Nifty50: 16,842 ▼531 (-3.0%)
Sensex: 56,405 ▼1747 (-3.0%)
- Indian markets see a free fall amid boiling oil prices, geopolitical tensions and a rate-hike scenario.
- The selling pressure was broad-based with 49 of the Nifty50 stocks closing in the red. TCS was the sole gainer.
- Interestingly, the Nifty50 is close to its 200-day moving average, which is considered a long-term support.
All Nifty sectoral indices closed in the red, and PSU Bank (-5.9%) and Financial services (-4.1%) were the top losers.
| Top gainers | Today's change |
| TCS | ▲ 0.9% |
| NA | NA |
| NA | NA |
| Top losers | Today's change |
| JSW Steel | ▼ 6.4% |
| HDFC Life | ▼ 6.3% |
| TATA Steel | ▼ 5.6% |
For more updates on F&O, click here.
Here are the top stories of the day.
Adani Wilmar posts robust Q3
In its first earnings report after listing, the edible oil maker reported a strong 66% year-on-year rise in its net profit to ₹211 crore. During the same period, the company's revenue rose 41% to ₹14,379 crore.
Its largest business segment—edible oils—grew by 40%. While its fast-growing foods business delivered 46% growth supported by strong volumes. Shares of Adani Wilmar made their debut on February 8 and are up over 60% from the issue price.
Grasim’s Q3 profit surges
The Aditya Birla Group’s company reported a 26% year-on-year rise in its consolidated net profit to ₹1,746 crore. Its consolidated revenue jumped 16% to ₹24,402 crore.
The growth in the top line was aided by a strong uptick in global demand of textile products, which in turn aided the viscose business. Similarly, higher international caustic soda prices boosted revenues from the chemical business. Meanwhile, Grasim’s shares closed lower amid broader market weakness.
India VIX jumps over 20%
India VIX, which indicates the expected volatility in the equity market, jumped over 20% today due to geopolitical tensions and rising global inflation leading to interest-rate risks.
Apparently, there are concerns that the ongoing geopolitical tensions between Ukraine and Russia might disrupt the global oil supply. As a result of this, US crude oil prices have hit a seven-year high and were trading at $94 per barrel.
IPO Corner
The state-owned insurance behemoth LIC has filed its draft red herring prospectus (DRHP) with the market regulator SEBI. According to the DRHP, LIC is the largest insurer in India with a market share of 66% by new business premium in FY21. The IPO is likely to be launched in March this year, according to the reports.
Good to know
What is a new business premium?
New business premium is the premium received from new policies by an insurer in a particular period. It is an important metric for insurance companies, as it is a measure of the new business acquired by the insurer in a particular period.
Click here to join us on Telegram for trading and investment-related videos, daily market updates, details on upcoming IPOs and more.
We'd love your thoughts on this market recap.
Haven't tried out Upstox yet? Click here to open your account now!