Goodwill Investors’ Education initiative! Goodwill’s Eagle Eyes!.
Sensex tanks over 3%, Nifty cracks below 15,800; Auto, banks slump;
Rupee slumps to near 3-month low vs US dollar,
India exports rise 22% to $33.81 bn in February:
Oil prices soared more than 6%, touching their highest since 2008; Gold up.
Stock Market Live Updates: Benchmark Indian indices opened lower on Monday. Sensex tanked 1,453.51 points to 52,880.30 in opening trade, while the Nifty plunged over 400 points to 15,831.85.
The Indian indices witnessed a negative start on Monday. The slump is likely to continue this week as investors remain worried about the Russia-Ukraine conflict and rising crude oil prices. The results for the state Assembly elections will be declared this week, which could have an impact on the Dalal Street. In Asia, market continued its downward trend as shares in major markets such as Hong Kong, Shanghai, Japan, South Korea, and Australia were trading in the red.
Equity benchmarks Sensex and Nifty tumbled nearly 3 per cent in opening trade on Monday tracking weak global markets and elevated oil prices amid the Russia-Ukraine conflict.
Extending its downtrend for the fourth straight session on Monday, the 30-share BSE Sensex opened on a weak note and slumped 1,620.73 points or 2.98 per cent to 52,713.08.
Similarly, the broader NSE Nifty tanked 447.05 points or 2.75 per cent and slipped below the 16,000 level to 15,798.30.
Sensex tanked 1,453.51 points to 52,880.30 in opening trade, while the Nifty plunged over 400 points to 15,831.85.
From the 30-share pack, Maruti Suzuki, Mahindra & Mahindra, Larsen & Toubro and ICICI Bank were the biggest drag, tumbling up to 6.3 per cent.
Rupee slumps to record low against US dollar today
Rupee was near 77 per US dollar
The rupee fell to all-time low of 76.96 against the US dollar. Rupee had closed at 76.17 per US dollar on Friday.
India is the world’s third-largest importer of crude oil, and rising prices push up the country’s trade and current account deficit while also hurting the rupee and fuelling imported inflation.
The Indian rupee today hit a lifetime low in early trade today as a sharp surge in global crude oil prices threatened to push up imported inflation and widen the country’s trade and current account deficits. The partially convertible rupee was trading at 76.92, after touching 76.96, its weakest level ever. It had closed at 76.16 on Friday. The benchmark 10-year bond yield was trading at 6.86%, up 5 basis points on the day.
Rupee slumps to near 3-month low vs US dollar, weakens past 7 days.
Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban. Indian shares tumbled over 2.5% today, with investors dumping risky assets.
“The volatility in rupee is likely to remain high. The local equities are down by more than 2% as global sell-off led to an FII’s withdrawal of more than Rs. 16,800 crores worth of stocks so far in March. The banker’s bank- RBI acts as a lender of the last resort and their intervention could only turn out to be a “Doobte ko Tinke ka Sahara”. Overall, Tsunami has already hit the shore and five major factors, Oil+ sell-off in equities+ geopolitical tension+ stronger dollar+ state election results could lead to the unfolding of big waves in the Rupee,” said CR Forex advisors in a note.
“The extraordinary uncertainty triggered by the war has pushed commodity markets into turmoil. Crude at $128 is a big shock. This can impact global growth and aggravate inflationary pressures. In India, growth will be lower and inflation higher than projected for FY 23,”
Since the markets are under the grip of intense war with no sight of relief, investors are advised to be cautious on taking long positions.
Click to open an Account : https://gudwil.in/smart
For all your investment needs feel free to reach us.
Give us Missed Call us on 90037 90027 . For Support : 044-40329999