Nifty and Sensex dropped over 1% ahead of the US Fed Reserve meeting, ending five-day gaining streak. US futures are marginally higher, indicating a positive opening for US markets.
Brent Crude: 98.39 -7.07%
USD INR Spot: 76.61 +0.07%
India 10Y Bond yield: 6.821 -0.48%
Except Nifty Auto and FMCG index posting marginal gains, all the sectoral indices closed lower. Nifty Metal was the top loser, tanking over 4%, followed by IT, Media and Energy, all down by over 2%.
Amongst the F&O stocks
Bandhan Bank was the top gainer.
Balrampur Chini Mills was the top loser.
In the news
Retail business in India grew 10% in February this year compared to the sales level in the same month last year, signaling that the sector is inching towards normalcy, the Retailers Association of India (RAI) said on Monday.
Paytm, dropped another 12.7% to hit a fresh 52-week low despite the company providing a strong business update for the ongoing fourth quarter of FY22 as the overhang of restrictions posed by RBI on its payments bank continued to weigh on sentiment.
Granules India says its US Arm gets an establishment inspection report from US FDA for inspection done from Jan 24-28, 2022. Company says there were three minor observations during the inspection and gpi had addressed the observations in the stipulated time period.
Reliance New Energy Solar Limited (RNESL) signed an agreement to acquire assets of US-based Lithium Werks BV at a total transaction value of $61 million. Lithium Werks is a leading provider of cobalt-free, high-performance lithium iron phosphate (LFP) batteries.
Ruchi Soya Industries surged 18% to Rs 1,140 before closing at 1087, zooming as much as 42% in the past two trading sessions after the company announced plans to launch a Rs 4,300-crore follow-on public offering (FPO) next week.
Indiabulls Housing Finance zoomed following the exit of Sameer Gehlaut from the company; Sameer Gehlaut resigned from the Non-Executive Director post of the non-banking finance company (NBFC), with effect from March 14, 2022. The company also informed that Gagan Banga will remain its CEO.
Around the World
Berkshire Hathaway reached $500,000 for the first time, reflecting the company’s status as a defensive stock in a market unsettled by Ukraine’s events and increasing inflation. Berkshire’s Class A shares are up 10% in 2022, outpacing the S&P’s 500 index, which is down 12%.
Prime Minister of Spain, Pedro Sanchez said will announce a series of tax breaks later this month to mitigate the economic consequences of the Ukrainian war.
Brent crude, the international benchmark, has corrected 30% from the top breaching $100 per barrel as concerns over disruption to supplies from the Russian invasion of Ukraine eased.