Indices at previous closing
Nifty50: 16,247 ▼815 (-4.7%)
Sensex: 54,529 ▼2,702 (-4.7%)
Nifty Bank: 35,228 ▼2,163 (-5.7%)
For more updates on F&O, click here.
Adani Wilmar falls on supply uncertainty
Shares of the edible oil manufacturer dropped around 4% yesterday as the Russia-Ukraine conflict intensified. It’s important to note here that around 90% of the world’s sunflower oil, which is used in cooking, is sourced from Ukraine and Russia.
However, the management of the company has said that it has enough supplies to last 60 days. It added that the company had acted early by fortifying its supplies and hopes to sail through.
CEA flags off the risk of oil price rise
The Indian economy is all set to recover but high crude oil prices are a concern, according to India’s chief economic advisor (CEA). He added that the impact of rising oil prices on the Indian economy will depend on how long the prices remain high.
He also said that inflation and purchasing power are a global problem. Due to the pandemic, the scenario of uncertain growth and high inflation is not unique, he added.
Gold prices soar on geopolitical tensions
Prices of the yellow metal surged on Thursday as Russian troops invaded Ukraine. Investors flocked towards gold as the rupee sharply depreciated and equity markets across the world tumbled.
Experts believe that the prices of precious metals will continue to remain volatile unless there are steps taken to resolve the Russia-Ukraine conflict. Gold prices were up around 2% on the MCX yesterday.
Sectoral indices (February 24)
| Top gainers | Top losers |
| NA | Nifty Bank ▼ 5.7% |
| NA | Nifty Media ▼ 4.8% |
Global markets (at 8:00 am today)
| Indices | Today's movement |
| SGX Nifty | ▲ 1.8% |
| Nikkei 225 (Japan) | ▲ 1.3% |
| Hang Seng (Hong Kong) | ▲ 0.3% |
| SSE Composite (China) | ▲ 1.3% |
| Dow Jones (US) (February 24) | ▲ 0.2% |
| NYSE (US) (February 24) | ▼ 0.1% |
| Nasdaq (US) (February 24) | ▲ 3.3% |
| S&P 500 (US) (February 24) | ▲ 1.5% |
Fact of the day
India is the largest consumer of sugar in the world. It consumed 28 million metric tons of sugar in 2020-21.
Source: Exchange4Media
We'd love your thoughts on this morning update.
If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.
To catch our latest educational videos, join our Telegram channel here.
Disclosures and Disclaimer
Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.