Share Market Updates: Sensex ends 1,491 pts lower, Nifty below 15,900 as brent crude hits fresh high

Share Market Updates: Sensex ends 1,491 pts lower, Nifty below 15,900 as brent crude hits fresh high

Sensex crashed over 1200 points to 53,068 and Nifty plunged over 350 points to 15,867 as the ongoing concerns on the Russia-Ukraine conflict coupled with soaring crude oil prices continued to weigh on market sentiment. 

Share Market LIVE: Sensex, Nifty likely to open lower today Share Market LIVE: Sensex, Nifty likely to open lower today

Good afternoon!

The domestic equity market declined for the fourth straight week as the ongoing concerns on the Russia-Ukraine conflict coupled with soaring crude oil prices continued to weigh market sentiment. 

The benchmark BSE Sensex plunged 2.72 per cent to 54,333.81 for the week ended March 4. Likewise, the NSE Nifty index lost 2.48 per cent to 16,245.35 during the same period.

What's next? Here's a look at the latest updates of the market today!

 3:35 pm: Market ends in red for fourth session

Sensex ends 1491 points lower to 52,842 and Nifty slips 382 points to 15,863

3:15 pm: 3i Infotech stock rises 5%

Shares of  3i Infotech gained 5% today after the firm won an order worth Rs 12.85 crore from the Rajasthan State Pollution Control Board (RSPCB).

3:00 pm: Market update

Nifty slips 381 points to 15,864 and Sensex loses 1466 points to 52,867.

2:30 pm: Axis Bank, Bharti Airtel announce partnership to bolster digital ecosystem

Axis Bank, India's third-largest private sector bank, and Bharti Airtel, premier communications solutions provider, today announced a strategic partnership to strengthen the growth of India's digital ecosystem through a range of financial solutions.

In a bid to accelerate adoption of digital payments in the country, over the coming months, Axis Bank and Airtel will bring to market a range of innovative financial offerings and digital services exclusively for Airtel's 340 million plus customers.

These will include co-branded credit card with industry leading benefits, pre-approved instant loans, Buy Now Pay Later offerings and many more. The alliance, with its significant reach across the country will help penetrate tier 2 and tier 3 markets by enabling higher adoption of digitized payments.

2:02 pm: Market extends losses

Nifty slips 459 points to 15,786 and Sensex loses 1714 points to 52,619.

1:58 pm: Paints stocks fall up to 18% in four sessions

Shares of paint companies such as Asian Paints and Berger Paints among others have lost up to 18% in the last four sessions as brent crude oil prices zoomed to fresh highs, threatening to eat into the profits of these firms. READ MORE

1:50 pm : Expert quote

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The extraordinary uncertainty triggered by the war has pushed commodity markets into turmoil. Crude at $128 is a big shock. This can impact global growth and aggravate inflationary pressures. In India, growth will be lower and inflation higher than projected for FY 23.

Market is slipping into bearish territory. Investors have to be cautious. There is relative safety in energy due to high energy prices, metals due to high global prices and export segments due to resilient demand and rupee depreciation. Calibrated buying in very small quantities may be considered in the above mentioned segments"

1:31 pm: Market update

Nifty slips 402 points to 15,843 and Sensex loses 1,455 points to 52,878.

1:08 pm: Top gainers

 Bharti Airtel, Infosys, Wipro, HCL Tech and Tata Steel are the top Sensex gainers in the afternoon session, rising up to 3.01%.

1:04 pm: Market cap of BSE-listed firms stands at Rs 242.02 lakh crore in the afternoon session.

12:36 pm: Gold tops $2,000, highest since Aug 2020; Palladium on record high

Gold prices on Monday scaled the $2,000-level for the first time in a year-and-a-half, as investors rushed to the safety of the metal in the wake of an escalating Russia-Ukraine crisis, while supply disruption fears sent palladium to an all-time high.

Spot gold was up 0.9% at $1,986.83 per ounce, as of 0330 GMT, after scaling to its highest since Aug. 19, 2021 at $2,000.69 earlier in the day. U.S. gold futures rose 1.3% to $1,992.00. Read More

12:26 pm:  Emkay note on rupee at all-time low

Emkay Global Financial Services in a note said, "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 touching $130 per barrel. Important metals like Nickel, Aluminum 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.”

12:14 pm: Why Coal India, ONGC, Hindalco are the top Nifty gainers today

Indian equity market suffered a big oil shock on Monday after brent crude oil prices touched $130 per barrel. Sensex and Nifty extended their losing streak for the fourth straight session as Russia-Ukraine conflict continued for over 10 days. All Sensex stocks fell in early trade today.  However, among Nifty stocks, ONGC, Coal India and Hindalco were the only gainers in early trade. The energy shares rose up to 4.23 per cent at a time market was trading deep in the red. READ MORE

11:55 am: Market check

Equity benchmark Sensex was trading over 1100 points lower at 53,156 and Nifty also plunged over 300 points to 15,925. 

Axis Bank and Maruti Suzuki were the top losers on Sensex, declining over 5 per cent.

Bharti Airtel and HCL Tech were among the top gainers.

11:30 am: Expect the stock prices to be in a broad trading range with a spike up in volatility

"Many stocks in the broader market have corrected 20-40%. The focus for investment hereon should be towards high-quality value picks. We expect the stock prices to be in a broad trading range with a spike up in volatility. Investors should also park fresh capital towards blue chips," said Divam Sharma, Founder at Green Portfolio, SEBI Registered Portfolio Management Service Provider.

