Today’s Market Summarised
Market falls to its lowest level since early August after news of Russian troops shelling Europe’s largest nuclear power station in Ukraine.
NIFTY opened at 16,362 with a gap-down and crashed down. By 11 AM, the index fell to its lowest level since August. In the volatile situation, it bounced back up more than 300 points before crashing down again. NIFTY closed the day at 16,245, down 252 points of 1.53%.
BANK NIFTY opened at 34,547 with a gap-down and crashed down. It tested the level of 34,100 and then surprisingly rallied back up 1,000 points. The index fell back down after this rally, and Bank Nifty closed at 34,407, down by 536 points or 1.54%.
NIFTY AUTO (-3.5%), NIFTY METAL (-3.2%), NIFTY MEDIA (-2.8%) and NIFTY Realty (-2.9%) crashed down in the day. Only NIFTY IT (+0.14%) closed slightly in the green.
Asian markets closed sharply in the red. European markets have also crashed 2-3% currently.
News Picks
Dr Reddy (+2.9%) bounced back up after its recent crash and closed in the top-gainers of NIFTY 50. ITC (+2.7%) also continued its breakout from yesterday.
Titan (-5.1%) closed as the top-loser in NIFTY 50 after taking resistance from its 52-week high. Asian Paints (-4.6%) and auto stocks including Maruti (-4.5%), Tata Motors (-4.5%) and Hero MotoCorp (-4.3%) continued their crash back down.
Metal stocks saw a correction with Vedanta (-5.7%), Hindustan Zinc (-5.6%), National Aluminium (-4.8%) and Hindalco (-3.7%) falling the most.
PM Modi says ethanol blending has been prioritised in mission mode, we need to further modernise our sugar mills & distilleries.
Tata Power (-2.2%) said that domestic coal availability remains robust. India does not import much Russian coal.
Markets Ahead
Bank of Russia said that their stock markets will be closed from today till March 8th. They have also captured the Zaporizhzhia Nuclear Power plant site with fresh attacks
US Futures are down 4% from highs. This situation looks like the next escalation in our current scenario.
Markets have fallen for the 4th straight week and are at their longest losing streak in the last 2 years. BANK NIFTY fell 6% this week with the biggest weekly fall in 18 months.
Over the weekend, let’s see what the situation continues to be. Superpower countries are calling on fresh sanctions against Russia as the world looks on. And markets surely do not like such new moves!
Do you have any short positions open in the market? Let us know in the comments down below!
See you on The Stock Market Show at 7 PM!