Markets remained under pressure but rebounding from 16150 helped the Nifty to recoup losses to finally end above 16300 levels while broader markets underperformed with the breadth of the market deteriorating to 3:10.
We expect Nifty to bottom out around 16123 and resume its upward journey in the coming days with a rally more specific to large-cap counters.
The rupee breached the 77-level for the first time on Monday to hit an all-time low of 77.53 against the US dollar, amid unabated foreign fund outflows, underscoring the risk-off sentiment prevailing globally as the US central banks embark on policy tightening to tame soaring inflation.
Stocks look set to come under more pressure as concerns about a darkening economic outlook sweep across global markets and bolster the dollar.
The technology-heavy Nasdaq 100 has shed about $1.5 trillion in market value after three days of heavy selling. Commodities also tumbled and Bitcoin plunged.
Nifty 50 Index & Spread of Nifty50-Nifty500 Index
Stocks to watch:
Positive Read Through
- Solar Industries received orders worth Rs.1563 Crores from Singareni Collieries, to be delivered over a period of two years
- Tata Motors has reappointed former SBI Chairman Om Prakash Bhatt as an additional director till March 7, 2026.
- SJVN wins Solar hybrid projects at Rs1.54/unit
- Cadila received tentative approval from the U.S. drug regulator to market Selexipag tablets in specific strengths.
- Railtel Corp wins orders of nearly Rs21cr from IRFC
- SRF- Revenue up 36 pct, chemicals margin up 800 bps YoY
- SBI Life- New business premium up 33 pct, individual APE up 89 pct YoY
- ICIC Pru- New business premium up 38 pct, individual APE up 32 pct YoY
Negative Read Through
- Federal Bank announced lower than expected Q4 results but stable asset quality
- HDFC Life- New business premium up 6 pct, individual APE up 11 pct YoY
- Aarti Drugs- Revenue up 38 pct, margin at 12.4 pct vs 16.1 pct YoY
- Max Financial- New business premium up 3.3 pct, individual APE down 5 pct YoY
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