Indian equities on the weekly expiry day started in the negative amid weakness in the Asian markets. At the start, Nifty was down 0.74 per cent or 174.8 points at 23,343.7, while the Sensex was up 0.03 per cent or 26 points at 77,604.76.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.said, "The escalation of tensions in the Ukraine-Russia war can weigh on markets. The element of uncertainty caused by the escalations is high and therefore most market participants are likely to be in a wait and watch mode. However, any sharp slide in the market appears unlikely since the mother market US has largely downplayed the escalation."

Prashanth Tapse, Senior VP (Research), Mehta Equities held that after the Nifty snapped its 7-day losing streak on Tuesday, but volatility remains high with focus on the Maharashtra and Jharkhand elections. The index is still trading below its 200-DMA (23575), and key themes today include geopolitical tensions, rising oil prices ($69.50 per barrel), and a strengthening US Dollar.

FIIs have sold Rs 34,348 crore this month, intensifying the downside pressure.

Stocks in focus

Adani group stocks: Adani group stocks will be in focus after the US court indicted Gautam Adani and 7 other individuals over bribery and fraud. After the opening, most stocks of the conglomerate were locked in lower circuit.

Indian Hotels stock to remain in the spotlight as Jefferies has reiterated its buy stance on the counter with a sharp upside.

Asian markets

Most Asian markets traded in the red, with Japan's Nikkei and Set Composite trading with losses of up to 1 per cent. At the last count, the key MSCI Asia ex Japan index traded in the negative by around 0.18 per cent.