04 Mar , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bears were dominating Dalal Street on Friday morning. S&P BSE Sensex tanked more than 700 points on opening bell, falling well below the 55,000 mark while the Nifty 50 index was down 200 points or 1.25% to hover below 16,300. Bank Nifty was down 1.5% and India VIX was above 29 levels again. Tata Steel and NTPC were the only 2 stocks in green while Asian Paints was down 3.75% as the top laggard, followed by Maruti Suzuki and Axis Bank.
Negative outlook on Banking sector
“From 87,020 contracts at the start of the first day of March series, Bank Nifty futures OI has jumped to 1,75,228 contracts. It took just 4 sessions. This kind of built-up is at an all-time high level seen in the beginning of any expiry.
This massive build up in Bank Nifty are mostly short-positions. Also, it is important to note that during this period, FIIs were shorting index futures heavily and selling pressure with significant built-up of shorts was observed in all large-cap private banks. Such activity can not happen without having a firm negative outlook on the sector,” said Siddarth Bhamre, Alternative investments, InCred Equtiies.
D-Street bleeds
Benchmark indices along with broader markets were down deep in the red on Dalal Street. Midcap and small-cap indices were down nearly 1?ch.
IT, metals stocks -- safe from inflation
“The war and surge in crude has completely transformed the economic scenario and market expectations. If the war prolongs global economic growth may be impacted. In India, both the government and RBI had assumed crude price of around $75 and, therefore, projections in the budget and monetary policy have to be revised materially. Even if crude price declines and stays around $100, inflation for FY23 will be much higher than RBI's forecast. MPC will be forced to raise rates and this will impact the economic recovery underway. Even in a declining market there will be safe spots like IT, metals and high quality stocks which will not be impacted by rising inflation and higher interest rates,”
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