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Sensex ends over 1% higher, Nifty above 17,300; RIL, IT, oil & gas stocks gain

Stock market today: European stock markets climbed at the start of trading on Tuesday following strong gains in Asia. (Photo: AP)Premium
Stock market today: European stock markets climbed at the start of trading on Tuesday following strong gains in Asia. (Photo: AP)

  • Market closing: Having opened lower on Tuesday, Indian equities erased losses and closed higher led by gains in heavyweight RIL, IT and oil & gas stocks. FMCG, realty stocks fell. Broader markets also rose. European shares rose and oil prices soared

The war in Ukraine and ensuing Western sanctions on Russia are adding to worries over disruptions to energy supplies for Europe and surging prices that might hinder progress toward economic recoveries from the pandemic.

22 Mar 2022, 03:49:49 PM IST

Sensex ends over 1% higher, Nifty above 17,300 as RIL, IT, oil & gas stocks lead gains

Indian equities erased losses made earlier in the day and rebounded nearly 1% to close higher on Tuesday, in line with global peers. Gains in domestic markets were led by index heavyweight Reliance Industries, and IT, oil & gas stocks. 

Globally also, equities rose on Tuesday as investors eyed the war in Ukraine and inflationary risks including rising energy costs.

Benchmarks climbed up in Europe in early trading, while Asian indices finished higher. France's CAC 40 added 0.1% to 6,587.92. Germany's DAX edged up 0.4% to 14,382.47. Britain's FTSE 100 rose 0.3% to 7,467.84. Dow futures were 0.3% higher and the S&P 500 future rose 0.2%.

The Russian war on Ukraine and Western sanctions on Russia are adding to worries over disruptions to energy supplies for Europe and surging prices that might hinder progress toward economic recoveries from the pandemic.

Back home, Sensex rose 696.81 points, or 1.22%, to end the day at 57,989.30, while Nifty was up 197.90 points at 17,315.50. About 1,573 shares advanced, 1,745 declined, and 99 were unchanged.

On the Nifty, Tech Mahindra, BPCL, Tata Motors, Reliance Industries and IOC were among the top gainers, while HUL, Nestle India, Britannia Industries, Cipla and Divis Lab fell the most.

IT, auto, bank and oil & gas indices rose a percent each, while realty index fell 1%. Midcaps and Smallcaps ended flat.

Sensex stocks at close on 22 March.
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Sensex stocks at close on 22 March.
22 Mar 2022, 03:28:13 PM IST

Senses soars over 1%, back above 58,000

Sensex view.
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Sensex view.
22 Mar 2022, 03:15:38 PM IST

Sundaram Clayton declares interim dividend of ₹44 for FY22: BSE filing 

22 Mar 2022, 03:12:14 PM IST

Reliance, IT stocks drive Sensex higher 

Sensex contributors.
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Sensex contributors.
22 Mar 2022, 03:02:48 PM IST

Gainers/losers on Sensex at this hour 

Sensex stocks.
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Sensex stocks.
22 Mar 2022, 03:01:04 PM IST

Cabinet approves MSP of Raw Jute for 2022-23 at ₹4750 per quintal, up ₹250 on year

22 Mar 2022, 02:45:34 PM IST

Most sectoral indices erase losses, inch higher; FMCG, realty worst hit

Nifty indices.
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Nifty indices.
22 Mar 2022, 02:33:16 PM IST

Indoco Remedies has received final approval from US FDA for its generic Lacosamide tablet

22 Mar 2022, 02:22:58 PM IST

Arvind's board appoints Swayam Saurabh as CFO; reappoints Sanjay Lalbhai as CMD

22 Mar 2022, 02:11:02 PM IST

European shares edge higher on boost from banks, energy

European shares rose on Tuesday, buoyed by energy stocks extending a rally on the back of higher oil prices and gains for banks following hawkish comments from the U.S. Federal Reserve chair.

The pan-European STOXX 600 edged up 0.2% after a lacklustre start to the week. The European oil & gas sector index gained 0.8%, while banks rose 1.1%.

Federal Reserve Chair Jerome Powell said on Monday the central bank must move "expeditiously" to raise rates and possibly "more aggressively" to battle red-hot inflation, just as markets digested a 25 basis point rate hike last week.

