For the third day in a row, Indian equity indexes were volatile, ending modestly lower on Friday as investors reviewed developments around the Ukraine crisis and the US Federal Reserve’s policy tightening.

The Nifty50 has formed an inverted hammer pattern on the daily chart, which often indicates a bullish reversal, according to Rupak De, Senior Technical Analyst at LKP Securities. He believes the trend in the index will remain bullish in the coming days as long as it stays above 17,200.

“On the lower end, 17,200 may act as support for a falling market. On the higher end, crucial resistance is at 17,500,” he said.

Indian Indices

Sensex fell 59.04 points or 0.10% to 57,832.97 and Nifty was down by 28.30 points or 0.16% to 17,276.30 in the previous session. Sensex touched high and low of 58,175.35 and 57,488.39, respectively. There were 13 stocks advancing against 17 stocks declining on the index. Nifty traded in a range of 17,380.80 and 17,219.20 and there were 17 stocks advancing against 32 stocks declining, while 1 stock remains unchanged on the index.  

Broader Indices

The broader indices ended in red with the BSE Midcap index falling 0.80%, while the Small cap index was down by 0.80%. The top gaining sectoral indices on the BSE were Capital Goods up by 0.39%, Bankex up by 0.28% and Finance up by 0.16%, while Realty down by 1.23%, Oil & Gas down by 1.14%, Basic Materials down by 0.97%, Healthcare down by 0.89% and Energy down by 0.88% were the top losing indices on BSE.

Support and Resistance levels

Key support levels for the Nifty are placed at 17,203, followed by 17,130. If the index moves up, the key resistance levels to watch out for are 17,365 and 17,454, according to pivot charts.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 118-points loss. The Nifty futures were trading at 17,208.80 on the Singaporean Exchange around 06:45 hours IST.

Asian Markets

Asian markets finished mixed. The Shanghai Composite gained 0.66%, while the Hang Seng led the Nikkei 225 lower. They fell 1.99% and 0.41% respectively.

US Markets

The S&P 500 fell 31.39 points, or 0.7%, to 4,348.87.

The Dow Jones Industrial Average fell 232.85 points, or 0.7%, to 34,079.18

The Nasdaq fell 168.65 points, or 1.2%, to 13,548.07.

The Russell 2000 index of smaller companies fell 18.76 points, or 0.9%, to 2,009.33.

European Markets

European markets finished broadly lower on Friday with shares in Germany leading the region. The DAX was down 1.47% while London’s FTSE 100 was off 0.32% and France’s CAC 40 was lower by 0.25%.

So far in February, FPIs have pulled a net Rs 18,856 crore out of Indian markets

Foreign portfolio investors (FPIs) have withdrawn a net Rs 18,856 crore from the Indian markets in February so far amid geopolitical tensions and chances of a rate hike by the US Federal Reserve. As per depositories data, overseas investors took out Rs 15,342 crore from equities and Rs 3,629 crore from the bonds market between February 1-18. At the same time, they invested Rs 115 crore in hybrid instruments. This translates into a net outflow of Rs 18,856 crore during the period under review. This is the fifth consecutive month of foreign fund outflows. This is the fifth consecutive month of foreign fund outflows.

LIC set to launch $8 billion IPO on March 11: Report

A public issue of shares by government-owned Life Insurance Corporation of India (LIC) is set to be the country’s biggest till now at $8 billion. The IPO is expected to start for anchor investors on March 11, as reported by news agency Reuters citing sources. For other investors, the issue will open a couple of days later for bidding. LIC’s initial public offering (IPO) is likely to receive regulatory approval by the first week of March, after which an indicative marketing price ban will be determined, reported Reuters. The IPO launch schedule could change but for now, the issuer was working to meet those timelines, as per the Reuters report.

FedFina files draft papers with SEBI to raise funds through IPO

Federal Bank Ltd arm Fedbank Financial Services Ltd (FedFina) has filed draft papers with the Securities Exchange Board of India to raise funds via an initial public offering. The IPO consists of a fresh issue of Rs 900 crore and an offer for sale (OFS) of up to 45.71 million shares by its existing shareholders and promoters. The OFS comprises up to 16.50 million shares by Federal Bank and up to 29.22 million shares by True North Fund VI LLP. Currently, Federal Bank holds a 73.31% stake while True North Fund VI LLP has a 25.76% stake in FedFina.

Vedanta plans to invest up to $20 billion in India’s semiconductor industry

Vedanta has earmarked $15 billion for a foray into the electronic chip and display manufacturing space, and plans to scale up the investment to as much as $20 billion, a senior company official said. Vedanta’s group firm Avanstrate, which will spearhead the semiconductor business, expects to roll out electronic chips and displays from Indian manufacturing plants by 2025, the official of the group’s semiconductor arm said on Friday. “Semiconductor is a long-term business. We are looking at about $10 billion on display. Right now we are looking at $7 billion in semiconductors that may also go up by another $3 billion to further extend it. First 10 years we have engaged to invest up to $15 billion. We will evaluate further investment at a later stage,” Avanstrate managing director Akarsh Hebbar told PTI. Avanstrate has applied for setting up a semiconductor plant and a display manufacturing unit. Vedanta has signed a memorandum of understanding with electronics manufacturing services giant Foxconn to form a joint venture company that will manufacture semiconductors in India. Vedanta is the first company to make the announcement to invest in semiconductor manufacturing after the government announced a $10 billion (Rs 76,000 crore) program to boost the electronic chip and display ecosystem in the country.

Bank of Baroda subscribes to 99,000 shares of IDRCL

Bank of Baroda on Friday said it has subscribed to 99,000 shares of asset reconstruction company India Debt Resolution Company Ltd (IDRCL). The acquisition is subject to the execution of an investment agreement. “Bank of Baroda has subscribed to 99,000 shares of India Debt Resolution Company Ltd (IDRCL),” the bank said in a regulatory filing. The bank further said its equity stake of 12.30% in IDRCL will be reduced to 9.90% by March 31, 2022. The bank said the shares are to be subscribed at Rs 10 per equity share. IDRCL is yet to become operational. As an asset management company, it will manage the asset and engage market professionals and turnaround experts for debt resolution. Public sector banks and public financial institutions will hold a maximum of 49% stake in IDRCL and the rest will be with private sector banks.

Bulk Deal data

PURVI PRABHATCHANDRA JAIN bought 1,16,055 shares of Focus Lightg at Rs 128.53 per share on NSE.

MAHIMTURA SUCHITRA NISHANT sold 1,00,000 shares in Libas Consu Products Ltd at Rs 30.00 per share on the NSE.

VIGILANCE SECURITY SERVICE sold 2,50,000 equity shares in Visaka Industries Ltd at Rs 635.33 per share respectively on the NSE.

FUMISTIC GAMING LLP purchased 12,90,433 shares in Vishal Fabrics Limited at Rs 113.47 per share on the NSE.

Alpha Leon Enterprises LLP bought 94,000 shares in Zodiac Energy at Rs 85.78 per share via open market transactions.

DII and FII data

Foreign institutional investors (FIIs) sold shares worth a net Rs 2,529.96 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 1,929.08 crore in the Indian equity market on February 18, as per provisional data available on the NSE.

NSE F&O Ban

Escorts, Indiabulls Housing Finance, and Punjab National Bank are under the F&O ban for February 21. 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.