As geopolitical tensions between Ukraine and Russia remained unabated, Indian equity benchmarks traded in the red for the majority of the day and ended slightly down on Thursday. Furthermore, Brent crude prices above $120 per barrel exacerbated market concerns. The key indexes opened lower as traders were concerned after the Ministry of Commerce and Industry reported that total foreign direct investment (FDI) inflows to India fell to $74.01 billion in the calendar year 2021, a 15% decrease from the previous year’s total of $87.55 billion.
The Nifty50 has formed a long positive candle at the lows on the daily chart with a minor upper shadow, suggesting broader range movement around 17,100-17,400 levels, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
He sees the possibility of a bounce in the 50-scrip index in the coming sessions.
Sensex fell 89.14 points or 0.15% to 57,595.68 and Nifty was down by 22.90 points or 0.13% to 17,222.75 in the previous session. Sensex touched high and low of 57,827.99 and 57,138.51, respectively. There were 15 stocks advancing against 14 stocks declining, while 1 stock remains unchanged on the index. Nifty traded in a range of 17,291.75 and 17,091.15. There were 22 stocks advancing against 27 stocks declining, while 1 stock remains unchanged on the index.
Broader Indices
The broader indices ended in green with the BSE Midcap index rising 0.34%, while the Small cap index was up by 0.16%. The top gaining sectoral indices on the BSE were Metal up by 1.61%, Energy up by 1.21%, TECK up by 1.13%, Oil & Gas up by 1.13% and IT up by 1.01%, while Bankex down by 1.69%, Consumer Durables down by 1.58%, Finance down by 1.30%, Auto down by 0.54%, Consumer Discretionary down by 0.21% were the top losing indices on BSE.
Support and Resistance levels
The key support level for the Nifty is placed at 17,112, followed by 17,001. If the index moves up, the key resistance levels to watch out for are 17,313 and 17,402, according to pivot charts.
SGX Nifty
The trends on SGX Nifty indicate a negative opening for the index in India with a 40-points loss. The Nifty futures were trading at 17,262.20 on the Singaporean Exchange around 07:00 hours IST.
Asian Markets
Asian markets finished mixed. The Nikkei 225 gained 0.25%, while the Hang Seng led the Shanghai Composite lower. They fell 1.03% and 0.29% respectively.
The S&P 500 rose 63.92 points, or 1.4%, to 4,520.16.
The Dow Jones Industrial Average rose 349.44 points, or 1%, to 34,707.94.
The Nasdaq rose 269.23 points, or 1.9%, to 14,191.84.
The Russell 2000 index of smaller companies rose 23.24 points, or 1.1%, to 2,075.44.
European Markets
European markets finished broadly higher yesterday with shares in France leading the region. The CAC 40 was up 3.11% while London’s FTSE 100 was up 0.25% and Germany’s DAX was up 0.11%
Maruti Suzuki appoints Hisashi Takeuchi as new CEO
The country’s largest automaker Maruti Suzuki India (MSI) on Thursday said the company’s board has appointed Hisashi Takeuchi as Managing Director and Chief Executive Officer for a period of three years with effect from April 1, 2022. The company’s board in its meeting held on Thursday appointed Takeuchi consequent to the completion of the term of Kenichi Ayukawa on March 31, 2022, MSI said in a statement. Ayukawa, a whole-time director, will be designated as Executive Vice-Chairman for a period of six months with effect from April 1, 2022, till September 30, 2022, to ensure a smooth transition. He joined as Managing Director in 2013.
CNG-PNG price hike: IGL increases gas rates by Rs 1
Compressed natural gas (CNG) and household piped natural gas (PNG) tariffs in Delhi have been raised by Indraprastha Gas Limited (IGL). CNG prices have increased by Rs 1 per kg to Rs 59.01 per kg, while PNG prices have increased by Rs 1 per standard cubic meter (SCM) to Rs 36.61 per unit. The new prices will be in effect beginning today, March 24. Domestic LPG cylinder prices have increased by Rs 50 earlier this week, the first increase since October 6, 2021. The price of domestic LPG cylinders has been increased to Rs 949.5 in Delhi; earlier it was Rs 899.50. In Kolkata, on October 6, 2021, the 14.2 kg non-subsidized cylinder price was Rs 926; now, it will cost Rs 976. Similarly, the price in Lucknow has increased to Rs 987.5 from Rs 938. In Patna, it has increased from Rs 998 to Rs 1039.5.
