Sensex down 460 points, Nifty barely holds 17,100 mark. 21February2022

  

Equity indices traded range bound with losses amid geopolitical concerns. The Nifty traded above the 17,100 mark. All sectoral indices traded with losses with realty, media and metal stocks losing the most.

Ongoing Russia-Ukraine conflict, rising crude oil prices and relentless selling by foreign portfolio investors (FPIs) continued to put pressure on domestic shares. In the commodities market, Brent crude for April 2022 settlement fell 22 cents at $93.32 a barrel.

The barometer index, the S&P BSE Sensex, dropped 460.92 points or 0.8% at 57,372.81. The Nifty 50 index lost 146.95 points or 0.85% at 17,129.80.

In the broader market, the S&P BSE Mid-Cap index declined 1.03% while the S&P BSE Small-Cap index lost 1.78%.

The market breadth was weak. On the BSE, 598 shares rose and 2,600 shares fell. A total of 140 shares were unchanged.

Buzzing Index:

The Nifty Metal index slipped 1.47% to 5,693, extending its losing run to fourth consecutive trading session. The metal index declined % in four days.

Coal India (down 4.01%), APL Apollo Tubes (down 2.09%), Hindalco Industries (down 1.97%), Vedanta (down 1.22%) and Hindustan Zinc (down 1.09%) were the top losers. Among the other losers were JSW Steel (down 0.85%), Tata Steel (down 0.75%), NMDC (down 0.7%) and Jindal Steel & Power (down 0.31%).

Stocks in Spotlight:

Kansai Nerolac Paints fell 1.16%. The paint maker appointed Anuj Jain as the managing director (MD) for a term of five years, with effect from 1 April 2022. Jain is a B.Sc. and Master of Management Studies, University of Bombay (Mumbai). Jain had joined Kansai Nerolac Paints on 4 June 1990 and was the director of Decorative and Industrial Sales & Marketing, prior to his appointment.

Strides Pharma Science fell 1%. The drug company announced that its step-down wholly-owned subsidiary, Strides Pharma Global Pte., Singapore, received approval for Amantadine Hydrochloride Softgel capsules from the United States Food & Drug Administration. The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Symmetrel Capsules of Endo Pharmaceuticals, Inc (Endo). According to IQVIA MAT December 2021 data, the US market for Amantadine Hydrochloride Capsules USP,100 mg is approximately $11 million.

Shares trade with decent gains; India VIX up over 2%. 17February2022

   

The key equity indices traded with minor gains in early afternoon trade. The Nifty continued to trade above the 17,350 mark. Metal shares witnessed some bit of buying after a day's pause.

The barometer index, the S&P BSE Sensex, was up 140.71 points or 0.24% to 58,137.39. The Nifty 50 index added 57.45 points or 0.33% at 17,379.65.

In the broader market, the S&P BSE Mid-Cap index gained 0.36% while the S&P BSE Small-Cap index rose 0.02%.

The market breadth was positive. On the BSE, 1,639 shares rose and 1,579 shares fell. A total of 121 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.74% to 21.16. The Nifty 24 February 2022 futures were trading at 17,397.65, at a premium of 18 points as compared with the spot at 17,379.65.

The Nifty option chain for 24 February 2022 expiry showed maximum Call OI of 31.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 46.9 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Metal index advanced 0.83% to 5,860.15. The index had declined 0.57% to end at 5,812.15 yesterday.

Hindalco Industries (up 1.56%), JSW Steel (up 1.40%), Jindal Steel & Power (up 1.38%), Vedanta (up 1.25%), Tata Steel (up 1.17%), Adani Enterprises (up 1.09%) and Hindustan Zinc (up 0.79%) advanced.

Concurrently, NMDC (down 4.13%), Welspun Corp (down 2.43%), Hindustan Copper (down 2.12%) and National Aluminum Co. (down 2.11%) declined.

Stock in Spotlight:

Mawana Sugars jumped 10.41% to Rs 120.90. According to the bulk deals on the NSE, McKinley Capital Emerging Markets Growth Fund Series A purchased 2,65,688 shares of Mawana Sugars (representing 0.68% stake) on the NSE on Wednesday (16 February 2022) at an average price of Rs 103.67 per share.

Maruti Suzuki India shed 0.33% to Rs 8556. The company announced its partnership with Quiklyz by Mahindra Finance for its Subscribe program. Quiklyz will offer a white plate subscription for the Maruti Suzuki range of vehicles. The Company has further added Kolkata market to its Subscription program.