hFzNYKzPrz
— ET NOW (@ETNOWlive) 1646636790000
Sensex Today: Mild recovery visible; index back above 53,000
“Short term and medium-term investors should stay out of the market because volatility is going to be very high. There will be swings on both sides and very aggressive swings over the next few days as news flow changes every day so I think that is the best strategy. Longer term investors are people who are fully invested and to that extent they really cannot do anything. I cannot say that they should dump their equities and increase cash at this stage,” said Sandip Sabharwal of asksandipsabharwal.com.
News Alert: Suraj Estate Developers files for IPO
These stocks defy market mood, rally up to 8%
Price as on 07 Mar, 2022 12:04 PM, Click on company names for their live prices.
Market live updates: NIFTY IT index reverse losses, trades in the green
The Rupee hit an all-time low of 77.02/$ this morning as global markets continued to reel under selling pressure. Global economies are facing a heightened risk of a recession this year as Russia’s invasion of Ukraine severely disrupts supply chains and has flared up commodity prices since the conflict began. Brent crude oil prices have rallied by another 10% this morning. Important metals like Nickel, Aluminium and Copper prices have also rallied to hit all-time highs. Despite surging prices, the United States and European allies mull a Russian oil import ban. A boycott would put enormous pressure on the already tight supply side. The Domestic markets will be watching out for the outcome of the State election results due to be released on March 10. A reversal of the recent losses will be seen only if SPOT USDINR pair breaks below 76.50. The pair will have upside targets of 77.30/77.52 levels until support holds.
– Currency Desk of Emkay Global Financial Services
Market live updates: Coal India says total coal supplies in FY22 at 608.15 million tonnes as of March 4
Price as on 07 Mar, 2022 11:39 AM, Click on company names for their live prices.
- Rising crude prices sent paints stocks tumbling up to 11 per cent in Monday’s trading session, with Indigo Paints hitting a fresh 52-week low level.
- Oil prices soared more than 6 per cent, touching their highest since 2008 after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears.
- This clouded the outlook for paint stocks as they use crude derivatives. Any increase in oil prices raises input costs, thus decreasing profitability and margins for paint companies. Increasing competition and rich valuations also added to the woes.
Investors’ wealth tumbles over 5.91 lakh cr in morning trade
Cadial Health (Zydus Lifesciences) to launch Oxemia (Desidustat) a treatment for Anemia in patients suffering from Chronic Kidney Disease (CKD)
Price as on 07 Mar, 2022 11:15 AM, Click on company names for their live prices.
PVR, Cinepolis India in advanced merger talks
Price as on 07 Mar, 2022 11:10 AM, Click on company names for their live prices.
NSE says all broadcast has resumed normally
This is to update you that broadcast has resumed normally in all indices.
— NSEIndia (@NSEIndia) 1646631236000
Market live updates: These stocks gain up to 2% in pharma sector
Price as on 07 Mar, 2022 10:56 AM, Click on company names for their live prices.
Trading in all segments is functioning normally: NSE
Trading in all segments is functioning normally. However, NIFTY and BANKNIFTY indices are intermittently not gettin… https://t.co/w1JK6lqelD
— NSEIndia (@NSEIndia) 1646629311000
JSW Energy signs 240 MW PPA with Haryana Discom for Kutehr Project
Price as on 07 Mar, 2022 10:37 AM, Click on company names for their live prices.
Sensex Live Updates: Infosys only gainer in 30-pack index
Top 5 losers from the auto pack
Price as on 07 Mar, 2022 10:14 AM, Click on company names for their live prices.
RUPEE HITS RECORD LOW AGAINST US DOLLAR
> Indian Rupee trades at 76.95 versus US Dollar
Coal India shares rise 1.5% as arm posts record growth in production in Feb
Price as on 07 Mar, 2022 10:01 AM, Click on company names for their live prices.
Market live updates: Nifty slips below 15,800
Top Sensex drags as index plunges 1700 points
Sensex Today: Index extends slide, down nearly 1600 points
JUST IN: NSE CASH rates not updating for all brokers, say sources to ET NOW
#MarketsWithETNOW | Sources: NSE CASH rates not updating for all brokers @NSEIndia @BSEIndia @jayeshkhilnani #NSE… https://t.co/JcX86UhPO6
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