Shares trade with major losses amid Russia Ukraine conflict

Indices traded lower with sharp losses in morning trade as investors watched the escalating situation between Russia and Ukraine. The Nifty traded below the 17,600 mark. All sectoral indices on the NSE traded in the red with auto banks and IT stocks losing the most.

Trading sentiment took a hit after Russian President Vladimir Putin said in a public address that he had authorized a military operation in Ukraine. Later the media reported explosions were heard in Kyiv. Putin appealed to Ukrainian soldiers to lay down their arms and go home. He said Russia doesn`t plan to �occupy� its southern neighbour, but that Russia must �defend itself from those who took Ukraine hostage� -- the U.S. and its allies who had crossed Russia`s �red line� with expansion of the NATO alliance.

At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 1,602.14 points or 2.8% to 55,629.27. The Nifty 50 index fell 472.65 points or 2.77% to 16,590.60.

In the broader market, the S&P BSE Mid-Cap index fell 3.01% while the S&P BSE Small-Cap index slumped 3.11%.

Sellers outpaced buyers. On the BSE, 268 shares rose and 2834 shares fell. A total of 104 shares were unchanged.

Market may see high volatility today on account of monthly F&O expiry.

Buzzing Index:

The Nifty IT index lost 3.6% to 32,882.85. The index declined nearly 6% in seven days.

Mindtree (down 5%), Coforge (down 4.82%), Tech Mahindra (down 4.55%), L&T Technology Services (down 4.31%), L&T Infotech (down 3.95%) and Wipro (down 3.76%) were top losers in IT space.

Stocks in Spotlight:

Federal-Mogul Goetze (India) jumped 8.14% to Rs 271.70 after Pegasus Holdings III, LLC, made an open offer to buy 25.02% of the fully diluted voting share capital of the company. Pegasus Holdings III, LLC will acquire up to 1,39,16,676 fully paid-up equity shares (25.02% equity) at Rs 275 per offer share aggregating to a total consideration of up to Rs 382.8 crore.

The open offer was triggered due to the merger between Pegasus Merger Co and Tenneco Inc, the ultimate holding company of Federal-Mogul Goetze (India). Tenneco Inc. on 23 February 2022, entered into an agreement to merge with Pegasus Merger Co., a corporation established under the laws of Delaware and a direct wholly owned subsidiary of Pegasus Holdings III, LLC. Effective upon the closing of the transactions, Merger Sub will merge with and into Tenneco Inc., with Tenneco Inc. continuing as the surviving corporation and a direct wholly owned subsidiary of the Parent. Tenneco holds a 100% stake in Federal-Mogul Mauritius and Federal-Mogul Germany under subsidiaries. Federal-Mogul Mauritius and Federal-Mogul Germany are the promoter companies of Federal-Mogul India. Meanwhile, promoter holds a 74.98% stake in Federal-Mogul India.

SKF India dropped 4% after the company announced that its chief financial officer (CFO) and key managerial personnel (KMP), Anurag Bhagania resigned from the position, from 22 February 2022.

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