Market LIVE: Sensex, Nifty pare early gains in choppy trade; Paytm down 5%

Stock Market LIVE Updates: The benchmark Indian indices opened higher amid volatility on Tuesday. Sensex climbs 234.58 points to 56,720.60 in opening trade; Nifty rises 56.45 points to 16,927.75.

The Indian indices witnessed a positive start on Tuesday. The indices are likely to react to inflation numbers for February released on Monday - CPI inflation rose to 6.07% and WPI was up 13.11%. The crude prices have remained calm for the past few sessions as investors continue to monitor peace talks between Russia and Ukraine. The fall in crude prices have kept the inflation fears in check. However, the monetary policy committee of the US Federal Reserve will begin its 2-day meet today to decide the rate policy. The outcome will be closely looked at by the investors. The resurgence of Covid cases in China is also likely to spook investors. On Monday, the US market closed mostly lower expecting a hike in the rates. In Asia, shares in Japan, Australia, South Korea, Hong Kong, and Shanghai were all down in early trade on Monday.

Top picks of Angel One: Stove Kraft

Post-Covid, organized players are gaining market share from unorganized players which would benefit the player like SKL. Going forward, we expect SKL to report healthy top-line & bottom-line growth on the back of new product launches, a strong brand name, and a wide distribution network.

Top picks of Angel One: HDFC Bank

Given best in class asset quality and expected rebound in growth from Q2FY22 we are positive on the bank given reasonable valuations at 3.0xFY23 adjusted book which is at a discount to historical averages. We value the stock at3.7xFY23 adjusted book and arrive at a target price of Rs. 1859.

Oil prices cool some more, Brent at $102/barrel

Global crude oil prices extended losses on Tuesday from previous day, amid talks between Russia and Ukraine and demand concerns following fresh covid restrictions in China.

Angel One's Rupee outlook

In today’s session, the Indian Rupee made a weak opening at 76.62 levels from its previous closing levels of 76.59 levels. Throughout the day it traded in a tight range between 76.52 to 76.69 levels. In the upcoming session, the performance of USDINR is going to be lull again. Crude prices have cooled off quite a bit from the highs, but still, remain uncomfortably high as trade negotiations between the EU, US and Iran go on-off giving a ray of hope to the markets considering the Russian oil ban. The RBI will probably intervene intermittently to keep speculation and volatility in check, but it is unlikely to be too averse to the rupee’s decline in the face of an overall selloff in EM currencies.

Mutual fund SIP or lump sum in current market situation? Experts weigh in

Mutual funds SIP vs lump sum: Amid weak stock market sentiments caused by Russia-Ukraine war, long-term equity mutual fund investors with substantial surplus amount may get lured for one time lump sum investment. To some extent they are right as well because one should do maximum shopping when one's preferred articles are available at discounted price. But, at a time when there is complete geopolitical uncertainty, will it be a wise decision to invest one time lump sum amount for long-term?

Vidit Garg, director of MyGoldKart, on gold outlook

Though yesterday's hero for bears was Palladium by lowering 15% in a day but Gold also joined the race by touching almost 1950$ on the back of surging bind yields and hope of negotiation between Russia and Ukraine.

Yesterday we expected Gold to touch 1940$ which it made in today's morning session, for the day huge support zone is between 1932$ & 1938$.

If bears want to continue their edge then they have to move beyond this ares and if Gold manages to close below this level then we can expect 1890 kind of levels in the coming days.

Rsi is showing divergence which suggests that there is slight profit booking from lower levels but still if Bulls want to take control then they need a closing above 1980$.

Godrej Properties forays into Sonipat in Haryana

Mumbai- based realty firm Godrej Properties Ltd. one of India’s leading real estate developers on Tuesday announced that it has acquired approximately 50 acres of land in Sonipat, Haryana. This project will offer approximately 1 million sq. ft. of plotted residential development, offering attractive plot sizes along with exceptional lifestyle amenities.

Wall Street slumps as oil drops, Europe gains

US equities suffered in Monday's trading despite hopes for progress in peace talks between Ukraine and Russia as well as a drop in oil prices fueled by new Covid-19 lockdowns in China.

Europe shrugged off earlier losses in Asia after Moscow said it made headway Monday in peace talks with Kyiv ahead of the latest round of negotiations.

But Wall Street was generally gloomy, with indices starting positively before slumping by the end of trading. The Nasdaq lost two percent and the S&P 500 fell 0.7 percent.

Tokyo shares in narrow range in early trade

Tokyo's blue chip shares traded in a narrow range Tuesday, as US central bankers prepared to kickoff a policy meeting where they are expected to agree on a rate hike.

The benchmark Nikkei 225 index hovered around the previous session's close and inched up 0.09 percent, or 22.71 points, to 25,330.56 in early trade, while the broader Topix index advanced 0.45 percent, or 8.10 points, to 1,820.38.

