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Home Business

Benchmarks Near Days Low; European Shares Decline – Business Standard

by NewsReporter
March 2, 2022
in Business
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The domestic equity barometers were trading with steep losses in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 1110.34 points or 1.97% to 55,136.94. The Nifty 50 index lost 290.55 points or 1.73% to 16,503.35.

Global investors continued to grapple with the economic fallout from the escalating Russia-Ukraine conflict.

In the broader market, the S&P BSE Mid-Cap index fell 0.74% while the S&P BSE Small-Cap index slipped 0.42%.

The market breadth was negative. On the BSE, 1,501 shares rose and 1,791 shares fell. A total of 133 shares were unchanged.

Global Markets:

Shares in Europe and Asia traded in the red on Wednesday as the ongoing Russia-Ukraine conflict continued to lead to a surge in oil prices.

Brent crude futures climbed above $111 a barrel, scaling highs not seen since July 2014. That’s despite the International Energy Agency saying on Tuesday it will release 60 million barrels of oil from global reserves, in a bid to ease the current supply constraint.

Sanctions on Russian banks following Moscow’s invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market.

A Russian airstrike hit Kyiv’s main television tower on Monday afternoon, killing five people. Meanwhile, Russian forces continue to attack Kharkiv, Ukraine’s second-largest city.

Wall Street ended sharply lower on Tuesday, with financial stocks bearing much of the damage for a second straight day as the Russia-Ukraine crisis deepened and stirred anxiety among investors.

Investors are also gearing up to hear from Federal Reserve Chair Jerome Powell in his semiannual hearing at House Committee on Financial Services, which begins on Wednesday. Investors will be watching closely for his comments on potential rate hikes, as market expectations for hikes this year has eased slightly since Russia’s invasion.

Numbers to Track:

The yield on the 10-year benchmark federal paper was currently at 6.808% as compared with its previous close of 6.770%.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 75.8100, compared with its close of 75.3350 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement added 0.21% to Rs 51,925.

In the commodities market, Brent crude for April 2022 settlement added $6.14 or 5.85% to $111.11 a barrel.

Buzzing Segment:

The Nifty Realty index slipped 1.82% to 428.45, amid some bit of profit booking. The index had advanced 6% in the past two sessions.

Indiabulls Real Estate (down 3.24%), Sunteck Realty (down 2.74%), Prestige Estates (down 2.68%), DLF (down 2.51%), Macrotech Developers (down 2.53%), Oberoi Realty (down 1.84%), Sobha Developers (down 1.25%) and Godrej Properties (down 1.11%) declined.

Stocks in Spotlight:

Dilip Buildcon rose 1.23% to Rs 272 after the company received a letter of acceptance (LOA) on 28 February 2022 from National Highways Authority of India (NHAI) for a new Hybrid Annuity Mode (HAM) project in Chhattisgarh.

Varun Beverages rallied 3.7% to Rs 980 bucking weak market trend after the company announced that its board approved the proposal to enter into an agreement to manufacture ‘Kurkure Puffcorn’ for PepsiCo India Holdings.

Quint Digital Media hit an upper circuit limit of 20% at Rs 483.40 after the company said it will divest minority stake in its digital business news platform to Adani Media Ventures.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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