22 Mar 2022, 02:02:41 PM IST

Emami concludes buyback; buys 33,63,740 equity shares at a total of ₹161.21 crore: BSE filing 

22 Mar 2022, 01:52:22 PM IST

Markets turn higher, India VIX down

Nifty indices.
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Nifty indices.
22 Mar 2022, 01:39:56 PM IST

Gold prices: Pritam Patnaik, Head - Commodities, HNI and NRI Acquisitions, Axis Securities

Gold prices seem to have ignored the hawkish statement made by Fed chair Powell, indicating that the U.S. central bank was likely to raise interest rates aggressively to bring down inflation that was running too high. This stance sent the benchmark 10-year bond yields above 2.3% for the first time since May 2019, while a closely watched gap between rates for two- and 10-year Treasury notes flattened further, a potential sign of an economic downturn. Historically, sharp moves in the U.S. Treasury market are generally an indication of an onset of the recession, with the broader markets doubting if the Fed could optimally balance the economic growth and rate hikes to combat inflation. The on-ground situation in Ukraine remains tense, and in the absence of any real compromise, it has helped to create a support base for gold. De-escalation in the warning nations could bring gold back to $1900 levels, as the near-term impact of the Fed‘s hawkish statement is yet to be priced in. The long term is still bullish for gold, as the central bank struggles to manage inflation without compromising on economic growth.

22 Mar 2022, 01:35:14 PM IST

Crypto funds see $47 million net outflows led by North America

Digital asset investment products or crypto funds saw net outflows for the second consecutive week, totalling $47 million during the 7-day period ended 18 March, according to a report by digital asset manager CoinShares.

The selloff continued from previous week, with outflows predominantly coming from North American providers comprising 98% while flows in Europe were largely flat.

“We believe the recent negative sentiment in North America is due to continued jitters over regulation and geopolitical issues caused by the Ukrainian conflict," CoinShares said in a report.

Since the Ukraine-Russia war began, the crypto market has seen trading volumes rise by 160% and 150% in Ukraine and Russia, respectively.

22 Mar 2022, 01:22:44 PM IST

Tata Motors to raise prices of its commercial vehicles from 1 April: BSE filing 

Tata Motors, India’s largest commercial vehicle manufacturer, has announced an impending price hike of its commercial vehicle range. An increase in price in the range of 2-2.5%, will come into effect from 1 April, across the range, depending upon model and variant.

The increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited this price hike of commercial vehicles. While the company has initiated actions to absorb a significant portion of the increased costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimized price hike.

22 Mar 2022, 01:12:12 PM IST

Oil extends rally as EU members weigh Russian ban, Houthis target Saudi

Oil prices extended gains on Tuesday as some European Union members discussed a potential oil embargo on Russia and attacks by Yemen's Iran-aligned Houthi group on Saudi energy and water desalination facilities sent jitters through the market.

Front-month West Texas Intermediate futures rose $2.28, or 2.03%, to $114.4 a barrel on NYMEX and Brent futures gained $2.89, or 2.5%, to $118.51 a barrel on the Intercontinental Exchange.

Both contracts had settled up more than 7% on Monday as the potential for more supply disruptions weighed on the market.

22 Mar 2022, 12:55:47 PM IST

Invesco appeal: Bombay High Court bench sets aside injunction granted to Zee

A division bench of the Bombay High Court on Tuesday allowed an appeal filed by Invesco Developing Markets Fund, the largest shareholder of Zee Entertainment Enterprises Limited (Zee), against a single-judge order granting interim injunction on holding an EGM to remove Zee's CEO Punit Goenka

Zee Entertainment Enterprises can approach the Supreme Court against the High Court order within three weeks. If the company fails to do so, the Mumbai bench of NCLT can resume the hearing in the matter.

In September 2021, Invesco had put out a requisition to the Zee Board of Directors to hold an extraordinary general meeting (EGM) on the grounds that it felt the company was not running as smoothly as desired. The firm had sought to remove three directors from the Zee's Board, including Managing Director and Chief Executive Officer (CEO) Punit Goenka. 

22 Mar 2022, 12:00:10 PM IST

Reliance Industries hit an over 2-month high  

Reliance Industries.
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Reliance Industries.
22 Mar 2022, 11:47:55 AM IST

Rajya Sabha adjourned till noon after Opposition ruckus over fuel price hike: PTI 

22 Mar 2022, 11:43:52 AM IST

Vedanta shares touch new 52-week high

Shares of Vedanta Ltd. touched a new 52-week of 416 apiece on the NSE on Tuesday. Analysts who met the company’s management recently have come back pleased.

