PremiumMarket on Election Result Day LIVE: Indian indices opened positively on Wednesday in anticipation of the 5 state Assembly results to be declared today. The exit polls have suggested a favourable result for the Bharatiya Janata Party in 4 out of 5 states that includes the all-important state of Uttar Pradesh. Anything other than that could sour the market sentiments. The markets are also likely to get a boost from the fact that Ukraine is not seeking NATO membership anymore, and the Russians have assured that they are not looking to overthrow the Ukrainian government. These developments had a positive impact on the global market as shares in the US and Europe rose, while crude oil prices declined. In Asia, shares in Japan and Australia rose in early trade. However, if this is a temporary rebound or a permanent development is anybody's guess.
Read all the LIVE 2022 Assembly Election Result updates here
Get the 2022 Punjab Assembly Election Result Updates here
Get the 2022 UP Assembly Election Result Updates here
Morgan Stanley has lowered its year-end Sensex target to 62,000 from 70,000 earlier, with its Bull case target revised to 75000 and bear case target increased to 45,000 from 50,000 earlier. Its new Sensex target for December 2022 is 11% lower and suggests 16% upside from current levels.
Stock market today: Dividend paying stock 7Tech share price has shot up around 3.50 per cent in early morning deals. Saven Technologies share price today opened with an upside gap of ₹0.40 per share and went on ascend to its intraday high of ₹47 per share levels, logging around 3.50 per cent rise in early morning session. According to stock market experts, Saven Technologies shares are rising today as the company has announced second interim dividend of Re 1 per share and its record date is on tomorrow i.e. 11th March 2021.
Maintain BUY with an unchanged Mar’23E target price of Rs5,545, set at 32x FY24E P/E (in line with 5-year average, 1-year forward P/E).
The Aam Aadmi Party took a big lead in Punjab and was ahead in 79 seats out of 117 with several heavyweights, including Chief Minister Charanjit Singh Channi, trailing behind its nominees in many seats, according to early trends.
Uttar Pradesh Election Results 2022: The BJP has crossed the halfway mark in Uttar Pradesh way ahead of its rival Samajwadi Party in the initial rounds of counting of votes in Uttar Pradesh.
UP Election Results 2022: Counting of votes has started and trends have started coming in. Trends/results can be tracked live on the official site of ECI - results.eci.gov.in.
The rupee appreciated 38 paise to close at 76.62 against the US dollar on Wednesday following a retreat in crude oil prices and rebound in domestic equities.
At the interbank forex market, the local unit opened at 76.90 against the greenback and witnessed an intra-day high of 76.53 and a low of 76.92.
Coal’s share in India’s power mix rose after five years of declines, underscoring Prime Minister Narendra Modi’s challenge to overhaul the nation’s energy sector and meet climate goals.
The fuel contributed 69% of the country’s total electricity generation in the first 11 months of the fiscal year to March, compared with about 68% a year earlier, Bloomberg calculations based on data from the Central Electricity Authority show. Power output from the fuel was at a record during the 11-month period, rising more than 10% over the year.
With international energy prices surging amid Russia’s invasion of Ukraine and the rupee recovering from a record low, the government is under pressure to produce more coal domestically. Key coal markets have hit record highs with buyers from Asia to Europe wary of taking cargoes from Russia, the world’s third-biggest exporter of the fuel.
Prime Minister Narendra Modi's party is set to keep control of India's most populous state on Thursday as officials begin the count in a state assembly vote that will offer clues to the national mood before the next general election, due by 2024.
Opinion polls have predicted a comfortable majority for Modi's Bharatiya Janata Party (BJP) in Uttar Pradesh, despite the government's much-criticised handling of COVID-19, high unemployment, and anger over farm reforms that Modi cancelled last year after protests.
Bitcoin surged on the news of US President Joe Biden's order that outlined the US government's strategy on digital assets. Bitcoin price today were trading over 4% higher at $40,900. The world's most popular and largest cryptocurrency is down about 10% in 2022 (year-to-date or YTD) so far.
Elaborate security arrangements have been put in place for the counting of votes for the Uttar Pradesh Assembly elections in the state while the police are keeping close eyes in the sensitive areas.
A total of 1,000 police officers have been deployed at polling booths for security as the counting of votes in the district is set to begin at 8 am, said Babloo Kumar, Moradabad SSP on Thursday.
The Assembly election 2022 result for Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur will be declared today (March 10).
6 stocks to buy or sell today — 10th March
Gold fell the most in seven months amid a broad selloff in commodities after a top Ukraine aide said his country is open to discussing Russia’s demand of neutrality if given security guarantees.
