Nifty below 16,600; Asian markets edge lower
Published on Mar 02, 2022 11:27
The key equity indices continued to trade with deep cuts in mid-morning trade. The Nifty was trading below the 16,600 mark. Auto stocks witnessed significant selling as base metal and crude prices continued their upward trajectory.
At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 843.28 points or 1.50% to 55,404. The Nifty 50 index lost 201.65 points or 1.2% to 16,592.25.
In the broader market, the S&P BSE Mid-Cap index rose 0.12% while the S&P BSE Small-Cap index added 0.42%.
The market breadth was positive. On the BSE, 1753 shares rose and 1393 shares fell. A total of 145 shares were unchanged.
The global investor community continued to grapple with the economic fallout from the escalating Russia-Ukraine conflict.
The Nifty Auto index fell 1.53% to 10,655.50, extending decline for second day. The index has lost 2.20% in two sessions.
Maruti Suzuki (down 4.30%), Hero MotoCorp (down 2.93%), Bharat Forge (down 2.38%), Eicher Motors (down 1.24%), Ashok Leyland (down 0.97%) and Tata Motors (down 0.40%) declined.
Bajaj Auto fell 3.53% to Rs 3,405.75. The two-wheeler maker`s total vehicle sales declined 16% to 3,16,020 units in February 2022 over February 2021.
TVS Motor Company slipped 1.83% to Rs 606.30. The company`s monthly sales stood at 2,81,714 units in February 2022 as against sales of 2,97,747 units in the month of February 2021, registering a sales de-growth of 5.38% Y-o-Y (year-on-year).
Mahindra & Mahindra (M&M) rose 1.77% to Rs 804.85. M&M`s overall auto sales jumped 89% year on year in the month of February 2022 to 54,455 vehicles as compared to February 2021.
M&M`s Farm Equipment Sector (FES) sold 20,437 tractors in February 2022, down by 27% compared with 28,146 tractors sold in February 2021.
VST Tillers Tractors advanced 2.36% to Rs 2659.15. The company`s total sales jumped 28.88% to 3,436 units in February 2022 from 2,666 units sold in February 2021.
Asian stocks were mixed on Wednesday as the ongoing Russia-Ukraine conflict continued to lead to a surge in oil prices.
Brent crude futures climbed above $108 a barrel, scaling highs not seen since July 2014. Sanctions on Russian banks following Moscow`s invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market.
Wall Street ended sharply lower on Tuesday, with financial stocks bearing much of the damage for a second straight day as the Russia-Ukraine crisis deepened and stirred anxiety among investors.
Investors are also gearing up to hear from Federal Reserve Chair Jerome Powell in his semiannual hearing at House Committee on Financial Services, which begins on Wednesday. Investors will be watching closely for his comments on potential rate hikes, as market expectations for hikes this year has eased slightly since Russia`s invasion.
Powered by Capital Market - Live News