Sensex ends a tad above 34,000, down 407 pts, Nifty falls 1%; banks drag

Markets, Stocks, BSE, NSE
Benchmark indices slumped more than 1% on Friday, in line with Asian peers, as the global rout in equities returned, while lingering concerns over inflation back home weighed on the market.

Asian stocks tumbled to two-month lows after US shares plummeted again in the face of rapidly rising bond yields.

Global cues have weighed on Indian stock markets with major indexes on track for a second straight weekly fall after embarking on a record-hitting spree in January.

US markets remained the epicentre of the global sell-off, with the Dow plunging 4.1% and the S&P 500 sinking 3.7% overnight.

Higher yields are seen hurting equities as they increase borrowing costs for companies and reduce their risk appetite. They also present a fresh alternative to investors, who may choose to allocate some of their money from equities to bonds.

3:44 PM IST Top Sectoral gainer: Nifty Metals

3:41 PM IST Top Sectoral loser: Nifty bank 

3:39 PM IST 23 stocks from BSE500 gain over 10% during current week in weak market   FDC, SpiceJet, Steel Authority of India (SAIL), Bharat Forge, Ipca Laboratories, Jet Airways and Bajaj Electricals are among 23 stocks from the S&P BSE500 index up over 10% during current week in an otherwise weak market.   Bombay Dyeing & Manufacturing, HEG, Fortis Healthcare, Himachal Futuristic Communications (HFCL), Firstsource Solutions, Jamna Auto Industries, Greenply Industries and Shankara Building Products, too, were up more than 10%. READ MORE

3:36 PM IST Sectoral Trend

3:33 PM IST Sensex losers and gainers

3:32 PM IST Markets at Close   Benchmark indices slumped more than 1% on Friday, in line with Asian peers, as the global rout in equities returned, while lingering concerns over inflation back home weighed on the market.   The S&P BSE Sensex ended at 34,005, down 407 points while the broader Nifty50 index settled at 10,454, down 121 points.

3:20 PM IST Everything's a sell in China after $828 billion equity rout   Investors got a stark reminder of how fast their bets can turn in China, where the most bullish trades are falling apart.   The country’s currency was their latest favorite to succumb to a route that has roiled financial markets around the world this week, losing as much as 1.2% on Thursday for the biggest decline since the aftermath of its 2015 shock devaluation. That follows a selloff in large caps and banks that has wiped out about $828 billion from the value of Chinese equities. READ MORE

3:12 PM IST Insolvency process: JSW, Tata Steel lead in buying stressed assets JSW Steel and Tata Steel have emerged as the most aggressive bidders for stressed assets put on the block under the Reserve Bank of India (RBI)-mandated insolvency process. READ MORE

3:00 PM IST Market Check   S&P BSE Sensex 33,961.77 -1.31%   Nifty 50 10,451.65 -1.18%   S&P BSE 200 4,577.40 -0.95%   Nifty 500 9,247.25 -0.81%   S&P BSE Mid-Cap 16,621.81 -0.16%   S&P BSE Small-Cap 18,147.06 0.09%

2:55 PM IST India's January retail inflation seen easing only slightly, still above target: Reuters poll   Retail inflation in India eased only slightly last month from a 17-month high hit in December, according to a Reuters poll, offering scant relief to policymakers mindful of the tentative economic recovery. The Reserve Bank of India (RBI) kept its key policy rates unchanged on Wednesday and retained its “neutral” stance in an attempt to maintain a delicate balancing act and nurture growth.   But the central bank raised its inflation expectations for the fiscal year starting in April on surging oil prices and after the government announced an increase in rural and healthcare spending in its budget, which would be inflationary. “There are upside risks to inflation, primarily stemming from higher minimum support price (MSP) for kharif crops as stated in the union budget, increase in customs duties, and fiscal slippage,” said Nikhil Gupta, research analyst at Motilal Oswal.

2:42 PM IST HPCL Q3 profit rises 23% to Rs 19 bn; income up 13%   State-owned oil refiner Hindustan Petroleum Corp Ltd's profit rose 22.6 per cent in the third quarter, beating estimates. Profit rose to Rs 19.50 billion ($303.05 million), compared with Rs 15.90 billion a year earlier. Analysts on average had expected a profit of Rs 15.50 billion, according to Thomson Reuters data READ MORE Earnings impact: HPCL  

2:25 PM IST Healthy outlook: Aurobindo Pharma posts Rs 5.95 billion net profit in Q3   Aurobindo Pharma's reported profit after tax at Rs 5.95 billion for the December quarter (Q3), up a mere 3% year-on-year, may have disappointed the street as the stock fell 2.4% to Rs 602 on Thursday, but a look at the core performance and future prospects provide comfort. For one, Aurobindo had to re-measure its US deferred tax assets and liabilities based on the new tax law and also recognise a one-time charge of Rs 664 million in Q3.   Thus, its net profit came below estimates of Rs 6.63 billion. CLICK HERE FOR FULL STORY

LIVE UPDATES

Top Sectoral gainer: Nifty Metals


Top Sectoral loser: Nifty bank 


23 stocks from BSE500 gain over 10% during current week in weak market
 
FDC, SpiceJet, Steel Authority of India (SAIL), Bharat Forge, Ipca Laboratories, Jet Airways and Bajaj Electricals are among 23 stocks from the S&P BSE500 index up over 10% during current week in an otherwise weak market.
 
Bombay Dyeing & Manufacturing, HEG, Fortis Healthcare, Himachal Futuristic Communications (HFCL), Firstsource Solutions, Jamna Auto Industries, Greenply Industries and Shankara Building Products, too, were up more than 10%. READ MORE
Sectoral Trend


Sensex losers and gainers


Markets at Close
 
Benchmark indices slumped more than 1% on Friday, in line with Asian peers, as the global rout in equities returned, while lingering concerns over inflation back home weighed on the market.
 
