Share Market LIVE: Sensex crashes over 1200 pts, Nifty below 15,900 amid weak global cues

Good morning!

The domestic equity market declined for the fourth straight week as the ongoing concerns on the Russia-Ukraine conflict coupled with soaring crude oil prices continued to weigh market sentiment. 

The benchmark BSE Sensex plunged 2.72 per cent to 54,333.81 for the week ended March 4. Likewise, the NSE Nifty index lost 2.48 per cent to 16,245.35 during the same period.

What's next? Here's a look at the latest updates of the market today!

9:15 am: Market opening

Sensex crashed over 1200 points to 53,068 and Nifty plunged over 350 points to 15,867 as the ongoing concerns on the Russia-Ukraine conflict coupled with soaring crude oil prices continued to weigh market sentiment. 

9:00 am: Pre-market comment by Mohit Nigam, Head - PMS

Benchmark indices may open on a bearish tone today, according to SGX Nifty trends. This week's focus will be on the Russia-Ukraine conflict and its impact on oil prices.

On the home front, investors will be watching the outcome of the state elections in five states on March 10: Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur. 

Investors all throughout the world are weighing the economic risks of this protracted conflict along with this macroeconomic industrial output data, as well as the direction of foreign fund flows and global commodity price variations, which will influence investor mood. 

Aside from foreign issues, the domestic market will be watching the Bank of England and the Federal Reserve of the United States for policy announcements. Investors should be cautious in the short term because the outlook appears to be uncertain, but we have a long-term optimistic outlook on Indian equities and believe that one should invest gradually in every dip.

On the technical front, Immediate support and resistance in Nifty 50 are 15,700 and 16,500 respectively. Bank Nifty immediate support and resistance are 33,500 and 35,100 respectively.

8:45 am: Global updates

Wall Street ended lower on Friday as the war in Ukraine overshadowed an acceleration in US jobs growth last month that pointed to strength in the economy. Most of the 11 major S&P sector indexes declined, with financials leading the way with a 2% drop as investors worried about how the West's sanctions against Moscow may affect the international financial system.

The Dow Jones Industrial Average fell 0.53% to end at 33,614.8 points, while the S&P 500 lost 0.79% to 4,328.87. The Nasdaq Composite dropped 1.66% to 13,313.44. For the week, the S&P 500 and Dow both fell 1.3%, while the Nasdaq gave up 2.8%.

Shares in Asia-Pacific declined in Monday morning trade as oil prices surged, with the ongoing Russia-Ukraine war continuing to weigh on investor sentiment globally.

The Hang Seng index in Hong Kong led losses regionally, dropping 4.14% as shares of HSBC plummeted 6.02%. Mainland China’s Shanghai Composite shed 1.13% and the Shenzhen component slipped 2.076%.

In Japan, the Nikkei 225 also saw heavy losses as it tumbled 3.5% while the Topix index shed 3.12%.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 7,631.02 crore on March 4, and domestic institutional investors (DIIs) bought shares worth Rs 4,738.99 crore, as per provisional data available on NSE.

8:30 am: SGX Nifty

The Indian equity market is likely to open lower as SGX Nifty was trading 284 points lower at 15,796.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Friday

The Indian equity market ended lower for the third straight session on Friday, led by losses in banking, auto, consumer durables and capital goods stocks. 

Weak global investor sentiment emanating from Russia's attack on Ukraine's nuclear plant led to broad-based selling on Indian equity bourses today.

Sensex fell 768 points to 54,333 and Nifty slipped 252 points to 16,245. Titan, Maruti, Asian Paints were the top Sensex losers, falling up to 5.05 per cent. 

Dr Reddy's Labs, ITC and Tech Mahindra were the top Sensex gainers, rising up to 2.95 per cent.Of 30 Sensex stocks, 23 ended lower. BSE mid-cap and small-cap indices lost 547 points and 437 points, respectively.