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Indices nudge lower on negative global stocks

Published on Mar 08, 2022 09:35

The domestic equities are trading lower in early trade on negative global stocks. Soaring crude oil prices amid the ongoing Russia-Ukraine crisis continued to spook investors.

At 9:30 IST, the barometer index, the S&P BSE Sensex, fell 129.37 points or 0.24% at 52,713.38. The Nifty 50 index shed 46.85 points or 0.30% at 15,816.30.

In the broader market, the S&P BSE Mid-Cap index rose 1.15% while the S&P BSE Small-Cap index gained 1.43%.

The market breadth was strong. On the BSE, 1,955 shares rose and 581 shares fell. A total of 82 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 7,482.08 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 5,331.03 crore in the Indian equity market on 7 March 2022, provisional data showed.

Politics:

As per exit polls conducted by several media houses, the Bharatiya Janata Party (BJP) is expected to sweep with a majority in Uttar Pradesh and Manipur, while the Aam Aadmi Party (AAP) will unseat the Congress in Punjab, as per the polls for the just-finished five assembly elections released on 7 March 2022. In Uttarakhand, the ruling Bharatiya Janata Party (BJP) may emerge as the first party to retain power in the hill-state. The ruling Bharatiya Janata Party is likely to retain power in Manipur. Goa is likely to witness a fractured mandate in the recently contested assembly elections.

The elections to the five states - Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur - were held in seven phases between 10 February 2022 and 7 March 2022. The results will be announced on 10 March 2022.

Stocks in Spotlight:

Wipro rose 0.50%. The IT firm announced the appointment of Turki Bin Nader as General Manager and Country Head for the Kingdom of Saudi Arabia (KSA).

Great Eastern Shipping Company (G E Shipping) advanced 2.18%. Greatship (India) (GIL), a wholly owned subsidiary of the company has contracted to sell its 2010 built R-class Platform Supply Vessel `Greatship Rohini` for scrapping.

Natco Pharma spurts 4.34%. Natco Pharma, along with its marketing partner Arrow International (an affiliate of Teva Pharmaceutical Industries), announced launch of the first generic version of Revlimid (Lenalidomide capsules) in 5 mg, 10 mg, 15 mg, and 25 mg strengths in the U.S. market.

Dodla Dairy rallied 2.12%. The company`s board has approved purchase of assets, business, and plant & machinery up to Rs 55 crore. It has also approved funding for subsidiaries Orgafeed, and Dodla Dairy Kenya, up to Rs 40 crore each.

Global Markets:

Overseas, Asian stocks are trading lower on Tuesday, following heavy losses for the major indexes overnight stateside as the Russia-Ukraine war continues to keep investors on edge.

Wall Street`s main indices fell sharply on Monday as the prospect of a ban on oil imports from Russia sent crude prices soaring and fuelled concerns about rising inflation.

A Western ban on Russian oil imports may more than double the price to $300 a barrel and prompt the closure of the main gas pipeline to Germany, Moscow reportedly warned on Monday, as talks on Ukraine hardly advanced amid efforts to agree on civilian safe passage. Brent, the international benchmark, briefly hit more than $139 a barrel, its highest level since 2008. A rejection of Russian oil would lead to catastrophic consequences for the global market, said Russian Deputy Prime Minister Alexander Novak.

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