According to analysts at Motilal Oswal Financial Services and Systematix Institutional Equities, Vedanta has capex plans of $1-1.5 billion per annum over the next few years. The upshot: volume expansion, cost reduction, increase in share of value-added products and improvement in ESG (environmental, social and governance) standards, note analysts at Motilal Oswal in a report. “Capex is likely to continue even during a downturn to support these initiatives," added the report.

The elevated demand for commodities it produces such as steel, aluminium, zinc would support the expansion in capacities. Note that shift towards electric vehicles and renewable energy would mean increased demand for metals and minerals. “Both the segments require 5-10x more minerals compared to the conventional transportation and energy generation sources," said the Systematix report. (Read here)

22 Mar 2022, 11:29:43 AM IST

Indian companies report optimistic hiring outlook for Apr-Jun quarter, says survey: PTI

Employers in India continue to report bullish hiring outlook for the April-June quarter, with 38 per cent of companies planning to add more staff in the next three months, a survey said on Tuesday.

According to the 60th annual edition of the ManpowerGroup Employment Outlook Survey of 3,090 employers, hiring sentiments across sectors and regions are much stronger compared to the same period last year.

However, on a quarter-on-quarter basis, hiring decision-makers anticipate the net employment outlook to decrease by 11 percentage points from the January-March quarter.

For the April-June quarter, 55 per cent of employers are forecasting an increase in payrolls, 17 per cent anticipating a decrease and 36 per cent expecting no change, the resulting net employment outlook is 38 per cent.

22 Mar 2022, 11:23:32 AM IST

Top gainers/losers on Nifty as of now 

Nifty stocks 
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Nifty stocks 
22 Mar 2022, 11:13:12 AM IST

Bitcoin up about 5% to 3-week high of $43,337; Ether hits 1-month high of $3,052

22 Mar 2022, 10:53:30 AM IST

Future Retail slumps; lenders set to initiate debt recovery proceedings against company this week

22 Mar 2022, 10:46:16 AM IST

Govt sanctions armed CISF cover for Reliance Jio World Centre in Mumbai: PTI 

The Union government has sanctioned armed security cover of over 200 CISF personnel to guard the recently launched Jio World Centre, a business and entertainment centre in Mumbai developed by Reliance Industries Ltd (RIL).

The centre, touted to be about 12 times larger than a FIFA football field and 10.3 times the size of the Empire State Building in New York, has come up on an 18.5 acre campus at the tony Bandra Kundra Complex (BKC) in Maharashtra's capital city.

This will be the third RIL installation to be brought under the security umbrella of the Central Industrial Security Force (CISF). The Reliance IT Park in Navi Mumbai and the Reliance Refinery in Jamnagar, Gujarat, were earlier accorded security cover of the central paramilitary force.

22 Mar 2022, 10:41:52 AM IST

Greek foreign minister to start India visit today: agencies 

Greek foreign minister Nikos Dendias is set to start his India visit on Tuesday during which he will hold talks with his Indian counterpart S Jaishankar.

The visit is taking place after Jaishankar's visit to Athens on June 26, 2021.

The Greece foreign ministry said talks between Dendias and Jaishankar are expected to cover issues such as the two countries' shared commitment to the principles of the UN Charter and to the International Law of the Sea.

22 Mar 2022, 10:36:00 AM IST

Oil extends rally as EU members weigh Russian ban

Oil prices extended gains on Tuesday as some European Union members discussed a potential oil embargo on Russia and attacks on Saudi facilities sent jitters through the market.

Front-month West Texas Intermediate futures were up $2.20, or 1.96%, to $114.32 a barrel on NYMEX and Brent futures were up $3.18, or 2.75%, to $118.80 a barrel on the Intercontinental Exchange.

22 Mar 2022, 10:27:46 AM IST

Nifty FMCG among worst hit sectoral indices

Nifty FMCG
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Nifty FMCG
22 Mar 2022, 10:14:37 AM IST

Gold steady as robust Treasury yields counter Ukraine woes

Gold prices held steady on Tuesday as U.S. Treasury yields hit multi-year highs following an aggressive inflation stance by the Federal Reserve chairman, while an intensifying conflict between Russia and Ukraine supported bids for the safe-haven metal.

