Nifty and Sensex end a seven-day losing streak and gain 2.53% following the global market rebound. Dow and Nasdaq futures indicate a poor start for US markets.
Brent Crude: 98.14 -0.91%
USD INR Spot: 75.29 -0.48%
India 10Y Bond yield: 6.748 +0.16%
All sectoral indices ended the day in positive territory. Nifty Metal and Realty index were the top performers, both gaining over 5%.
Amongst the F&O stocks
NBCC Limited was the top gainer.
Hindustan Petroleum was the top loser.
In the news
Rising oil can burn a Rs 1-trillion hole in govt coffers in FY23; Based on the existing value-added tax (VAT) structure and taking Brent crude price of $100 - $110 per barrel, SBI believes diesel and petrol prices should have been higher by Rs 9-14 each by now.
Coal India zoomed 8.87% after the Coal Ministry said that it is considering partnerships with private companies to operate mines that had been previously shut or seen discontinued production by the state-owned company.
Adani Power surged after SC ordered 3 discoms to pay a compensatory tariff of Rs 4,200 crore. The Supreme Court has now directed Rajasthan discoms to pay the compensatory tariff to Adani Power within four weeks, which amounts to Rs 4,200 crore in total.
Bharat Forge announced that it will acquire JS Autocast Foundry India for an undisclosed sum to expand its portfolio in the industrial sector and its manufacturing footprint in southern India.
As part of its periodic review, NSE made changes in constituents in various indices, especially the Nifty Next 50 index, which will now include recently listed new-age companies Paytm, Nykaa, and Zomato. Read more here.
Around the World
U.K. consumer confidence fell in February by the most since coronavirus lockdown restrictions were first announced in March 2020 a cost-of-living crisis gained attention.
The rouble recovered 2.3% to 83.30 against the dollar after hitting a record low of 89.60 following Russia’s invasion of Ukraine on Thursday, while market indexes rallied substantially after the biggest one-day fall in the record.
Palladium hits 6-month high amid supply fears after US sanctions on Russia’s Nornickel, the largest producer in Russia, which is also the world’s largest producer of palladium and a major producer of platinum.