Indices at previous closing
Nifty50: 16,013 ▲150 (+0.9%)
Sensex: 53,424 ▲581 (+1.1%)
Nifty Bank: 33,158 ▲286 (+0.8%)
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Nickel prices soar to record levels
Prices of nickel surged by a record 74% yesterday over the fears of supply disruption due to transportation challenges and sanctions on Russia. It’s important to note that Russia is one of the biggest suppliers of nickel in the world.
This comes at a time when there is already strong demand for the metal from stainless steel producers and battery manufacturers. Yesterday, the prices of nickel surged to unprecedented levels of $1,00,000 per tonne and nickel trading had to be suspended on the London Metal Exchange.
Swiggy plans $1 billion IPO
According to reports, the food and grocery delivery platform has roped in two investment bankers to launch its IPO. It will hire a couple of merchant banks later, as per the sources quoted in the news report. The issue size is expected to be between $800 million and $1 billion.
Swiggy reportedly plans to offer a 10% stake as part of the IPO. In January this year, the company had raised $700 million from investors at a valuation of $10.7 billion.
Natco Pharma surges on new launch
Shares of the Indian pharmaceutical company surged 9% intraday after it announced that it had launched the first generic version of Revlimid in the US market. It launched this drug in partnership with its Israel-based Teva Pharmaceutical Industries.
This drug is used for treatment of multiple myeloma in combination with the drug dexamethasone. However, shares of Natco Pharma pared early gains to close 0.2% higher.
Sectoral indices (March 8)
| Top gainers | Top losers |
| Nifty Realty ▲ 3.2% | Nifty Metal ▼ 1.4% |
| Nifty Media ▲ 2.7% | Nifty Oil & Gas ▼ 0.7% |
Global markets (at 8:00 am today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.1% |
| Nikkei 225 (Japan) | ▲ 0.6% |
| Hang Seng (Hong Kong) | ▼ 0.3% |
| SSE Composite (China) | ▲ 0.1% |
| Dow Jones (US) (March 8) | ▼ 0.5% |
| NYSE (US) (March 8) | ▼ 0.5% |
| Nasdaq (US) (March 8) | ▼ 0.2% |
| S&P 500 (US) (March 8) | ▼ 0.7% |
Fact of the day
In February 2022, a specialty tea from Assam was sold for a record ₹99,999 per kg.
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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.