Sensex Ends Volatile Day 769 Points Lower; Metal, Realty, & Automobile Stocks Witness Selling

Fri, 4 Mar Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended on a weak note.

Benchmark indices extended losses for the third straight day as investors piled into government bonds and gold for cover while scrutinising the latest twists in Russia's escalating invasion of Ukraine.

At the closing bell, the BSE Sensex stood lower by 769 points (down 1.4%).

Meanwhile, the NSE Nifty closed lower by 253 points (down 1.5%).

Dr Reddy's Lab and ITC were among the top gainers today.

Titan and Maruti Suzuki, on the other hand, were among the top losers today.

The SGX Nifty was trading at 16,245, down by 267 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended down by 2.4% and 1.7%, respectively.

Sectoral indices ended on a negative note with stocks in the metal sector, auto sector and consumer durables sector witnessing selling pressure.

Shares of Gujarat Narmada and Nalco hit their respective 52-week highs today.

Asian stock markets ended on a negative note today.

The Hang Seng and the Shanghai Composite ended down by 2.5% and 1%, respectively. The Nikkei ended down by 2.2% in today's session.

US stock futures are trading on a weak note today with the Dow Futures trading down by 263 points.

The rupee is trading at 76.16 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.6% at Rs 52,062 per 10 grams.

Speaking of stock markets, in his latest video for Fast Profits Daily, Brijesh Bhatia discusses what should be your war-time trading strategy.

Tune in to the video below to find out more:

In news from the banking sector, Yes Bank was among the top buzzing stocks today.

Yes Bank is in talks with private equity (PE) investors to raise Rs 75-112.5 bn (US$1-1.5 bn) in expansion capital to further bolster its balance sheet, two years after it was placed under guardianship of the State Bank of India to stave off a possible run on its deposits.

Private equity firm Carlyle is mulling a Rs 37.5-45 bn (US$500-600 m) investment in the private sector lender, according to The Economic Times.

It is reported that Advent International is also expected to acquire a similar share in Yes Bank, and that both the private equity companies are interested in a board seat as well.

Eight Capital, an investment firm, dropped out of its arrangement to buy Yes Bank's problematic loans around a month ago. In fact, Eight Capital has opted to end its relationship with JC Flowers Group and Emso Asset Management.

The three had formed JC Flowers ARC, a joint venture entity that had sought to buy Yes Bank's bad loans for over Rs 540 bn. Eight Capital could not come to an agreement on how to value problematic loans, thus it opted to pull out of the partnership.

Two years ago, Yes Bank faced serious difficulties. The Reserve Bank of India (RBI) had placed the lender under a moratorium at the time, and depositors could only withdraw up to Rs 50,000.

Within a few days, RBI had disbanded Yes Bank's board of directors and ordered the establishment of a new board under SBI's supervision.

Since then, Yes Bank has resurrected itself, and its financial situation appears to be improving.

Yes Bank share price ended the day down by 1.3% on the BSE.

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

In the chart below, we can see the head and shoulder pattern - the stock goes up, makes a high, falls a little bit, goes up to a higher high, does not make a higher low, rallies again, fails to make a new high, and then starts to break down.

This usually happens in a situation where a stock or index has typically been in a bull trend for a while. Spotting this correctly can help you save money.

If you're interested in trading and want to know how you can use this pattern, you can read about it in one of the editions of Profit Hunter here: It's When You Sell that Counts

Moving on to news from the oil & gas sector...

India Increasing Ethanol Storage, Targets 20% Blended Petrol By 2025

India's state-run fuel retailers are increasing their ethanol storage capacity by 51% as the nation targets to double the biofuel's blending with gasoline to 20% by 2025, a director at the country's top refiner Indian Oil said on Friday.

India is the world's third biggest oil importer and relies on foreign suppliers to meet more than 80% of its demand.

Prime Minister Narendra Modi has pledged to achieve net-zero carbon emission by 2070, and is encouraging industries to switch to cleaner options including renewable and biofuels to cut carbon footprint.

India is close to achieving its target of 10% ethanol blended gasoline in this fiscal year ending 31 March, SSV Ramakumar said in an energy conference.

Last year, India brought forward its target of selling 20% ethanol blended fuel across the country by five years to 2025, with sales beginning in some parts of the country from April 2023.

India's federal finance ministry has proposed a tax of Rs 2 a liter on unblended petrol from October.

State-run companies Indian Oil, Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) own storage to hold 178 m litres of ethanol.

'With current capacity, about 4.3 billion litres of ethanol can be handled annually considering 15 days of coverage period. With tankage of 446.4 million litres by 2025, about 10.6 billion liters of ethanol can be handled annually,' Ramakumar said.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

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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