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Sensex, Nifty end in the red; banks advance, metals, FMCG, realty worst hit: Ukraine-Russia conflict worsens.
Investors are advised to be cautious. RIL, TCS pull down Sensex
Gold slips from over 8-month high as Biden-Putin meeting plans ease demand.
Sensex, Nifty end in the red; banks advance, metals, FMCG, realty worst hit:
Rupee rises 22 paise to 74.44 against US dollar in early trade: PTI
Keep your fishing rod ready to do bottom-fishing !
Stock market: Barring banks, all other sectoral indices were in the red with capital goods, FMCG, metal, oil & gas, pharma, down 0.5-1
Market closing: Indian stocks ended lower in a volatile session on Monday. Global shares were mixed while oil eased after presidents Joe Biden and Vladimir Putin agreed to meet to resolve the Ukraine crisis. Sensex closed 149.38 pts lower at 57,683.59, while Nifty fell 70 pts to end near 17,200
U.S. equity futures rose with European stocks Monday as traders evaluated the possibility of a summit on Ukraine between President Joe Biden and his Russian counterpart Vladimir Putin. There are “no concrete plans” yet for a summit between the Russian and U.S. presidents, according to a Kremlin spokesman.
Indian equity markets ended lower for the fourth consecutive session on Monday amid volatility as investors continued to assess the Ukraine crisis.
But Indian Inc.’s are fundamentally strong. The present crisis is similar to Covid ’19.
Markets will improve after a week or so. Be prepared to do bottom-fishing.
Benchmark Sensex fell 149.38 points or 0.26% to end the day at 57,683.59, while Nifty was down 0.40% at 17,206.70.
On the Nifty, Coal India, Hindalco, UPL, ONGC and Adani Ports were among the top losers while Wipro, Infosys, Shree Cements, Power Grid Corp and ICICI Bank rose the most.
Barring bank index, all other sectoral indices ended in the red with capital goods, FMCG, metal, oil & gas, pharma, power, realty down 1-2%. Broader markets were also under pressure, with BSE MidCap and SmallCap indices down 0.8-2.2%.
“Indian markets opened in red tracking global cues as investors continue to monitor Ukraine crisis amid rising tensions of potential invasion keeping investors on the edge for second consecutive week. During the afternoon session market pared some losses as buying in frontline stocks were aiding sentiment. Traders took some solace with Crisil Research’s statement that India’s industrial activity is expected to gather pace in the coming months owing to a gradual pick-up in consumption as well as investment demand. However, the relief rally couldn’t hold long and markets drifted lower in closing session as fresh news over Ukraine crisis dampened the fragile sentiments.”
GOLD: Gold eased after hitting a more than eight-month high on Monday, as a plan for the U.S. and Russian presidents to hold a summit on the Ukraine crisis dented safe-haven demand, while looming Federal Reserve rate hikes further pressured the metal.
Spot gold fell 0.3% to $1,891.85 per ounce, retreating from a session peak of $1,908.02, its highest since June 3. U.S. gold futures GCv1 shed 0.4% to $1,892.50.
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