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Nifty Outlook

Markets plunged sharply lower and lost over 2%, tracking a continuous surge in the crude and feeble global cues. The benchmark opened gap-down and oscillated in a broader range till the end. Meanwhile, sectoral indices traded mixed front wherein Telecom, IT, Metal and Oil & Gas ended with gains whereas Auto, Banks and Capital Goods were among the top losers. Consequently, the Nifty index breached the psychological mark of 16,000 to close at 15,863 levels. The broader markets too ended with similar losses. Markets are rattled with a sharp surge in crude amid the fear of further sanctions on Russia. Besides, there’s no sign of de-escalation of tension between the two nations. In short, we expect volatility to remain high and suggest keeping a close watch on global markets for cues. On the domestic front, state elections exit polls and actual results on March 10 would be actively tracked.

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