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Benchmark indices ended lower for the second consecutive session on March 3 as oil prices hit a 10-year high during the Ukraine-Russia war.
The selling pressure by foreign institutional investors (FIIs), who sold shares worth Rs 6,644.65 crore, weighed on market sentiment. However, domestic institutional investors (DIIs) bought shares worth Rs 4,799.24 crore on March 3, according to data available on the NSE.
On Friday morning, Russian troops shelled Europe's largest nuclear power plant and set fire to a power station. This put pressure on the global market again.
Wall Street ended at a loss after Powell told a Senate committee in his second day of testimony before Congress that Russia's war in Ukraine could affect the US economy.
Shares of Asia-Pacific traded lower on Friday. Japan's Nikkei 225 was down 2.47% while the Topics index was down 1.99%.
According to the pivot charts, the Nifty's major support level is at 16,371 and then at 16,244. If the index moves upwards, the main resistance levels to watch out for are 16,697 and 16,896.
Trends in the SGX Nifty signify the Nifty with a loss of 231 points.
Stocks In News;
Vodafone Idea: The Telecom Operator has announced that the Board has approved a priority fundraiser of Rs 4,500 crore through its promoters. Euro Pacific Securities, Prime Metals and Oriana Investment Pvt Ltd have decided to issue over 338.3 crore equity shares at Rs 13.30 per share.
Themis Medicare: Virolex, an immunomodulatory antiviral drug, has been approved by the Company from the Drug Controller General of India. The drug is used to treat Kovid-19.
Eveready Industries India: Aditya Khaitan and Amritanshu Khaitan have resigned as non-executive directors, chairman and managing director of the company following an open offer from the Burman Group. The new leadership and guidance will enable the resignation to take advantage of the company.
LT Foods: Consumer food company LT Foods Americans Inc has announced that it has acquired a 51 per cent stake in Golden Star Trading Inc along with its brand Golden Star. It also has a call option to buy the remaining 49 per cent stake after three years.
Future Retail: Amazon.com Inc. And its separatist partner Future Retail Ltd., through negotiations, agreed with the Supreme Court's order to resolve their fierce legal battle over the sale of their assets to Reliance Industries.
Yes Bank: Carlyle, a private equity group, is considering a Rs 3,750-4,500 crore investment in Yes Bank with Pierre Advent International.
Airline stocks: Even as crude oil prices try to reach new heights every day, Indian airlines may find it difficult to pass on the rising jet fuel costs to passengers. Cost pressure comes at a time when the industry is making a gradual recovery in passenger traffic after the third wave of the Pandemic.
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