nifty: Market Watch: What is the road ahead for oil-related sectors? | The Economic Times Podcast

-6 thousand Indians brought back from Ukraine: Govt
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-Bajaj Auto sales decline 16% in February
-Average pay hikes expected to rise in 2022
-India’s factory growth accelerated in February
-Biden bans Russian planes from US airspace

Let us take a quick glance at what happened on Dalal Street today.

After a trading holiday on Tuesday, domestic equity markets joined global stocks in a sell-off on Wednesday as a fresh round of sanctions on Russia sent crude oil prices soaring, worsening the outlook on India’s trade deficit and inflation.

With crude oil prices heading closer to the $110 per barrel mark, analysts fear risks to the estimates on external balances made by the government in the Budget for FY23.

Adding to the market’s gloom was disappointing news on the domestic growth front, with India’s GDP recording a 5.4 per cent growth in October-December, sharply lower than Street estimates.
While indices managed to claw back some ground towards the end of trade, the selling pressure far outstripped buyers’ enthusiasm with investors’ wealth declining Rs 78,799 crore.

The BSE barometer, which came close to breaching the 55,000 level during the session, recouped some losses in the fag end of trade but still settled 778.38 points lower, just below the 55,500 mark. The index has given up more than 1,700 points over the last seven trading sessions.

Its broader peer Nifty50 shed 187.95 points to close just above the 16,600 mark. In the course of trade, the Nifty50 slipped below the 16,500 mark before regaining some ground. The benchmark index has lost more than 450 points in the last seven days.

Broader markets fared slightly better than their headline peers, with the BSE midcap and smallcap indices declining 0.2 and 0.1 per cent, respectively. Fear gauge India VIX gained 2.3 per cent and was just shy of the 30 levels at the close.

On the 30-pack BSE Sensex, 23 stocks declined, with Maruti leading the losers as its stock plunged 6 per cent. Dr Reddy’s lost 5 per cent, while Asian Paints gave up 4.5 per cent. ICICI Bank and the HDFC twins shed 3 per cent each. Ultratech, Sun Pharma, Bajaj Finance and Kotak Mahindra Bank slid 2 per cent each.

Tata Steel led the gainers for the day, with its stock climbing 5.5 per cent. Titan and Reliance each added more than 1.5 per cent, while Nestle and Axis Bank each added a per cent.

As many as 313 stocks hit upper circuits during the session; while 223 tested their lower circuit limits. 25 stocks tested their 52-week highs during the session, while 22 stocks tested their 52-week lows.

We have Vikas Jain from Reliance Securities to share his views on the action and the road ahead. Welcome to the show sir:
1. Markets ended on a weak note today in line with global stock indices, but Sensex managed to recoup some losses. Do the current levels present any buying opportunities?
2. With global oil prices recording a fresh surge but price rises yet to be passed on domestically, what is the outlook for oil-related sectors?

We also caught up with Aditya Agarwala of Yes Securities to decode the technical charts for you.
1. The Nifty50 barely managed to settle above the 16,600 level. What do the technical charts suggest about it?
2. The Nifty Bank registered a sharper loss than the Nifty50 today. What is your outlook on it?

Asian markets mostly settled with losses for the day. Major European markets were trading on a positive in the first few hours of trade. Meanwhile, US stock futures were down towards a negative start to US equities later in the day.

That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!