All eyes on approaching Fed meet, yen slips further

The yen remained under pressure on Tuesday and the Australian dollar was bruised by the latest lockdowns in China following new COVID-19 outbreaks, but moves were more muted than in recent days as traders eyes turned to this week's Fed meeting.

The U.S. Federal Reserve is set to raise rates for the first time since the pandemic at its meeting which concludes Wednesday, with traders looking for indications about the pace of future rate hikes.

Markets anticipate a 25 basis point rise at this meeting, according to the CME's Fedwatch tool, but pricing has risen to indicate a 70% chance of a larger 50 basis point hike at its subsequent meeting in May, due to concerns about inflation.

China lockdowns spread in new supply chain blow

Lockdowns in China are spreading with the city of Langfang, located just 55 kilometers from Beijing, joining Shenzhen in imposing restrictions to stem a recent surge in Covid-19 infections.

The lockdowns, which also include Jilin province, are hitting the supply chains of a wide variety of business as more than 40 million people are restricted from leaving their homes. The biggest maker of Apple Inc. iPhones is halting production at its Shenzhen sites while output has been disrupted at plants making cars for Toyota Motor Corp. and Volkswagen AG.

Oil extends slump below $100 with retreat gathering momentum

The heat is coming out of the oil market, and fast.

West Texas Intermediate oil futures have shed more than 20% since closing at the highest since 2008 a week ago, dropping below $100 a barrel on Tuesday. That followed a tumultuous period of trading that saw prices fluctuate wildly, with intraday swings for global benchmark Brent crude eclipsing $20.

The latest developments to rattle the market is a resurgence of Covid-19 cases in China, the world’s biggest oil importer, and what appears to be progress in cease-fire talks between Ukraine and Russia. While there are still concerns that the disruption to Russian crude flows is squeezing an already tight market, OPEC and others have been quick to point out there is no shortage.

Edible oil prices soar as Russia-Ukraine conflict hits sunflower oil import

The prices of edible oil are soaring as the import of sunflower oil from Ukraine and Russia has stopped amid the ongoing war between the two countries.

Kanhaiya Lal Gujrathi, Director, Poona Merchant's Chamber, told ANI, "The oil prices have increased by around ₹300 to ₹400 per 15 kg container. There is a shortage of oil in the market as the import has stopped totally."

Another trader said, "There is a shortage of oil in the market and the rate, especially of the sunflower oil, has increased by around ₹600 per 15 kg container which is going to impact the common man."

The sunflower oil is imported in India majorly from Ukraine and Russia.

Gold eases as yields surge ahead of Fed meeting

Gold prices fell on Tuesday to their lowest in more than a week, as U.S. Treasury yields surged ahead of an expected rate hike from the Federal Reserve, and as hopes for progress in Russia-Ukraine talks further dampened the metal's safe-haven appeal.

China tech stocks tumble after historic rout as risks mount

Chinese tech stocks slid in Hong Kong as investors rushed to offload shares amid concerns over Beijing’s ties with Russia and persistent regulatory risks.

The Hang Seng Tech Index fell as much as 6.9% on Tuesday, extending a 11% plunge in the previous session that was the worst since the index’s July 2020 inception. Alibaba Group Holding Ltd. and Tencent Holdings Ltd. were among the biggest drags.

The decline tracked the overnight slide in U.S.-listed Chinese firms as JPMorgan Chase & Co. analysts labeled some internet names as “uninvestable".

Weak sentiment toward Chinese tech has accelerated into fear in recent days as new regulatory developments including possible U.S. delisting alarmed investors. Beijing’s ties with Russia and a lockdown in China’s tech hub Shenzhen also added to risks.

The Hang Seng China Enterprises Index fell as much as 5.7% early Monday, while China’s benchmark CSI 300 Index dropped 2.9%. The rout has pushed the valuation of MSCI China Index versus its global peers to a record low.

Stocks fall as China tech slides; treasuries drop

Stocks and sovereign bonds remained under pressure Tuesday as Russia’s war in Ukraine and the risk of aggressive U.S. monetary-policy tightening to quell inflation sapped sentiment.

An Asia-Pacific equity index fell for a third session, hurt by a deepening rout in Chinese technology shares. Export-reliant Japan bucked the trend with modest gains amid a weaker yen. U.S. contracts wavered following a drop in Wall Street shares that left the Nasdaq 100 in a bear market.

China injected more funds into the financial system and set a weaker-than-expected reference rate for the yuan, seeking to support the economy amid Covid lockdowns. But officials refrained from cutting a policy rate.

Australian and New Zealand yields jumped and Treasuries slid ahead of the Federal Reserve’s expected interest-rate liftoff on Wednesday. The 10-year U.S. yield was at the highest level since 2019. The dollar ticked up.

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