Market LIVE: Sensex down 300 pts, Nifty below 17,100; PVR gains 6%, INOX 15%

Stock Market Updates LIVE: Benchmark indices opened lower on Monday. Sensex dropped 138.56 points to 57,223.64 in opening trade; Nifty slipped 43.55 points to 17,109.45.

Indian indices witnessed a negative start on Monday, tracking mixed global cues. The Russia-Ukraine conflict, high oil price, and Covid-19 lockdown in Shanghai continue to keep the global market on edge, while the investors are assessing how aggressive the US Fed will be in its monetary policy to combat inflation. Indian markets have shown resilience despite global concerns. However, changes in rupee and investor pattern of FIIs could add to the volatility seen in the last few sessions. In Asia, shares in Japan, Hong Kong, South Korea, and Shanghai declined, while that in Australia advanced on Monday in early trade.  

Technical & Derivatives report by Mr. Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd

Boredom continued in our market as on Friday after a gap up there was no major traction and after a gradual decline throughout the session, Nifty ended with a cut of 0.41% tad above 17150.

In a previous couple of weeks, our markets have already weathered the storm and managed to give a remarkable recovery of nearly 10% in such a short span. So some sort of respite was very much on cards and this is what we had mentioned in our previous weekly commentary that the market may not have the similar kind of strength/pace that it had in the previous weeks. Whenever the market struggles around key levels, it generally happens in two scenarios. Firstly, when the market is sensing some unpleasant event or when it gives a sharp up move in quick succession and needs some breather before resuming higher. Although, we are not completely out of the woods if we take Russia-Ukraine tensions into the consideration, chaotically we cannot think of the first scenario at this moment. This week’s price behavior aptly suits the second scenario which in technical terms can be described as a ‘Time-wise Correction’. Let’s see how things unfold and if there is no aberration globally, we are most likely to hold the sacrosanct support zone of 17000 – 16900.

The first half of this week would certainly give us a fair idea of the short-term direction. Till then 17350 – 17450 are to be considered as immediate hurdles. Last week, IT, Reliance, Metal, and to some extent Pharma counters provided the helping hand; but banking kept sulking in the latter half. Since the banking index has approached its key support zone, we hope to take some charge from hereon. Apart from this, the broader market did extremely well this week and we expect it to continue in the coming week as well. Hence traders can look to identify such potential themes to fetch higher returns.

Income tax: Here is why March 31 is important for taxpayers

The ongoing Financial Year 2021-22 is coming to an end on March 31, 2022. The end of any financial is crucial for salaried taxpayers. Make sure as an assessee you complete a few important things before March 31. Let's take a look at a few important things before March 31.

India leans toward continued import of Russian coking coal: Minister

India is leaning toward continuing to import coking coal from Russia, the steel minister said on Sunday, seeming to buck a global trend to shun Moscow over its invasion of Ukraine.

"We are moving in the direction of importing coking coal from Russia," Ramchandra Prasad Singh told a conference in New Delhi.

India plans to double imports of Russian coking coal, a key ingredient in making steel, the minister said. He said the country had imported 4.5 million tonnes but did not indicate the period he was referring to.

Gold, silver rates today fall for second day in a row

Gold and silver were under pressure today in domestic markets, tracking softness in global rates. On MCX, gold futures were down 0.24% to ₹51,750 per 10 gram while silver rates dipped 0.4% to ₹68550 per kg. In global markets, Spot gold fell 0.6% to $1,947.04 an ounce as the U.S. dollar strengthened, sapping demand for the safe-haven asset after a weekly advance.

Mcap of 7 of top-10 valued firms tumble over ₹1.14 lakh cr

The combined market valuation of seven of the top-10 valued firms tumbled ₹1,14,201.53 crore last week, dragged down by Hindustan Unilever and HDFC twins.

Last week, the BSE benchmark index declined 501.73 points or 0.86 per cent.

While HDFC Bank, ICICI Bank, Hindustan Unilever Limited, State Bank of India, Bajaj Finance, HDFC and Bharti Airtel were among the laggards from the top-10 pack, Reliance Industries Limited, Tata Consultancy Services and Infosys were the three gainers.

The market valuation of Hindustan Unilever tumbled ₹34,785.7 crore to reach ₹4,59,121.88 crore.

HDFC Bank's valuation tanked ₹26,891.57 crore to ₹7,93,855.60 crore.

The valuation of HDFC eroded by ₹20,348.29 crore to ₹4,17,511.38 crore and that of ICICI Bank plunged ₹14,372.87 crore to ₹4,85,801.96 crore.

State Bank of India's market capitalisation (mcap) declined by ₹10,174.05 crore to ₹4,37,618.33 crore and that of Bharti Airtel went lower by ₹7,441.7 crore to ₹3,89,522.03 crore.

The valuation of Bajaj Finance dipped ₹187.35 crore to ₹4,22,138.56 crore.

In contrast, Reliance Industries added ₹79,188.07 crore taking its valuation to ₹17,56,635.40 crore.

The valuation of Tata Consultancy Services jumped ₹12,114.39 crore to ₹13,71,589.75 crore.