The ongoing conflict in Ukraine has reduced India’s GDP growth forecast for 2022 to 4.6%: UN Report
India’s projected economic growth for 2022 has been downgraded by over 2% to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6% from 3.6% due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries, particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia. India was forecast to grow at 6.7% in 2022 and this projection has been downgraded to 4.6% by UNCTAD.
Russia’s stocks surge as trade resumes following a month-long pause
Energy and metals firms led a jump in Russian stocks on Thursday as trading resumed after a month’s suspension, reflecting soaring global prices for oil, gas and other commodities on fears the Ukraine crisis will threaten supply. Stocks had not traded on Moscow’s bourse since February 25, the day after President Vladimir Putin sent troops into neighbouring Ukraine, prompting Western sanctions aimed at isolating Russia economically and then Russian countermeasures. The reaction has cut off Russian financial markets from global networks and sent the rouble currency tumbling. Stocks had also plunged immediately after Moscow launched what it calls “a special military operation” to disarm and “denazify” its southern neighbour. Restrictions on trade with foreigners and a ban on short-selling remained in place on Thursday as the Moscow Exchange cautiously resumed equities trading. “We will do everything possible to open all segments of the stock market soon,” Boris Blokhin, head of Moscow Exchange’s stock market department, said.
IOC, BPCL, HPCL lost $2.25 billion in revenue due to fuel price freeze: Moody’s
India’s top fuel retailers IOC, BPCL and HPCL have together lost around $2.25 billion (Rs 19,000 crore) in revenue in March by keeping petrol and diesel prices unchanged despite a sharp rise in crude oil prices, Moody’s Investors Service said on Thursday. Petrol and diesel prices remained unchanged between November 4, 2021, and March 21 despite prices of crude oil (raw material for producing fuel) averaging around $111 per barrel in the first three weeks of March compared to around $82 in early November. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation and Hindustan Petroleum Corporation (HPCL) on March 22 and 23 raised petrol and diesel prices by 80 paise per litre each but paused the increase on Thursday. “Based on current market prices, the oil marketing companies are currently incurring a revenue loss of around $25 (over Rs 1,900) per barrel and $24 per barrel on sale of petrol and diesel, respectively,” Moody’s said in a report. If crude oil prices continue to average around $111 a barrel, the three rated entities – IOC, BPCL and HPCL – will incur a combined daily loss of around $65-70 million on the sale of petrol and diesel unless fuel prices are increased to cover the rising crude oil prices, it said. “Based on our estimates of average sales volume between November and first three weeks of March, the state-owned refining and marketing companies together have lost around $2.25 billion in revenue on petrol and diesel sales,” Moody’s said.
LOKESH INDER KAPOOR sold 1,04,432 shares in Accuracy Shipping Limited at Rs 245.12 per share on the NSE.
TIMELY FINANCIAL CONSULTANTS PRIVATE LIMITED bought 2,22,000 shares in Cool Caps Industries Ltd at Rs 36.19 per share on the NSE.
VIJAYGOPAL PARASRAM ATAL sold 3,00,800 shares in Atal Realtech Limited at Rs 100.53 per share on the NSE.
SPECIE FINANCE PVT LTD sold 25,200 shares in Foce India Limited at Rs 201.82 per share on the NSE.
LAKSHMI GUTTIKONDA VARA bought 5,69,900 shares of Megasoft Limited at Rs 50.58 per share on NSE.
SATHISH SRINIVAS NAYAK bought 3,51,977 shares of Nandan Denim Limited at Rs 60.54 per share on NSE.
RAGINI CHETAN MEHTA bought 26,400 shares in SecUR Credentials Limited at Rs 98.77 per share on the NSE.
NOMURA SINGAPORE LIMITED bought 66,00,000 shares in Vikas EcoTech Limited at Rs 5.35 per share on the NSE.
Foreign institutional investors (FIIs) sold shares worth a net Rs 1740.71 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 2091.07 crore in the Indian equity market on March 24, as per provisional data available on the NSE.
Balrampur Chini Mills, Delta Corp, L&T housing finance limited, Indiabulls Housing Finance, SAIL, Idea and Sun TV Network are under the F&O ban for March 25. 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.