Spot gold was flat at $1,936.82 per ounce. U.S. gold futures were up 0.4% at $1,937.30.

22 Mar 2022, 09:58:12 AM IST

Nifty Oil & Gas rises over 1% led by gains in ONGC, OMCs post fuel price hike 

Oil marketing companies raised prices of petrol and diesel prices by 80 paise a litre each on Tuesday, while domestic cooking gas prices were increased by 50 per cylinder, ending an over four-and-half month election-related hiatus in rate revision.

Petrol in Delhi will now cost 96.21 per litre as against 95.41 earlier, while diesel sold for 87.47, up from 86.67 per litre.

Price of a non-subsidised LPG cylinder has been increased to 949.50 for each 14.2-kg bottle in the national capital.

Nifty Oil & Gas
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Nifty Oil & Gas
22 Mar 2022, 09:48:22 AM IST

Fitch slashes FY23 India growth forecast to 8.5% on high energy prices

Rating agency Fitch on Tuesday slashed India's growth forecast for the next fiscal to 8.5% from 10.3%, citing sharply high energy prices amid the Russia-Ukraine war.

With the Omicron wave subsiding quickly, containment measures have been scaled back, setting the stage for a pick-up in GDP growth momentum in the June quarter this year, the agency said.

It has revised upwards the GDP growth forecast for the current fiscal by 0.6 percentage points to 8.7%.

"However, we have lowered our growth forecast for FY 2022-2023 to 8.5% (-1.8 pp) on sharply higher energy prices," Fitch said while revising up its inflation forecasts.

"The war in Ukraine and economic sanctions on Russia have put global energy supplies at risk. Sanctions seem unlikely to be rescinded any time soon," the agency said.

Russia supplies around 10% of the world's energy, including 17% of its natural gas and 12% of oil.

22 Mar 2022, 09:30:22 AM IST

REC board okays ₹85,000 crore borrowing plan for 2022-23: BSE filing 

The board of directors of REC Limited in its meeting held on 21 March approved the market borrowing worth 85,000 under different debt segments for financial year 2022-23. 

22 Mar 2022, 09:27:10 AM IST

Nifty flat in opening deals 

Nifty50
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Nifty50
22 Mar 2022, 09:23:43 AM IST

Sensex flat with negative bias in opening deals 

Market check.
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Market check.
22 Mar 2022, 09:06:13 AM IST

Nifty slips below 17,000 in pre-open 

Nifty50
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Nifty50
22 Mar 2022, 09:05:36 AM IST

Sensex flat in pre-open 

Market check.
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Market check.
22 Mar 2022, 08:58:51 AM IST

Alibaba raises share buyback to $25 billion from $15 billion

Alibaba Group Holding Ltd raised its share buyback programme to $25 billion on Tuesday, its second increase in less than a year to prop up stocks that have been battered by concerns over slowing growth.

The announcement marks an increase from its earlier plan to buy back $15 billion shares, and marks the biggest share repurchase ever since it went public in 2014

Its shares rose 4.5% in Hong Kong after the announcement.

Alibaba said it had already re-purchased about $9.2 billion of its U.S.-listed shares as of March 18 under its programme, which was initially slated to last until the end of this year.

The company's shares slumped in December 2020 after the earlier buyback amount of $10 billion failed to ease concerns about a regulatory crackdown on co-founder Jack Ma's e-commerce and financial empire.

22 Mar 2022, 08:37:43 AM IST

Airbus in talks with Tatas, Indian carriers for A350XWB aircraft: PTI

European aircraft manufacturer Airbus is in talks with Tata Group and Indian carriers for a deal regarding the procurement of its wide-bodied A350XWB planes, president and MD of Airbus India & South Asia, Remi Maillard said on Monday.

The Tata Group currently runs four Indian carriers — Air India, Air India Express, Vistara and AirAsia India. In India, only Vistara and Air India have wide-bodied aircraft in their fleet.

Wide-bodied planes like A350XWB have larger fuel tanks that allow them to travel longer distances as compared to narrow-bodied aircraft like A320NEO.

A350XWB aircraft can travel above 8,000 nautical miles, with flying time of approximately 18 hours in one flight.

22 Mar 2022, 08:36:03 AM IST

Govt to unveil plan to boost PSU general insurers: report 

The government is soon likely to announce a plan to strengthen state-run general insurance firms, including details of the capital infusion of about 5,000 crore that it has already approved, according to a media report.

