03 Mar , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets were witnessing a pullback at the start of the day’s trade on Dalal Street. S&P BSE Sensex opened just shy of 56,000 mark, rising more than 400 points or 0.6%. NSE Nifty 50 was above 16,700. Bank Nifty zoomed half a per cent to regain 35,500. India VIX was down 6%. Tech Mahindra was up 2% as the top Sensex gainer, followed by Power Grid, NTPC, and IndusInd Bank. In the red, Asian Paints was the top laggard, accompanied by Ultratech Cement, Maruti Suzuki, and Nestle India.
Making fighting inflation his primary task, US Federal Reserve Chair Jerome Powell, on Wednesday, signalled the central bank would start raising rates this month despite uncertainties stemming from the Russia-Ukraine crisis. Powell, in his remarks to the U.S. House of Representatives Financial Services Committee, reiterated the core Fed narrative that high inflation and an “extremely tight” labour market warrant higher interest rates. The US Fed Chair said that he is inclined to propose a 25 basis point rate hike later this month. The rate of inflation in the US has scaled a 40-year high.
Reliance Industries' share price was trading with a negative bias on Thursday morning at Rs 2,395 per share. RIL has joined hands with Sanmina to create a manufacturing JV in India.
Global markets got a relief from Fed Chief Powel's endorsement of a 25bp rate cut in March. Powel's remark that “we are not going to add to uncertainty” is an affirmation that rate hikes will not be market unsettling. Morgan Stanley removing “uninvestable Russia” from the MSCI Index is a long-term positive to stable markets like India which will attract more FPI funds. But in the short run India will continue to face headwinds coming from expensive crude. The scenario will change only when the war ends and crude comes down sharply. Meanwhile, commodities like metals will continue to outperform and IT will be resilient. Financials present attractive long-term bets.”
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