On Monday, Indian equity benchmarks fell substantially for the second straight session. The markets crashed mostly as a result of a massive worldwide sell-off fueled by increasing tensions between Russia and the West over Ukraine. Key indexes opened down and remained in the red throughout the day as India’s industrial output growth slowed for the fourth consecutive month in December to 0.4%, owing mostly to a weak performance by the manufacturing sector.

The Nifty50 has formed a long bear candle on the daily chart and the steeply lower start could be considered a downside breakaway gap, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

“This is not a good sign and signals more weakness ahead,” he said.

Indian Indices

Sensex fell 1747.08 points or 3.00% to 56,405.84 and Nifty was down by 531.95 points or 3.06% to 16,842.80 in the previous session. Sensex touched high and low of 57,191.91 and 56,295.70, respectively. There was 1 stock advancing against 29 stocks declining on the index. Nifty traded in a range of 17,099.50 and 16,809.65 and there was 1 stock advancing against 49 stocks declining on the index.

Broader Indices

The broader indices ended in red with the BSE Midcap index falling 3.51%, while the Small cap index was down by 4.15%. The top losing sectoral indices on the BSE were Realty down by 5.21%, Metal down by 5.05%, Basic Materials down by 4.25%, Bankex down by 4.25% and Finance down by 4.19%, while there were no gaining sectoral indices on the BSE.

Support and Resistance levels

Key support levels for the Nifty are placed at 16,735, followed by 16,628. If the index moves up, the key resistance levels to watch out for are 17,025 and 17,207, according to pivot charts.

SGX Nifty

The trends on SGX Nifty indicate a positive opening for the index in India with a 55-points gain. The Nifty futures were trading at 16,927.20 on the Singaporean Exchange around 06:50 hours IST.

Asian Markets

Asian markets finished broadly lower yesterday with shares in Japan leading the region. The Nikkei 225 was down 2.23% while Hong Kong’s Hang Seng was off 1.38% and China’s Shanghai Composite was lower by 0.98%.

US Markets

The S&P 500 fell 16.97 points, or 0.4%, to 4,401.67.

The Dow Jones Industrial Average fell 171.89 points, or 0.5%, to 34,566.17.

The Nasdaq fell 0.24 points, or less than 0.1%, to 13,790.92.

The Russell 2000 index of smaller companies fell 9.36 points, or 0.5%, to 2,020.79.

European Markets

European markets finished sharply lower yesterday with shares in France leading the region. The CAC 40 was down 2.49% while Germany’s DAX was off 2.13% and London’s FTSE 100 was lower by 1.73%.

In January 2022, CPI inflation hit 6.01%, the highest in seven months

India’s headline inflation rate based on the Consumer Price Index (CPI) jumped to 6.01% in January 2022, as per data released by the National Statistical Office on February 14. At 6.01%, last month’s CPI inflation reading is the highest in seven months. CPI inflation was 5.66% in December 2021. The inflation print for January 2022 is along expected lines, with Reserve Bank of India (RBI) Governor Shaktikanta Das saying earlier today that it was likely to come in around the 6.00% mark, largely due to an unfavourable base effect. The RBI has forecast that CPI inflation will average 5.7% in the first quarter of 2022. As such, inflation is expected to edge lower in the remaining two months of January-March 2022.

RIL’s telecom arm Jio to invest $200 million in InMobi-owned lock-screen platform, Glance

Jio Platforms invest $200 million in Glance, a lock-screen platform, to accelerate the platform’s growth internationally. Glance will use the funds raised to double down on growth in Asia as well as launch in key global markets including the US, Brazil, Mexico and Russia. The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals. This is the Series D funding round for the firm. In addition to Jio Platforms, Glance is also backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital. Google is also an investor in Dunzo. This will also give a boost to Glance’s live commerce and short video platform Roposo. Founded in 2019, Glance’s lock screen platform is present on more than 400 million devices across markets in Asia.

ABG Shipyard fraud case: SBI says first complaint filed with CBI in Nov. 2019

The State Bank of India (SBI) has said that it had filed a case with the CBI in November 2019 against ABG Shipyard, alleging a large Rs 22,842 crore bank fraud, reported mint. It went on to say that in December 2020, a second, more comprehensive complaint was filed with the agency. SBI stated in a statement that the account is now undergoing “liquidation under an NCLT driven process,” and that there was “no effort to delay the process” at any point in time, according to Mint. SBI has stated that, while ICICI Bank was the consortium’s lead lender and IDBI was the second lead, it was preferable that SBI, as the largest PSB lender, file the complaint with CBI. 

Former NSE MD steered by a yogi on critical decisions: SEBI

A former head of India’s National stock exchange (NSE) discussed private information with a yogi and sought his advice while making critical choices, a SEBI investigation has found, according to a Reuters report. The report on the probe comes ahead of the bourse’s much-anticipated public listing. Chitra Ramkrishna, the former chief executive of the National Stock Exchange (NSE), disclosed information including the bourse’s financial predictions, business goals, and board agenda with a purported spiritual guru in the Himalayas, according to the Securities and Exchange Board of India (SEBI). The regulator penalized the NSE Rs 2 crore and barred the exchange from introducing any new products for six months, as per Reuters. Ramkrishna is fined Rs 3 crore by SEBI and is forbidden from working with any bourse or SEBI-registered intermediary for three years.

Ilker Ayci, former chairman of Turkish Airlines, appointed Air India CEO & MD

Ilker Ayci, former chairman of Turkish Airlines, has been appointed as the CEO and MD of Air India on Tuesday after the Tata Sons owned airline’s board met on Monday afternoon to consider his candidature. Among the notable names who attended the meeting was Tata Sons chairman N Chandrasekaran. Ayci will assume his responsibilities by April 1, 2022. N Chandrasekaran said: “Ilker is an aviation industry leader who led Turkish Airlines to its current success during his tenure there. We are delighted to welcome Ilker to the Tata Group where he would lead Air India into the new era.” Ilker Ayci said: “I am delighted and honoured to accept the privilege of leading an iconic airline and to join the Tata Group. Working closely with my colleagues at Air India and the leadership of the Tata Group, we will utilise the strong heritage of Air India to make it one of the best airlines in the world with a uniquely superior flying experience that reflects Indian warmth and hospitality.”

Bulk Deal data

RAMDOOT REALTORS PVT LTD sold 82,500 shares of Ajooni Biotech Limited at Rs 66.28 per share on NSE.

SATISH RAMSEVAK PANDEY sold 96,000 shares in Debock Industries Limited at Rs 140.00 per share on the NSE.

ABAKKUS GROWTH FUND-2 bought 5,00,000 equity shares in Somany Hom Innovation ltd. at Rs 365.10 per share on the NSE, the bulk deals data showed.

KAUSHIKA HEMANT KHAJANCHI picked up 53,950 equity shares in Vaishali Pharma Limited at Rs 51.37 per share respectively on the NSE.

VIGILANCE SECURITY SERVICE sold 4,50,000 shares inVisaka Industries Ltd. at Rs 613.00 per share on the NSE.

DII and FII data

Foreign institutional investors (FIIs) sold shares worth a net Rs 4,253.7 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 2,170.29 crore in the Indian equity market on February 14, as per provisional data available on the NSE.

NSE F&O Ban

Indiabulls Housing Finance, BHEL, Punjab National Bank, SAIL and Tata Power are under the F&O ban for February 15. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.