Sensex Tanks 900 Points as Banking Stocks Drag, Nifty Below 16,600; Asian Paints & ICICI Bank Down 4%

Wed, 2 Mar 10:30 am

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Asian share markets are under renewed pressure today after rising worries about the impact of aggressive sanctions against Russia over its invasion of Ukraine sank shares in Europe and on Wall Street.

The Nikkei tumbled 1.9% while the Hang Seng fell 1.2%. The Shanghai Composite is trading lower by 0.4%.

In US stock markets, Wall Street indices ended sharply lower on Tuesday, with financial stocks bearing much of the damage for a second straight day as the Russia-Ukraine crisis deepened.

Stocks tumbled on worries about the worsening human and economic toll.

The Dow Jones plunged 1.8% while the Nasdaq Composite tumbled 1.6%.

Back home, Indian share markets are trading deep in the red.

In line with soured global sentiment on geopolitical worries, benchmark indices started on a weak note.

The BSE Sensex is trading down by 903 points. Meanwhile, the NSE Nifty is trading lower by 229 points.

Tata Steel is among the top gainers today. ICICI Bank and Asian Paints, on the other hand, are among the top losers today.

The BSE Mid Cap index is down 0.1% while the BSE Small Cap index is bucking the trend and is up 0.3%.

Sectoral indices are trading mixed with stocks in the banking sector, finance sector and telecom sector witnessing most of the selling.

Metal stocks and energy stocks on the other hand, are trading in green.

Shares of Ratnamani Metals and Hindalco hit their 52-week highs today.

The rupee is trading at 75.76 against the US$.

Gold prices are trading up by 0.1% at Rs 51,871 per 10 grams.

Meanwhile, silver prices are trading at Rs 66,999 per kg.

In global markets, gold prices dipped as the dollar ticked higher, outweighing safe-haven demand fueled by the intensifying Russia-Ukraine conflict.

Crude oil prices rose today as sanctions on Russian banks following Moscow's invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market.

Speaking of stock markets, India's #1 trader Vijay Bhambwani talks about Nifty ETFs and why they are his top investing idea amid correction in the markets, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the depositories space, CDSL share price is among the top buzzing stocks today.

Central Depository Services (CDSL) has opened more than 60 m active demat accounts, the company said in a release on Tuesday.

CDSL's chairman BV Chaubal said it is reassuring to note that the focus of registration of new demat accounts is shifting from metros to tier II and tier III cities, which is indicative of the broadening of the Indian capital market.

Last month, India's only listed depository had reported a 55% jump in consolidated net profit to Rs 836.3 m for the December 2021 quarter.

CDSL's total income rose 58% to Rs 1,629.3 m in the quarter under review, from Rs 1,032 m in the year-ago period.

Note that a number of retail investors have flocked to the Indian stock market since the start of the pandemic. The accounts are further expected to grow in lieu of the much-awaited IPO of Life Insurance Corporation (LIC) of India.

Due to the geopolitical tensions, India may take another look at the timing of LIC's IPO, Finance Minister Nirmala Sitharaman was quoted saying in an interview.

BSE, Standard Chartered Bank, PPFAS Mutual Fund, HDFC Bank and LIC are among CDSL's major shareholders.

To know more, check out the latest shareholding pattern of CDSL.

Moving on to news from the semiconductor space, the global semiconductor shortage continued to plague passenger vehicle manufacturers, with major players reporting a decline in their sales in February compared to the same month last year.

Maruti Suzuki's domestic sales fell 6.7% to 1,37,607 units during the month. Meanwhile, Hyundai reported a 14.6% drop to 44,050 units.

Toyota Kirloskar Motor's domestic sales declined by 38% to 8,745 units. Similarly, Honda Cars reported a 23% decline in domestic sales to 7,187 units.

In a statement, Maruti said that the shortage of electronic components had a minor impact on the production of vehicles which are primarily sold in the domestic market. The company took all possible measures to minimise the impact.

Note that this was the seventh consecutive month of declining sales for Maruti, whereas for Hyundai it was the sixth.

Bucking the weak trend, Tata Motors and M&M reported a jump in sales.

Tata Motors reported a 47% increase in passenger vehicle sales in the domestic market at 39,981 units. Similarly, M&M said its passenger vehicle sales in the domestic market increased by 80% to 27,663 units.

Already suffering, the Russian invasion of Ukraine may worsen the global semiconductor chip shortage. As exports from Ukraine have stopped due to flights being grounded and major ports being under attack or occupied, sanctions on Russia will also reduce the exports.

The shortage of semiconductors will likely have a domino effect, and industries like the automotive sector, electronic appliances, smartphones and more will see a consequent increase in costs and slump in production. No wonder semiconductor stocks are all rage these days.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of semiconductors, note that TSMC is the largest contract manufacturer of semiconductor chips in the world. The company manufactures chips for major tech firms such as Apple, Nvidia, Intel, Qualcomm, etc.

It is also one of the most successful companies whose stock has been a big wealth creator.

In January, we wrote a piece on what Indian companies can learn from this giant. You can read it here.

Meanwhile, also check out Co-head of Research at Equitymaster Tanushree Banerjee's video on India's best semiconductor stocks.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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