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Nifty below 15,900; Axis Bank drops 6.5%

Published on Mar 07, 2022 13:27

The key equity indices failed to maintain recovery and slipped near the day`s low in afternoon trade. Soaring crude oil prices amid the ongoing Russia-Ukraine crisis continued to spook investors. The Nifty was trading below the 15,900 mark.

At 13:23 IST, the barometer index, the S&P BSE Sensex, was down 1404.24 points or 2.58% to 52,929.57. The Nifty 50 index lost 377.55 points or 2.32% at 15,867.80.

In the broader market, the S&P BSE Mid-Cap index fell 2.37% while the S&P BSE Small-Cap index slipped 2.15%.

The market breadth was weak. On the BSE, 836 shares rose and 2,537 shares fell. A total of 136 shares were unchanged.

In the commodities market, Brent crude for May settlement surged 8.88% at $128.60 a barrel. India imports majority of its crude oil requirements. A spike in crude oil prices has raised concerns over the impact on inflation, currency and input cost for companies across sectors. Higher crude oil prices could increase India`s expenditure and adversely affects the fiscal deficit.

Politics:

On the political front, the seventh and final phase of Uttar Pradesh elections 2022 began at 7 A.M. and will end at 6 P.M. today. This will conclude the fiercely contested polls held in five states. The results of exit polls for elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur will be broadcast from 7 P.M. today, after the end of polling. Votes will be counted on 10 March 2022.

Nifty Gainers & Losers:

Axis Bank (down 6.59%), IndusInd Bank (down 6.43%), Mahindra & Mahindra (down 6.04%), Maruti Suzuki (down 5.98%) and Tata Motors (down 5.74%) were the top index losers.

ONGC (up 7.17%), Hindalco (up 4.12%), Bharti Airtel (up 2.81%), Coal India (up 1.74%) and UPL (up 1.58%) were the top index gainers.

Stocks in Spotlight:

Edelweiss Financial Services fell 2.82% to Rs 51.60. The company said that CRISIL Ratings had reaffirmed its rating on the retail bonds, long-term debt instruments and bank facilities of the company.

Bharti Airtel rose 2.96% to Rs 672.35. The teleco and Axis Bank announced a strategic partnership to launch a range of innovative financial offerings and digital services exclusively for Airtel`s 340 million plus customers. These will include co-branded credit card with benefits, pre-approved instant loans, Buy Now Pay Later offerings and many more. The alliance will help penetrate tier 2 and tier 3 markets by enabling higher adoption of digitized payments.

3i Infotech was locked in an upper circuit of 5% at Rs 55. The company bagged a work order from Rajasthan State Pollution Control Board (RSPCB) for a total contract value of Rs 12.85 crore.

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