Key benchmark indices snapped their 5-day winning run as Ukraine-Russia talks reached “crossroads”. From here on, either there will be an agreement or Russia will go on offensive, said Ukraine’s presidential advisor. At close, the Sensex was down 709.17 points or 1.26 per cent at 55,776.85, and the Nifty was down 208.30 points or 1.23 per cent at 16,663. About 1296 shares have advanced, 2014 shares declined, and 95 shares are unchanged.
Metal stocks including Hindalco, Tata Steel, and JSW Steel were among the worst hit stocks on the bourses as they shed between 3.7 per cent and 5.3 per cent. ONGC, Coal India, Tech M, Kotak Bank, Infosys, BPCL, and RIL were the other notable losers, down up to 4.7 per cent.
On the upside, Tata Consumer Products, M&M, Shree Cement, Cipla, UPL, Maruti Suzuki, and Britannia Industries were the top gainers, up in the range of 1-3.7 per cent. Broader indices, though in the red, outperformed the large-cap indices. The BSE MidCap and SmallCap indices closed 0.68 per cent and 0.88 per cent loser, respectively.
Among individual stocks, shares of Ruchi Soya Industries surged 18 per cent to Rs 1,140 on the BSE in Tuesday’s intra-day trade, zooming as much as 42 per cent in the past two trading sessions after the company announced plans to launch Rs 4,300-crore follow-on public offering (FPO) next week.
That apart, shares of JK Paper hit a new high of Rs 288, up 7.5 per cent on the BSE in Tuesday’s intra-day trade, gaining as much as 33 per cent in the past one week on improved business outlook.
Among sectors, the BSE Metal index slumped over 4 per cent, followed by the BSE Oil and Gas index (down 2.7 per cent), the BSE IT index (down 2.4 per cent). On the upside, BSE Auto and FMCG indices were the only gainers, adding up to 0.4 per cent.
Vinod Nair, Chief Investment Strategist at Geojit Financial Services, said: ” The world equity market lost its momentum as new financial & trade sanctions were imposed on Russia along with the suspension of gas imports. It is a setback for the market sentiment, which was improving in anticipation of a truce in war. The Indian market was outperforming due to ease in commodity prices. World markets are also lower ahead of the US Fed meeting in which the market widely expects FOMC to initiate a rate hike.”
Mohit Nigam, Head – PMS, Hem Securities, said: “Benchmark indices is expected to open on a negative note as suggested by early trends on SGX Nifty. On Monday, benchmark indices closed in positive terrain for the fifth consecutive session. Investor sentiments were boosted on the back of falling crude oil prices and easing of tension between Russia and Ukraine as both countries look for diplomatic route to end the incessant tussle.”
On the technical front, the key resistance level for Nifty50 is 16,950 followed by 17,100 and on the downside 16,650 and 16,500 will act as strong support. They key resistance level for Bank Nifty is 35,600 followed by 35,900 and on the downside 34,800 and 34,300 will act as strong support.
Global Cues
Hong Kong stocks plunged again Tuesday, extending the previous day’s tech-fuelled rout that came after China locked down the tech hub of Shenzhen. The Hang Seng Index sank 3.07 per cent, or 600.48 points, to 18,931.18. The Shanghai Composite Index dived 0.97 per cent, or 31.17 points, to 3,192.36, while the Shenzhen Composite Index on China’s second exchange lost 0.87 per cent, or 18.38 points, to 2,091.09.
Tokyo’s blue chip shares traded in a narrow range Tuesday, as US central bankers prepared to kickoff a policy meeting where they are expected to agree on a rate hike. The benchmark Nikkei 225 index hovered around the previous session’s close and inched up 0.09 per cent, or 22.71 points, to 25,330.56 in early trade, while the broader Topix index advanced 0.45 per cent, or 8.10 points, to 1,820.38.
The dollar index, which measures the greenback against six major peers was at 99.108, not far off the 99.415 touched a week ago, its highest level since May 2020. The yen remained under pressure on Tuesday and the Australian dollar was bruised by the latest lockdowns in China following new COVID-19 outbreaks, but moves were more muted than in recent days as traders eyes turned to this week’s Fed meeting.
During the Asian session, US crude slipped a further 2.54 per cent to $100.44 a barrel, in line with broader asset selling. Brent crude was down 2.27 per cent to $104.42 per barrel. In U.S trading, oil prices had fallen as much as 5.8 per cent as prospects of a positive outcome in Ukraine talks eased concerns about major supply disruptions.
Read all the Latest Business News and Breaking News here
Comments
0 comment