Yet another gap-down opening today! Will new low be created?

Good Morning Everyone, As we open after a holiday, we will again open with a gap down today, which might recover after a fall today.


We will also keep a close watch on the scheduled peace talks between Russia and Ukraine today.


However, looks like the Nifty will stay above the last week's low of 16200 for now.




Global Markets:

Wall Street indices tank as Ukraine crisis hits financial stocks

Wall Street's three main indices fell on Tuesday dragged by financial stocks for a second straight day, as the Russia-Ukraine crisis deepened.

--S&P 500: down 1.6 percent

--Dow Jones: down 1.8 percent

--Nasdaq Composite: down 1.6 percent

US President Joe Biden says Russia has met with a wall of resistance, the Ukrainian people. "(Russian President Vladimir) Putin may gain now but will pay higher prices in the long run," Biden says in his State of the Union address.

"When dictators do not pay for their aggression, they cause more chaos," the US President says.

Asian shares fall, crude oil surges again as Russia sanctions bite

Equities in other Asian markets decline and oil rates surge to their highest since 2014. Concerns about the impact of aggressive sanctions against Russia over its invasion of Ukraine affect global market sentiment.

MSCI's broadest index of Asia Pacific shares outside Japan down 0.4 percent.

--Japan's Nikkei 225: down 1.9 percent

--China's Shanghai Composite: down 0.5 percent

--Hong Kong's Hang Seng: down 0.9 percent

--South Korea's KOSPI: down 0.2 percent

--Singapore's Straits Times: down 0.1 percent

--S&P 500 futures: up 0.1 percent


Oil prices rose on Wednesday as sanctions on Russian banks following Moscow's invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market.


Brent crude futures climbed $3.55, or 3.4%, to $108.52 a barrel at 0135 GMT, scaling highs not seen since July 2014. US West Texas Intermediate (WTI) crude futures were up $3.75, or 3.6%, to $107.16, after peaking at $107.55 in early trade, the highest since July 28, 2014.


Indian Market:

Nifty50 is likely to make a gap-down opening amid the Russia-Ukraine crisis at around 16500 today.


The much-awaited initial public offering of state-run insurance giant Life Insurance Corporation of India (LIC) could be pushed to the next financial year, as the government is likely to hold a meeting to reassess the IPO timing in view of the escalating Russia-Ukraine war.


The Centre's fiscal deficit rose to 58.9 percent of the FY22 target in April 2021-January 2022, data released on February 28 by the Controller General of Accounts showed. In April-December 2021, the fiscal deficit had amounted to 50.4 percent of the full-year target.


The latest numbers on the government's finances come after the 2022 Budget said the Centre would exceed its fiscal deficit target of 6.8 percent of Gross Domestic Product (GDP) by 10 basis points. However, even at 6.9 percent, the targeted fiscal deficit for the current financial year would represent a huge improvement from last year.


India's GDP growth slowed down to 5.4 percent in October-December 2021 from 8.5 percent in the previous quarter, data released on February 28 by the Ministry of Statistics and Programme Implementation showed.


The statistics ministry also said India's GDP will likely grow by 8.9 percent in FY22, down from its first advance estimate of 9.2 percent, released in early January 2022. The GDP growth rate of 5.4 percent for the third quarter of FY22 is below expectations. As per a Moneycontrol survey, the GDP was seen rising by 6.2 percent on a year-on-year basis last quarter.


February GST collections at Rs 1.33 lakh crore, down 5.6% from January

Goods and Services Tax (GST) collections for February declined to Rs 1.33 lakh crore, down 5.6 percent from the first month of 2022, data released on March 1 by the finance ministry showed. Of the total, Central GST was Rs 24,435 crore, State GST was Rs 30,779 crore, Integrated GST was Rs 67,471 crore, and compensation cess was Rs 10,340 crore.


FII and DII data

Foreign institutional investors (FIIs) continued selling of shares in Indian equities, as they have net offloaded Rs 3,948.47 crore worth of shares. However, domestic institutional investors (DIIs) compensated the FII outflow by buying shares worth Rs 4,142.82 crore.


