Stock Market Live: Sensex falls 300 points, Nifty below 14,750; banks, metals drag most

EVENT HIGHLIGHTS

Stock Market Live: Indian indices were trading lower on Wednesday amid weakness in global markets, with major sectors witnessing broad-based selling on the domestic bourses. Losses in IT, metals, banks and financial indices dragged the benchmarks the most.

“The sudden surge in Covid cases, globally, is a cause for concern. Markets had discounted sharp recovery in global GDP growth in 2021. But now, with parts of Germany, France & Italy going through the third wave and regional lockdowns, global GDP growth is likely to be below estimates. The recent crash in crude is a reflection of reduced demand emanating from declining economic activity. In India, the second wave in some prominent cities is adding to the concern. FII & DII buying are down. Investors may wait & watch. Declines may be used to buy quality large-caps in IT, pharma & financials where there is good earnings visibility.”

Opening bell: Sensex opens 300 points lower, Nifty below 14,750; banks, IT drag most

Indian indices opened lower on Wednesday amid weakness in global markets, with major sectors witnessing broad-based selling on the domestic bourses. Losses in IT, metals, banks and financial indices dragged the benchmarks the most. At 9:18 am, the Sensex was down 302 points at 49,749 while the Nifty fell 76 points to 14,738. Broader markets were also in the red with midcap and smallcap indcies dowm 0.2 percent and 0.4 percent, respectively. On the Nifty50 index, Adani Ports, Asian Paints, Bharti Airtel, Divi’s Labs and Powergris were the top gainers while ONGC, Tata Steel, Hindalco, SBI and Tata Motors led the losses.

Relief for Sterling & Wilson Solar; promoters likely to sell assets to repay loan

Sterling & Wilson Solar could soon see inter-corporate loan that it extended to its promoter being repaid. Sources tell CNBC-TV18 that the promoters of Sterling & Wilson Solar are in advance talks to sell certain solar assets which fall under a Sterling & Wilson Pvt Ltd held by the two promoters. Shapoorji Pallonji and Khurshed Yazdi Daruvala are the promoters of the listed entity Sterling & Wilson Solar and they hold 24 percent and 51 percent stake respectively in the company. Sources say that up to 100 Mega Watt (MW) worth solar assets which fall under Sterling & Wilson Pvt Ltd are likely to be sold to Adani Green Energy, which will help the promoters raise approximately Rs 500 crore.  Share:

India files appeal against Cairn arbitration award

India has filed an appeal against the Cairn arbitration award on the grounds of the sovereign right to tax, sources informed CNBC-TV18. India is of a firm view that as a sovereign it has a right to tax and can not allow tax evasion, sources said. Last month, Minister of State for Finance Anurag Singh Thakur had told Lok Sabha that the Cairn arbitration award was ”under consideration of the government.” Cairn Energy had in 2011, sold Cairn India to mining billionaire Anil Agarwal’s Vedanta Group, barring a minor stake of 9.8 percent. It wanted to sell the residual stake as well but was barred by the I-T department from doing so. The government also froze the payment of dividends by Cairn India to Cairn Energy.  Oil rises on bargain-hunting but oversupply fears cap gains

Oil prices edged higher on Wednesday as investors looked for bargains following the previous day’s plunge, but gains were capped as pandemic lockdowns in Europe and a build in U.S. crude stocks curbed risk appetite and raised oversupply fears. Brent crude futures rose 27 cents, or 0.4%, to $61.06 a barrel by 0108 GMT, after tumbling 5.9% and hitting a low of $60.50 the previous day. West Texas Intermediate (WTI) crude futures climbed 19 cents, or 0.3%, to $57.95 a barrel, having lost 6.2% and touched a low of $57.32 on Tuesday. Both benchmarks touched their lowest levels since early February on Tuesday and have now fallen more than 14% from their recent highs earlier this month.

Oil prices fail to hold on to recovery following a 4% overnight slide; Brent at $60.70/bbl.

Listing Alert: 4 IPOs to get listed this week

Primary markets are abuzz with the initial public offerings (IPO) and the month of March has witnessed numerous companies flocking Dalal Street to raise money. Last week four companies – Anupam Rasayan India, Craftsman Automation, Laxmi Organic Industries and Kalyan Jewellers closed their public issues and the shares will now be listed back-to-back this week. Shares of Anupam Rasayan will be listed on the exchanges on March 24, while that of Craftsman Automation and Laxmi Organic Industries on March 25. Kalyan Jewellers will list its shares on March 26 on the bourses.

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