After remaining closed on Tuesday on account of Mahashivratri, the Indian markets opened on a negative note amid heightened geopolitical tension as Russia-Ukraine war entered seventh day on Wednesday. Domestic equity markets gave up gains in the last two sessions as the broader Nifty50 opened near 16,600 and the Sensex shed over 600 points with the indices declining by more than 1 per cent in the opening trade.  

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The two indices opened at 16,588.90 and 55,629.30 respectively.  

This was in line with the SGX Nifty, which was trading 220 points or 1.32% lower to 16,488.00 on the Singaporean exchange around 9 am on Wednesday.  

Tata Steel. Power Grid, Mahindra & Mahindra, Nestle India, Reliance, NTPC, Tech Mahindra and TCS were top gainers, while ICICI Bank, Maruti, HDFC Ltd, Asian Paints, HDFC Bank and IndusInd bank declined the most as markets opened after a day   

In the preopen, the Sensex was trading over 600 points lower to 55,618 as 28 shares declined and 8 advanced on the 30-share index.

"Crude skyrocketing to $110 is a major shock to the economy. After the elections in March petroleum product prices will rise sharply even if the govt goes for an excise cut. Q3 GDP growth at 5.4% came lower than expected. This slowdown is likely to be  extended, going forward. As things stand now, India's GDP growth for FY 23 will be lower and inflation higher than estimates. This is negative for the stock market," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.  

In this highly volatile and uncertain scenario, investors  should remain in a wait and watch mode, suggests Vijayakumar, adding, there is relative safety in IT stocks and valuation comfort in high quality financials.

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On Wednesday morning, Asian indices were deep in the red amid heightened tension between Russia and Ukraine. Japanese Nikkei 225 was trading lower by 1.41%, Hang Seng Index at the Hong Kong Exchange was down by 0.55% and Chinese Shanghai Composite slumped 0.60% in the early trade around 7.30 am. 

Earlier on Tuesday, the US market too closed in the red as benchmarks Dow Jones declined 1.76%, Nasdaq Composite ended lower by 1.59%, S&P500 dropped 1.55% and Russell 2000 closed nearly 2 per cent lower.  

Ahed of the market opening, Zee Business research team has shortlisted 20 stocks from cash, F&O and techno segments to help investors maximise their profit. These stocks have been selected keeping in mind short term, positional and long-term investment requirements of investors. Below is the lsit of stocks, take a look.  

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)