Share Market LIVE: Sensex, Nifty likely to open lower today

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!

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

In keeping with today's generally negative Asian markets and SGX Nifty trends, Indian markets could open considerably lower. The whole global market closed in the red yesterday, including the Indian market, which sank dramatically down and lost about 2%, following a persistent rise in petroleum and feeble global cues. 

Markets have been rocked by a sharp increase in crude oil prices, as investors fear more penalties against Russia. Furthermore, there is no sign that the two countries' hostilities are diminishing. 

According to most pollsters, the BJP is anticipated to return to power with majority, but a setback for the party in the UP elections could be seen negatively by large investors, especially in terms of reform momentum. 

Prices for everything from gasoline to aluminum to wheat have risen dramatically, marking the most significant weekly increase in raw materials since the 1974 oil crisis. Russia's growing isolation is cutting it off from a vital supply of energy, metals, and agriculture, prompting fears of long-term shortages and rising global prices. 

As the war between Russia and Ukraine pushed crude prices to multi-year highs around the world, the Indian rupee dropped to its lowest level ever versus the US dollar yesterday.

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.
 

8:40 am: Global updates

Wall Street's main indices fell sharply on Monday, with the Nasdaq Composite confirming it was in a bear market, as the prospect of a ban on oil imports from Russia sent crude prices soaring and fuelled concerns about rising inflation.

Nasdaq ended down 20.1 percent from its November 19 record high close, confirming that the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition. That marks the Nasdaq's first bear market since 2020, when the coronavirus outbreak crushed global economies.

The Dow Jones Industrial Average fell 797.42 points, or 2.37%, to 32,817.38, the S&P 500 lost 127.79 points, or 2.95%, to 4,201.08 and the Nasdaq Composite dropped 482.48 points, or 3.62%, to 12,830.96.

Shares in Asia-Pacific mostly dipped in Tuesday trade, following heavy losses for the major indexes overnight stateside as the Russia-Ukraine war continues to keep investors on edge. In Japan, the Nikkei 225 slipped 0.14% while the Topix index shed 0.41%. South Korea’s Kospi dipped 0.33%.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 7,482.08 crore on March 7, and domestic institutional investors (DIIs) bought shares worth Rs 5,331.03 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 0.95 per cent lower at 15,742.20.

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

8:15 am: Market on Monday

The Indian equity market ended lower for the fourth straight session today, led by losses in banking, auto, consumer durables and capital goods stocks. A spike in oil prices on the likelihood of energy sanctions on Russia roiled markets across the globe.

Sensex fell 1,491 points to 52,842 and Nifty slipped 382 points to 15,863.

IndusInd Bank, Axis Bank, Maruti, Bajaj Finance and Bajaj Finserv were the top Sensex losers, falling up to 7.63 per cent.

Bharti Airtel, HCL Tech , Tata Steel, and Infosys were the top Sensex gainers, rising up to 3.46%. Of the 30 Sensex stocks, 26 ended lower.

Brent crude prices hit a fresh high of $139.13 per barrel as West was considering sanctions over oil and gas exports from Russia.

BSE mid-cap and small-cap indices lost 509 points and 605 points, respectively.

On the sectoral front, banking, auto, capital goods and consumer durables shares led the losses today. BSE bankex crashed 1816 points to 37,726 and BSE auto plunged 908 points to 21,669. BSE consumer durables index lost 858 points to 40,114. BSE capital goods index fell 840 points to 25,709.