Informist, Thursday, Mar 3, 2022
By Ankika Biswas
MUMBAI– Domestic benchmark indices gave up their early gains and concluded today’s session in red, as investors keep assessing the potential economic impact of multi-year high commodity prices with Russia amplifying its attacks on Ukraine.
Rising for the fourth straight session, Brent crude oil prices inched closer to $120 per barrel as concerns persists over supply disruption. Base metal prices, too, have been on the rise with those of aluminium prices scaling fresh all-time highs.
As per the latest reports, Russian forces have taken control of Kherson, the first major urban centre to fall since Moscow invaded a week ago. Further, the Russian forces have also surrounded Mariupol, a strategic port on the Sea of Azov.
Kharkiv, Ukraine’s second-largest city, is also under heavy artillery and rocket attack, and Russian military convoys are positioned near capital Kyiv.
The downslide in the domestic indices was due to weakness in frontline sectors like banks, financial services, fast-moving consumer goods and automobiles. This saw the Nifty 50 close below the crucial 16500-point mark.
Today, the Nifty 50 closed 0.7% lower at 16498.05 points, after testing a high of 16768.95 points and then falling to a low of 16442.95 points during the day. The Sensex closed 0.7% down at 55102.68 points, moving between intra-day low and high of 54931.48 point and 55996.62 points, respectively
However, US Federal Reserve head Jerome Powell’s inclination towards a 25-basis-point rate hike in March quelled some concerns around a potentially more aggressive rate hike amid the ongoing crisis, somewhat comforting investors in early trade.
Among frontline sectors, losses in most of its constituents saw the Nifty Bank end 1.2% lower at 34944.30 points. Shares of large-cap private banks like HDFC Bank, Axis Bank and ICICI Bank were down 0.2-2%.
Most automobile stocks extended losses for the second consecutive session today as weak wholesale dispatches for February from two-wheeler companies and sector major Maruti Suzuki India continued to weigh on sentiment.
Ending 2.3% lower at 10261.10 points, the Nifty Auto index was the biggest laggard among sectoral indices today.
Further, shares of cement companies took a sharp hit as a surge in prices of coal, crude oil and other commodities dented their earnings outlook.
However, information technology companies bucked the weak market trend and rose tracking overnight gains in their US counterparts. Led by gains in most of its constituents, the Nifty IT index ended over 1% higher at 34130.30 points.
Additionally, shares of most restaurant and multiplex operators rose today amid improved business prospects as the Maharashtra government allowed restaurants, shopping complexes, cinema halls and theatres to function at 100% capacity in 14 districts.
* Among Nifty 50 stocks, 18 rose and 32 fell
* Among Sensex stocks, 11 rose and 19 fell
* On the NSE, 1,163 stocks rose, 905 fell and 45 were unchanged
* On the BSE, 2,035 stocks rose, 1,286 fell and 119 were unchanged
* Nifty Metal: Up 1.2%; Nifty IT: Up 1.2%; Nifty Auto: Down 2.3%
BSE National Stock Exchange
Sensex: 55102.68, down 366.22 pts (0.7%) Nifty 50: 16498.05, down 107.90 pts (0.7%)
S&P BSE Sensitive Index Nifty 50
Lifetime High: 62245.43 (Oct 19) : Lifetime High: 18604.45 (Oct 19)
Record Close High: 61765.59 (Oct 18) : Record Close High: 18477.05 (Oct 18)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 61308.91 (Jan 17) : 2022 Closing High: 18308.10 (Jan 17)
2022 Closing Low: 54529.91 (Feb 24) : 2022 Closing Low: 16247.95 (Feb 24)
2022 High (intraday): 61385.48 (Jan 17) : 2022 High (intraday): 18321.55 (Jan 17)
2022 Low (intraday): 54383.20 (Feb 24) : 2022 Low (intraday): 16203.25 (Feb 24)
2021 Closing High: 61305.95 (Oct 14) : 2021 Closing High: 18338.55 (Oct 14)
2021 Closing Low: 46285.77 (Jan 29) : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14) : 2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29) : 2021 Low (intraday): 13596.75 (Jan 29)
2020 Closing High: 47751.33 (Dec 31) : 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23) : 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31) : 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24) : 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20) : 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19) : 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28)) : 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23) : 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26) : 2017 High(intraday): 10515.10 (Dec 26)
End
Edited by Pranav S. Joshi
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