Live market updates: The key benchmark indices are off to start the week on a highly negative note as the SGX Nifty futures trading around 15,825 levels at 7:35 am were down over 400 points from Friday’s close as Brent Crude surged to hit the $140 per barrel-mark in early trade, highest since 2008.
This comes amid reports that the US, with other European countries, is mulling to put sanctions on Russian oil and gas. Russia is a major oil supplier globally and fears of supply shortage of the fuel is leading to unprecedented surge in its prices.
Further, there have been delays in Iran-US nuclear deal talks, which have also triggered the steep rise in oil prices.
On the geo-political front, as per reports, escalated fighting stopped about 200,000 people from evacuating the besieged Ukrainian city of Mariupol for a second day in a row on Sunday, as Russian President Vladimir Putin vowed to press ahead with his invasion unless Kyiv surrendered.
Consequently, major markets in neighbouring Asian countries tumbled sharply. Japan’s Nikkei slumped 3.2 per cent. Hang Seng plunged 2.7 per cent. Kospi and Taiwan shed around 2 per cent each. Shanghai Composite slipped a per cent, while Straits Times was down 0.4 per cent.
The US benchmark futures were also trading sharply lower. The Dow Jones, the S&P 500 and Nasdaq futures were down 1.2 per cent – 1.9 per cent. On Friday, the US stocks ended lower despite strong monthly jobs data. Dow was down 0.3 per cent, the S&P 500 slipped 0.5 per cent and Nasdaq tanked 1.6 per cent.
Back home, among stocks, Balkrishna Industries may be in focus as it has successfully commenced commercial production of the brown field expansion and debottlenecking project at Bhuj plant ahead of schedule. It said this will result in increased production of tyres up to 50,000 MTPA. The complete ramp-up in production is expected to be achieved in the next 6 months.
That apart, PNB Housing Finance said its board will hold a meeting on March 9 to consider fund raising.
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