Nifty50: 17,063 ▼ 28 (-0.1%)
Sensex: 57,232▼ 68 (-0.1%)
- The markets opened with a gap-up but continued to slide throughout the day, extending losses to the sixth day in a row.
- In all, 27 of the Nifty50 stocks closed in the red, indicating tussle between bulls and bears.
- European stocks rose upon opening as sanctions imposed on Russia were not as harsh as feared.
Among the Nifty sectoral indices, Realty (+3.1%) and PSU Bank (+1.0%) were the top gainers, while Auto (-0.2%) and Financial Services (-0.1%) were the top losers.
| Top gainers | Today's change |
| Kotak Bank | ▲ 2.1% |
| Titan | ▲ 1.8% |
| IndusInd Bank | ▲ 1.0% |
| Top losers | Today's change |
| ONGC | ▼ 2.3% |
| Hero MotoCorp | ▼ 2.2% |
| NTPC | ▼ 1.4% |
For more updates on F&O, click here.
Here are the top stories of the day.
European jitters for Indian stocks
As the Russia-Ukraine crisis worsens and the US and UK impose economic sanctions on Russia, Indian companies having exposure to European markets fell, amid concerns about the impact on their sales.
JLR’s parent, Tata Motors, was down on fears of JLR sales taking a hit in Europe. Motherson Sumi, a key automobile parts supplier to European countries, which reportedly gets around 30% of revenues from European markets, was also down over demand concerns. Pharma major, Dr Reddy which reportedly gets around 9% of its revenue from Russia alone, too ended in the red.
Hero Moto-BPCL join hands to build EV infra
The leading two-wheeler maker is partnering with the public sector oil company to set up charging infrastructure for two-wheeler electric vehicles (EVs) across the country. BPCL will be converting 7,000 retail outlets into energy stations providing multi-fuel options.
The two entities will first establish a substantial charging infrastructure at existing energy stations across the country. They will subsequently look to broaden collaboration and develop synergies within the EV ecosystem. In the first phase, charging stations will be set up across nine cities starting with Delhi and Bengaluru.
Dilip Buildcon wins road project
The Bhopal-based infrastructure company has bagged the National Highway Authority of India (NHAI) road project in the state of Chattisgarh. The bidding cost of the project was ₹1,141 crore.
The completion period for the project is 24 months. Meanwhile, the stock is down almost 64% from its 52-week high of ₹749 made on 13 October 2021 and has lost around 25% so far this month.
IPO Corner
The management of LIC has said that it is monitoring the geopolitical situation and is keen on launching the IPO in March. The markets have been roiled by the escalation of Russia-Ukraine conflict. Yesterday, India’s finance minister said that the IPO will go as planned despite the market volatility.
Good to know
What is ICR?
Interest coverage ratio (ICR) is the financial ratio used to determine how well a company is able to pay interest on its outstanding debts. It is used by investors to determine the riskiness of lending money to the company. A lower ICR indicates that a company has insufficient operating profits to meet interest payments, whereas a high ICR indicates that the company has enough operating profits to meet its interest obligations.
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