The metal sank as much as 3.6%, the biggest intraday decline since Aug. 9, following the comments by the deputy chief of staff to Ukraine President Volodymyr Zelenskiy in a Bloomberg television interview.
Bullion is still up almost 9% this year as investors seek a hedge against the threat of an inflationary shock to the global economy. Holdings in gold-backed exchange-traded funds have reached the highest in a year, with inflows of about 152 tons in 2022, according to initial data compiled by Bloomberg.
Oil edged higher after the biggest drop since November as the fallout from Russia’s invasion of Ukraine continued to rattle markets.
Futures in New York rose above $110 a barrel on Thursday after plunging 12% in the previous session. Oil sank after the United Arab Emirates called on OPEC+ to boost output faster, though the nation’s energy minister appeared to temper that message a few hours later. Ukrainian President Volodymyr Zelenskiy also repeated he’s willing to consider some compromises to help end the war.
Tokyo stocks jumped three percent Thursday on hopes for a ceasefire between Russia and Ukraine ahead of their first high-level meeting since Moscow invaded its neighbour.
The benchmark Nikkei 225 index spiked 3.00 percent or 741.59 points to 25,459.12, while the broader Topix index jumped 3.04 percent or 53.45 points to 1,812.34.
The dollar fetched 115.93 yen, against 115.86 yen on Wednesday in New York.
Tracking gains on Wall Street, the Nikkei hovered around the three-percent level in morning trade.
Hopes for a breakthrough in the crisis led to higher overseas stock prices, with talks between Russian Foreign Minister Sergei Lavrov and his Ukrainian counterpart Dmytro Kuleba scheduled to take place in southern Turkey on Thursday, Okasan Online Securities said.
Chinese stocks traded in the U.S. got a boost as dip buyers helped halt a five-day losing streak after the shares rollercoastered during the Asia trading day.
American depositary receipts for technology giants Pinduoduo Inc. and JD.com Inc. both rose by more than 6% on Wednesday. Other large-cap China firms including Alibaba Group Holdings Ltd., NetEase Inc. and Baidu Inc. all closed higher by 3.5% or more. The Nasdaq Golden Dragon China Index climbed 6.4%, its biggest jump since January.
The rally in U.S. hours follows a volatile day in Asia for shares listed in Hong Kong and China. Rising inflation, heightened tensions between the U.S. and China and the exclusion of a firm from Norway’s sovereign wealth fund have added to investors’ worries. The Hang Seng Index and CSI 300 Index saw intraday declines of 3% or more before an afternoon surge cut the losses to less than 1% by the close.
Asia joined a rebound in global equities Thursday as dip-buyers leaned into speculation that weeks of market gyrations may have priced in the economic impact of the conflict in Ukraine. Treasuries and the dollar sank.
Japan stocks jumped as much as 3% at the open and Australia’s index edged higher, while futures rose in Hong Kong. U.S. contracts opened little changed after the sharpest gains since June 2020 for the S&P 500, while the Euro Stoxx 50 rallied the most in two years.
Global stock markets rallied in Europe and North America on Wednesday after three straight days of selling, and oil prices retreated from the peaks scaled over the last week after the United Arab Emirates pledged to boost its oil supply.
Moscow accused the United States on Wednesday of declaring an economic war on Russia, and said it was considering a response to the U.S. ban on Russian oil and energy imports.
Russia's economy faces the gravest crisis since the 1991 fall of the Soviet Union after Western nations imposed sanctions on Russian companies, banks, individuals and its central banking system, following its Feb. 24 invasion of Ukraine.
But there were signs that the conflict could cool on Wednesday, as Russian Foreign Minister Sergei Lavrov arrived in Turkey for more diplomatic talks with his Ukrainian counterpart Dmytro Kuleba.
The MSCI world equity index, which tracks shares in 50 countries, was up 2.91% on the day at 3:30 p.m. EST (2030 GMT).
U.S. stocks surged on Wednesday, with the tech-heavy Nasdaq jumping over 3%, rebounding from several days of declines as oil prices pulled back sharply and investors gauged developments in the Ukraine crisis.
The Dow Jones Industrial Average rose 778.14 points, or 2.38%, to 33,410.78, the S&P 500 gained 123.57 points, or 2.96%, to 4,294.27 and the Nasdaq Composite added 493.33 points, or 3.86%, to 13,288.89.
Europe's STOXX 600 gained 4.68%.
In a rocky trading session, the international oil benchmark Brent crude settled 13.16% lower at $111.14. U.S. crude closed down 12.13% at $108.70 per barrel, its biggest one-day percentage decline since November 2021.
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