IGI Logo

Erasing all their early gains, markets slipped in red terrain in afternoon deals, as traders opted to book profit amid geopolitical tension between Russia and Ukraine. Traders were also remain worried as US Federal Reserve Chair Jerome Powell has signalled the central bank would start raising rates this month despite uncertainties stemming from the Russia-Ukraine crisis. 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. Traders failed to take solace with preliminary data released by the commerce ministry stated that India's exports rose by 22.36 per cent to $33.81 billion in February on account of healthy growth in sectors like engineering, petroleum and chemicals, even as the trade deficit widened to $21.19 billion. On the global front, all Asian markets were trading higher despite the intensifying conflict between Russia and Ukraine. Back home, domestic investors can now invest in US stocks such as Google, Amazon, and Tesla directly on the NSE IFSC (NSE International Exchange). NSE International Exchange (NSE IFSC), a wholly-owned subsidiary of the National Stock Exchange of India (NSE), had announced trading in select US Stocks which will be facilitated through the NSE IFSC platform from March 3.

The BSE Sensex is currently trading at 55409.79, down by 59.11 points or 0.11% after trading in a range of 55344.32 and 55996.62. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.12%, while Small cap index up by 0.76%.

The top gaining sectoral indices on the BSE were Utilities up by 2.37%, Power up by 2.33%, IT up by 1.78%, TECK up by 1.51% and Metal was up by 1.50%, while Auto down by 0.70%, Consumer Durables down by 0.42%, Bankex down by 0.37%, Consumer Discretionary down by 0.30% and FMCG was down by 0.04% were the top losing indices on BSE.

The top gainers on the Sensex were Wipro up by 3.56%, Tech Mahindra up by 3.10%, HCL Tech. up by 2.96%, Power Grid up by 2.82% and Tata Steel was up by 2.18%. On the flip side, Asian Paints down by 3.60%, Ultratech Cement down by 3.23%, Dr. Reddy's Lab down by 1.77%, Hindustan Unilever down by 1.50% and Maruti Suzuki was down by 1.41% were the top losers.

Meanwhile, The Indian Solar Manufacturers Association (ISMA) has said the government's recent policy initiatives to promote the manufacturing of solar power equipment in the country will put the industry on a strong footing and help achieve ambitious targets. The government has set an ambitious target of 500 gigawatts of renewable capacity by 2030, which is about 5 times the current cumulative installations. The majority of this target is expected from solar installations, targeted to touch 280 GW by 2030, which would require India to install 29 GW each year for the next 8 years.

ISMA said though India has about 4 GW of cell and 13 GW of module manufacturing, Indian solar sector has been majorly dependent on imports from China. Modules import accounted for more than 65 per cent of total module demand in 2021. Of the total modules manufactured in India, only one-third of them used Indian cells. These imports have historically led to low-capacity utilisation of cell and module manufacturing in India.

It further said the recent steps by the Indian government have created a more positive environment for cell and module manufacturers in India and the solar manufacturing industry is ready to support the Government in achieving its vision. The government's DCR (domestic content requirement) schemes -- CPSU, KUSUM and Rooftop -- have ensured that Indian cells find favour in the solar industry, leading to high-capacity utilisation rates for Indian solar cell manufacturers. These schemes have also helped hasten the movement to distributed solar power across the country.

The CNX Nifty is currently trading at 16571.70, down by 34.25 points or 0.21% after trading in a range of 16561.85 and 16768.95. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were Wipro up by 3.66%, HCL Tech. up by 3.06%, Tech Mahindra up by 3.01%, Coal India up by 2.98% and Power Grid was up by 2.80%. On the flip side, Asian Paints down by 3.70%, Ultratech Cement down by 3.27%, Shree Cement down by 2.79%, HDFC Life Insurance down by 2.64% and Dr. Reddy's Lab was down by 1.78% were the top losers.

All Asian markets were trading higher; Taiwan Weighted strengthened 66.80 points or 0.37% to 17,934.40, Shanghai Composite gained 1.81 points or 0.05% to 3,486.00, KOSPI rose 43.61 points or 1.61% to 2,747.13, Nikkei 225 surged 184.24 points or 0.7% to 26,577.27, Straits Times advanced 24.26 points or 0.75% to 3,268.66 and Hang Seng was up 112.74 points or 0.5% to 22,456.66.

Above views are of the author and not of the website kindly read disclaimer