Infosys market capitalisation also gained ₹9,404.12 crore to ₹7,89,352.44 crore.

In the ranking of the top-10 most valued firms, Reliance Industries leading the chart followed by Tata Consultancy Services, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, State Bank of India, Bajaj Finance, HDFC and Bharti Airtel.

Gold jeweller Joyalukkas plans to raise $300 million IPO. See details here

Gold jeweller Joyalukkas India Ltd. plans to raise as much as 23 billion rupees ($300 million) from an initial share sale, seeking to tap into the growing demand for the precious metal in the world’s second-biggest consumerm according to Bloomberg report. The proceeds from the issue will be used to pay back some loans and to open new stores, the company said in a draft prospectus.

Petrol, diesel prices today: Sixth hike in prices of petrol, diesel in 7 days. Check latest rates

The prices of petrol and diesel were hiked again on Monday, for the sixth time in a week, leading to an increase of ₹4.00 and ₹4.10 per litre respectively since Tuesday. Petrol and diesel after the hike of 30 paise and 35 paise respectively in Delhi are now being sold at ₹99.11 per litre and ₹90.42 per litre today.

Top picks of Angle One: Suprajit Engg. (SEL)

We believe SEL is prime beneficiary of ramp-up in production by OEMs across the globe and is well insulated from threat of EV (is developing new products). Its premium valuations are justified in our opinion owing to strong outlook and top-grade quality of earnings.

Top picks of Angle One: Ashok Leyland

We believe that the company is ideally placed to capture the growth revival in the CV segment and will be the biggest beneficiary of the Government’s voluntary scrappage policy and hence rate the stock a BUY.

Oil falls as China’s virus flare-up worsens, Yemeni rebels pause

Oil retreated as China’s worsening virus resurgence raised concerns about demand in the world’s biggest crude importer, while rebels in Yemen announced a temporary pause in hostilities against Saudi Arabia.

West Texas Intermediate and Brent futures fell around 3% in early Asian trading after Shanghai said it will lock down half of the city in turns to conduct mass Covid-19 testing to try and stem an outbreak. Yemen’s Houthi rebel leader announced a three-day truce on Saturday after an escalation of attacks on the kingdom over the past week, according to a TV report.

Oil is still poised for a fourth monthly gain after Russia’s invasion of Ukraine roiled markets. Most buyers are shunning the OPEC+ producer’s crude as they try and navigate financial sanctions and reputational risks, while Germany is planning to wean itself off almost all Russian fossil fuels within two years. Fighting in Europe continues, with the war now in its second month.

Bitcoin’s stealth rally erases its losses for the year

Bitcoin’s stealth rally over the past two weeks not only pushed it past a key level of $45,000 -- it also put the world’s biggest cryptocurrency back in positive territory for the year.

The token rose as high as $47,583 in early Hong Kong trading, well above the $35,000-to-$45,000 range where it’s been stuck since early January. With the fresh gains, Bitcoin is now up about 1.2% for the year, compared with a 4.7% decline for the S&P 500.

If Bitcoin can keep breaking through “in a meaningful way," it should gain a lot of upside momentum, said Matt Maley, chief market strategist at Miller Tabak + Co.

China stocks slide as half of Shanghai locked down to curb virus

Chinese stocks fell as a lockdown in Shanghai to combat a virus flareup raised worries over disruptions to business operations and the toll on economic growth.

The CSI 300 Index declined by as much as 1.5% early Monday as the city said it will lock down in two phases to conduct a mass testing blitz. Consumer staples and consumer discretionary sectors were the biggest decliners.

Lockdowns add uncertainties to the outlook for Chinese equities, with investors already grappling with regulatory headwinds including a potential delisting of domestic firms from American exchanges, and the fallout from the war in Ukraine. Shanghai is home to the Chinese headquarters of many international companies and the country’s largest port.

Asia shares dip, oil skids on Shanghai shutdown

Asian shares stalled and oil prices slid on Monday as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.

China's financial hub of 26 million people told all firms to suspend manufacturing or have people work remotely in a two-stage lockdown over nine days.

The spread of restrictions in the world's biggest oil importer saw Brent skid $3.68 to $116.97, while U.S. crude fell $3.30 to $110.60. [O/R]

Risk sentiment was helped by hopes of progress in Russian-Ukranian peace talks to be held in Turkey this week after President Volodymyr Zelenskiy said Ukraine was prepared to discuss adopting a neutral status as part of a deal.

Early action on Monday was muted with MSCI's broadest index of Asia-Pacific shares outside Japan off 0.1%. The index is down 2.3% for the month but well above recent lows.

Japan's Nikkei dipped 0.4%, but is still almost 6% firmer for the month as a sinking yen promised to boost exporter earnings.

S&P 500 stock futures eased 0.2%, while Nasdaq futures slipped 0.3%.

Wall Street has so far proved remarkably resilient to a radically more hawkish Federal Reserve. Markets are pricing in eight hikes for the remaining six policy meetings this year, taking the funds rate to 2.50-2.75%.

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