Stock Specific News:

Automobile stocks | Ashok Leyland's total sales in February were up 7 percent YoY while Mahindra and Mahindra's total sales jumped 89 percent on the year. Maruti Suzuki India's total sales were largely unchanged as compared to CNBC-TV18's poll estimate and last year's figure, and Tata Motors' total sales were up 27 percent YoY. Total sales for Eicher Motors rose 7 percent on-year but tanked nearly 46 percent YoY for Escorts. Others are expected to announce their monthly sales numbers today.


Mahindra Logistics | The company has entered into a pact for acquisition of up to 43,972 equity shares and for subscribing up to 63,200 Series A compulsorily convertible cumulative preference shares of ZipZap Logistics in tranches. The acquisition would result in the company holding, in aggregate, up to 60 percent of share capital of ZipZap Logistics, on a fully diluted basis.


Route Mobile | The company's subsidiary Routesms Solutions has successfully completed the acquisition of MR Messaging. With this, MR Messaging has become a wholly-owned subsidiary of Routesms Solutions and a stepdown subsidiary of Route Mobile.


Panacea Biotec | The company will sell the pharmaceutical formulations brands of its subsidiary to Mankind Pharma. The total value of the transaction is Rs 1,872 crore.


DB Realty | The Supreme Court has allowed the real estate company to develop land in Mumbai. The decision makes freehold 22,000 square meters in a commercial zone in Mumbai available to its subsidiary Esteem Properties for development. The company intends to develop the land into a 2 million square feet (leasable area) Grade A office space over the next three years.


Vedant Fashions | Ethnic wear brand Manyavar operator clocked 24 percent YoY growth in consolidated profit at Rs 127.8 crore while revenue grew 28 percent YoY to Rs 384.8 crore.


Huhtamaki India | The packaging solutions firm posted a loss of Rs 13.52 crore for the December 2021 quarter against a profit of Rs 5.08 crore in the corresponding period of the last fiscal. But the topline grew nearly 19 percent YoY to Rs 661.6 crore in Q4CY21.


Bharat Electronics | The company and the Ministry of Defence have signed a contract for the retro-modification of Commander Sight of Battle Tanks-T90 for the Indian Army. The total value of the contract is Rs 1,075 crore.


Vipul Organics | The specialty chemicals company has recommended bonus equity shares for its shareholders and employee stock options scheme for its employees in the 50th year of its operations. The company will issue one bonus share for every four shares held by shareholders and also issue 2 lakh options to eligible employees.


Lemon Tree Hotels | The company has signed a license agreement for 41 room hotel at Mukteshwar, Uttarakhand. The hotel is expected to be operational in July 2022. The hotel is owned by The Alpine Chalet Resort. Its subsidiary Carnation Hotels and the hotel management arm will be operating and marketing of this hotel.


Biocon | Shares of the pharmaceutical company ended over 11 percent lower. The slump comes after the company announced that its subsidiary Biocon Biologics had entered into a definitive agreement with Viatris to acquire the US-based company's biosimilars business and the deal is worth up to $3.335 billion in stock and cash.


GAIL India | The stock closed over 7.5 percent higher after Jefferies upgraded the stock to 'buy' from 'hold' citing geopolitical developments in Europe, which could keep natural gas prices at elevated levels.


Nifty Metal | The index gained the most among other sectoral indices on NSE. Shares of Hindalco Industries, Tata Steel, Jindal Steel & Power, Steel Authority of India, JSW Steel, Vedanta, NALCO, Hindustan Copper, and Coal India closed 1-7 percent higher.


Future Group companies | Shares of Future Group companies jumped with RIL stepping in to rescue Future Retail. Shares of Future Retail, Future Enterprises, Future Supply Chain Solutions, Future Lifestyle Fashions and Future Consumer gained between 1.9 percent to 17.25 percent.









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