Indian equities staged a smart recovery in the last hour of trade as fag-end buying emerged in HDFC, M&M, Infosys, Kodak Bank, and Bajaj Finserv. That said, the markets ended lower for a fifth consecutive day today as the geopolitical tension between Russia and Ukraine remained volatile.
The frontline S&P BSE market had crashed nearly 1,300 points intraday but recouped most of the losses to end 383 points, or 0.6 per cent, lower at 57,300.6 levels today. The Nifty50 index, meanwhile, bounced back 248 points from the day's low to settle at 17,092, down 114 points or 0.6 per cent.
Market breadth improved remarkably by the end of the session as 16 stocks ended higher on the Nifty while 34 stocks closed in the red. For the better part of the session, only O N G C had managed to eke out gains.
Among these 16 stocks, M&M, Etcher Motors, Bajaj Finserv, Hero Motor, O N G C, Kodak Bank, HDFC, and led from the front, rising between 0.5 per cent and 1.7 percent
On the downside, B P C L, TCS, Tata Steel, Tata Motors, SBI Life, SBI, Dr Reddy's, Bharti Airtel, and Indian Oil reeled under pressure and fell up to 4 per cent.
In the broader market, the BSE MidCap and Small Cap indices, which fell up to 2.5 per cent intraday, settled 0.7 per cent and 1.6 per cent lower, respectively.
Sect orally, all the key indices ended with losses. The Nifty Realty index was the worst hit, down 3 per cent, followed by the Nifty Pharma, IT, Metal, and Bank indices, down between 1 and 1.5 percent
The decision by Russian President Vladimir Putin to order forces into separatist regions of eastern Ukraine has drawn international condemnation, with many world leaders threatening economic sanctions and others decrying a violation of international law.
While fears of sanctions pushed the Brent Crude above the $99 a barrel-mark, global equities and US stock futures recovered after reports suggested that establishment of Russian military base in Easter Europe "was not being discussed".
The Russian indices bounced back 5 percent from the day's low, Indian markets recouped about 1.5 per cent, and futures linked to US equities also climbed over half a per cent from lows.
76 stocks hit 52-week highs, while 168 stocks drop to new 52-week lows
Crest Ventures, Pharma, Megastar Foods, Shell Manufacturing Company, Sindhi Trade Links and Vegetable Products among 76 stocks to hit a fresh 52-week high in trades so far. Whereas, mart Drugs, Alembic, Apollo Tires, Bajaj Consumer Care, B P C L, Camila, Car Trade, seat, DCB Bank, Exude Industries, HDFC AMC, H E G, Jubilant Pharma, Industries, L&T Housing Finance, MRF, PC Jeweler Pay Tm, Pfizer, Policy Bazaar, Rail tel, R E C L and Whirlpool among 168 stocks to register a new 52-week low in trades so far on the BSE
Indian markets opened in red tracking global cues as investors continue to monitor the Ukraine crisis amid rising tensions of potential invasion keeping investors on the edge for a second consecutive week. During the afternoon session, the market pared some losses as buying in frontline stocks were aiding sentiment. Traders took some solace with Crisis Research's statement that India's industrial activity is expected to gather pace in the coming months owing to a gradual pick-up in consumption as well as investment demand. However, the relief rally couldn't hold long and markets drifted lower in closing session as fresh news over Ukraine crisis dampened the fragile sentiments, said Narendra Head-Equity Research (Fundamental), Anand Rat hi Shares & Stock Brokers.
Infosys, Power Grid, Cement, Nestle India, ICICI Bank, and HDFC Bank were the top large-cap gainers today, up between 0.7 per cent and 1.7 per cent. On the downside, Hidalgo, U P L, Sun Pharma, Adan Ports, Divas Labs, and TCS were the top drags, down up to 3.45 per cent.
In the broader markets, the BSE Small Cap index underperformed the benchmarks as it fell 2.2 per cent. The BSE MidCap index, on the other hand, was down 0.8 per cent.
Sect orally, the Nifty Media and Metal indices fell 2.7 per cent and 2.2 per cent, respectively, followed by the Nifty Pharma and PSB indices, down 1.4 per cent each. The Nifty Private Bank index, on the other hand, was the top gainer, up 0.3 percent
You must be logged in to post a comment.