"With the turn-up of events, we expect the World Order to change over the next few years and hyperinflation to affect the world over the next few months. This could result in a further dent on margins and further consolidation of market share towards the larger organized players," he said.

11:00 am: Quote by Anuj Gaur, Director of IBBM (Money maker India Securities)

Markets are very volatile and taking a very wild move nowadays due to war situations and upcoming election results. VIX is running very high which is an indication of the market is in a puzzle mood and can react aggressively on either side.

For traders it is a good opportunity to take advantage of high VIX in the market, on the other side, for long term investors, All defense sector stocks, Steel Stocks, IT stocks and FMCG stocks will be a good bet for the long term once war situation resume and become normal, these industries will react positively faster than other industries.

10:15 am: Rupee hits all-time low at 76.92 vs dollar on sharp surge in oil prices

The Indian rupee hit a lifetime low in opening deals on Monday as a sharp surge in global crude oil prices threatened to push up imported inflation and widen the country's trade and current account deficits.

The partially convertible rupee was trading at 76.92/93 per dollar, after touching 76.96, its weakest level ever. It had closed at 76.16 on Friday.


9:50 am: Rs 6 lakh crore investor wealth wiped out as crude oil shock roils Sensex, Nifty 

Investors lost over Rs 6 lakh crore in early trade today amid mounting calls for harsher sanctions against Russia. The market cap of BSE-listed firms fell by Rs 6.28 lakh crore after investor wealth declined to Rs 240.57 lakh crore against Rs 246.85 lakh crore in the previous session.


9:30 am: Market extends losses

Sensex crashed over 1600 points and Nifty slipped below 15,800 amid weak global cues.

All the 30 stocks on the Sensex were trading in the green.

9:15 am: Market opening

Sensex crashed over 1200 points to 53,068 and Nifty plunged over 350 points to 15,867 as the ongoing concerns on the Russia-Ukraine conflict coupled with soaring crude oil prices continued to weigh market sentiment. 

Tata Steel was the only gainer on Sensex.

Bajaj Finance and Maruti Suzuki were the top losers, declining over 5 per cent.

9:00 am: Pre-market comment by Mohit Nigam, Head - PMS

Benchmark indices may open on a bearish tone today, according to SGX Nifty trends. This week's focus will be on the Russia-Ukraine conflict and its impact on oil prices.

On the home front, investors will be watching the outcome of the state elections in five states on March 10: Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur. 

Investors all throughout the world are weighing the economic risks of this protracted conflict along with this macroeconomic industrial output data, as well as the direction of foreign fund flows and global commodity price variations, which will influence investor mood. 

Aside from foreign issues, the domestic market will be watching the Bank of England and the Federal Reserve of the United States for policy announcements. Investors should be cautious in the short term because the outlook appears to be uncertain, but we have a long-term optimistic outlook on Indian equities and believe that one should invest gradually in every dip.

On the technical front, Immediate support and resistance in Nifty 50 are 15,700 and 16,500 respectively. Bank Nifty immediate support and resistance are 33,500 and 35,100 respectively.

8:45 am: Global updates

Wall Street ended lower on Friday as the war in Ukraine overshadowed an acceleration in US jobs growth last month that pointed to strength in the economy. Most of the 11 major S&P sector indexes declined, with financials leading the way with a 2% drop as investors worried about how the West's sanctions against Moscow may affect the international financial system.

The Dow Jones Industrial Average fell 0.53% to end at 33,614.8 points, while the S&P 500 lost 0.79% to 4,328.87. The Nasdaq Composite dropped 1.66% to 13,313.44. For the week, the S&P 500 and Dow both fell 1.3%, while the Nasdaq gave up 2.8%.

Shares in Asia-Pacific declined in Monday morning trade as oil prices surged, with the ongoing Russia-Ukraine war continuing to weigh on investor sentiment globally.

The Hang Seng index in Hong Kong led losses regionally, dropping 4.14% as shares of HSBC plummeted 6.02%. Mainland China’s Shanghai Composite shed 1.13% and the Shenzhen component slipped 2.076%.

In Japan, the Nikkei 225 also saw heavy losses as it tumbled 3.5% while the Topix index shed 3.12%.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 7,631.02 crore on March 4, and domestic institutional investors (DIIs) bought shares worth Rs 4,738.99 crore, as per provisional data available on NSE.

8:30 am: SGX Nifty

The Indian equity market is likely to open lower as SGX Nifty was trading 284 points lower at 15,796.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Friday

The Indian equity market ended lower for the third straight session on Friday, led by losses in banking, auto, consumer durables and capital goods stocks. 

Weak global investor sentiment emanating from Russia's attack on Ukraine's nuclear plant led to broad-based selling on Indian equity bourses today.

Sensex fell 768 points to 54,333 and Nifty slipped 252 points to 16,245. Titan, Maruti, Asian Paints were the top Sensex losers, falling up to 5.05 per cent. 

Dr Reddy's Labs, ITC and Tech Mahindra were the top Sensex gainers, rising up to 2.95 per cent.Of 30 Sensex stocks, 23 ended lower. BSE mid-cap and small-cap indices lost 547 points and 437 points, respectively.

Published on: Mar 07, 2022, 8:35 AM IST
Posted by: Tanya Aneja, Mar 07, 2022, 8:33 AM IST