"An announcement to this effect is expected within this month," the report quoted a government official.

Three of the four public sector general insurance companies are loss-making.

22 Mar 2022, 08:28:41 AM IST

Nifty view: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

Due to lack of buying interest, the Nifty ended Monday's session with nearly a percent cut tad above the 17100 mark.

The way market made a spectacular comeback in the last couple of weeks, it was quite evident to have profit booking at some point of time. Technically speaking, it should be considered a healthy sign from a structural point of view. Because the recent rally has been vertical in nature and hence if the index has to have a firm base; it needs to have a higher low to confirm a ‘Higher Top Higher Bottom’ formation on the daily time frame chart. Since we expected some consolidation in the first half of this week, today’s corrective move is clearly part of this phase. 

As far as levels are concerned, 17200 followed by 17350 are to be seen as immediate hurdles; whereas on the lower side, the sacrosanct support is placed in the vicinity of 17000 – 16900 where some buying is likely to get attracted.

Traders are advised to stay light and should focus on individual stocks because only a few handfuls of counters are likely to provide excellent trading opportunities, which needs to be picked aptly.

22 Mar 2022, 08:13:16 AM IST

Petrol, diesel price up 80 paise a litre; ₹50 hike in LPG rates

Petrol and diesel prices were hiked by 80 paise a litre each on Tuesday while cooking gas prices were increased by 50 per cylinder, ending an over four and half month election-related hiatus in rate revision.

Petrol in Delhi will now cost 96.21 per litre as against 95.41 previously while diesel rates have gone up from 86.67 per litre to 87.47.

A 14.2-kg non-subsidised LPG cylinder will now cost 949.50 in the national capital.

While LPG rates were last revised on 6 October, petrol and diesel prices had been on a freeze since 4 November ahead of the assembly elections in states like Uttar Pradesh and Punjab.

Prices have been on a freeze since then despite the cost of raw material spiralling. International oil prices were at $81 to $82 a barrel in early November as against $114 now.

Sources said a 5 KG LPG cylinder will now cost 349 while the 10 kg composite bottle will come for 669.

The 19-kg commercial cylinder now costs 2003.50

22 Mar 2022, 07:59:02 AM IST

Oil higher as EU members weigh Russian oil ban

Oil futures extended gains on Tuesday on news that some European Union members are considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market.

Front-month West Texas Intermediate futures were up $2.21, or 1.97%, to $114.33 a barrel on NYMEX and Brent futures were up $2.51, or 2.26%, to $118.23 a barrel on the Intercontinental Exchange in Asian deals.

Both contracts had settled up more than 7% on Monday as the potential for more supply disruptions weighed on the market.

22 Mar 2022, 07:56:16 AM IST

SGX Nifty trades flat

Nifty futures on the Singapore Exchange traded 13.50 points higher at 17,165.

22 Mar 2022, 07:53:42 AM IST

Asians stocks, oil rise; Fed's Powell adopts hawkish stance

Asian stocks were largely higher on Tuesday, shrugging off tepid overnight cues from Wall Street as Federal Reserve Chair Jerome Powell sounded a hawkish note on monetary policy while traders continue to keep an eye on the Ukraine war.

Export-reliant Japan’s bourse rose as the yen fell to a six-year low against the dollar. Commodity and energy stocks bolstered MSCI Inc.’s regional index. China and Hong Kong fluctuated, while U.S. and European futures retreated.

Powell said the Fed is prepared to raise interest rates by a half percentage-point at the next policy meeting if needed. It hiked by a quarter-point last week and signaled six more such moves this year. The dollar advanced.

S&P 500 futures slid 0.3% while Nasdaq 100 futures shed 0.4%. 

Japan’s Topix index increased 1.4%, Australia’s S&P/ASX 200 Index rose 1.2%, South Korea’s Kospi index rose 0.7%, Hong Kong’s Hang Seng Index rose 0.8%, and China’s Shanghai Composite Index fell 0.1%.

US stocks capped a day of choppy trading on Wall Street with a modestly lower finish Monday, giving back some of their recent gains after the major indexes notched their best week in more than a year. The S&P 500 slipped less than 0.1% after giving up an early gain and bouncing around for much of the day. The Dow Jones Industrial Average fell 0.6%, while the Nasdaq composite slid 0.4%. 

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