The S&P BSE Sensex ended at 34,005, down 407 points while the broader Nifty50 index settled at 10,454, down 121 points.
Everything's a sell in China after $828 billion equity rout
 
Investors got a stark reminder of how fast their bets can turn in China, where the most bullish trades are falling apart.
 
The country’s currency was their latest favorite to succumb to a route that has roiled financial markets around the world this week, losing as much as 1.2% on Thursday for the biggest decline since the aftermath of its 2015 shock devaluation. That follows a selloff in large caps and banks that has wiped out about $828 billion from the value of Chinese equities. READ MORE
Insolvency process: JSW, Tata Steel lead in buying stressed assets

JSW Steel and Tata Steel have emerged as the most aggressive bidders for stressed assets put on the block under the Reserve Bank of India (RBI)-mandated insolvency process. READ MORE
Market Check
 
S&P BSE Sensex 33,961.77 -1.31%
 
Nifty 50 10,451.65 -1.18%
 
S&P BSE 200 4,577.40 -0.95%
 
Nifty 500 9,247.25 -0.81%
 
S&P BSE Mid-Cap 16,621.81 -0.16%
 
S&P BSE Small-Cap 18,147.06 0.09%

India's January retail inflation seen easing only slightly, still above target: Reuters poll
 
Retail inflation in India eased only slightly last month from a 17-month high hit in December, according to a Reuters poll, offering scant relief to policymakers mindful of the tentative economic recovery. The Reserve Bank of India (RBI) kept its key policy rates unchanged on Wednesday and retained its “neutral” stance in an attempt to maintain a delicate balancing act and nurture growth.
 
But the central bank raised its inflation expectations for the fiscal year starting in April on surging oil prices and after the government announced an increase in rural and healthcare spending in its budget, which would be inflationary. “There are upside risks to inflation, primarily stemming from higher minimum support price (MSP) for kharif crops as stated in the union budget, increase in customs duties, and fiscal slippage,” said Nikhil Gupta, research analyst at Motilal Oswal.
HPCL Q3 profit rises 23% to Rs 19 bn; income up 13%
 
State-owned oil refiner Hindustan Petroleum Corp Ltd's profit rose 22.6 per cent in the third quarter, beating estimates. Profit rose to Rs 19.50 billion ($303.05 million), compared with Rs 15.90 billion a year earlier. Analysts on average had expected a profit of Rs 15.50 billion, according to Thomson Reuters data READ MORE

Earnings impact: HPCL
 

Healthy outlook: Aurobindo Pharma posts Rs 5.95 billion net profit in Q3
 
Aurobindo Pharma's reported profit after tax at Rs 5.95 billion for the December quarter (Q3), up a mere 3% year-on-year, may have disappointed the street as the stock fell 2.4% to Rs 602 on Thursday, but a look at the core performance and future prospects provide comfort. For one, Aurobindo had to re-measure its US deferred tax assets and liabilities based on the new tax law and also recognise a one-time charge of Rs 664 million in Q3.
 
Thus, its net profit came below estimates of Rs 6.63 billion. CLICK HERE FOR FULL STORY
Bharat Forge: Market share gains, new products helped to outperform in Q3
 
The Bharat Forge stock was up nearly 8% on a better-than-expected December quarter performance, a strong outlook for the March quarter and FY19, and investments in an electric vehicle start-up. Top line growth of 47% over the year-ago period was led by 38% growth in volumes, while the rest came from increasing share of value-added products. READ MORE
Moody's ups outlook on IOB and Central Bank to positive from stable
 
Global ratings agency Moody's has revised the outlook on two Indian public sector lenders, the Indian Overseas Bank (IOB) and Central Bank of India (CBI), from "stable" to "positive".
 
The positive outlook reflects the upward pressure that could develop on the banks' long-term ratings if capital positions continue to improve over the next 12-18 months due to capital infusions from the government, Moody's said in statement on Friday. CLICK HERE FOR FULL STORY
MARKET CHECK

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,999.80 -413.36 -1.20
 
S&P BSE SENSEX 50 10,910.66 -116.26 -1.05
 
S&P BSE SENSEX Next 50 34,422.79 -209.35 -0.60
 
S&P BSE 100 10,850.64 -107.75 -0.98
 
S&P BSE Bharat 22 Index 3,681.85 -30.58 -0.82

BUZZING STOCK

GMDC shares gained 4% as profit in Q3 increased sharply by 68.8% to Rs 78.5 crore compared to Rs 46.5 crore in year-ago.
 
Revenue from operations jumped 33.1% to Rs 506.1 crore, from Rs 380.3 crore in same period last year. Operating profit shot up 98.6% to Rs 131.3 crore and margin 850 basis points to 25.9% compared to same quarter last year.
Indiabulls Real Estate surges 8% on business restructuring plan
 
Indiabulls Real Estate moved higher by 8% to Rs 230 on BSE in noon deal after the Mumbai-based real estate said that its board will meet next week to consider the business restructuring plan that it considered in April last year.
 
“The board of directors is scheduled to meet on Wednesday, February 14, 2018, to consider the various options and recommendations of the committee constituted for the reorganization/ restructuring of the existing residential and commercial office leasing businesses of the Company and to take appropriate decisions, as required,” Indiabulls Real Estate said in a regulatory filing. READ MORE
Steel and mining companies still bearing the brunt of ban in Karnataka, Goa
 
Steel and mining companies operating in mineral-rich states of Karnataka and Goa till date bear the brunt of the iron ore mining ban, which brought the two industries onto their knees between 2011 to 2014.
 
“Till today, we regret the expansion opportunity we lost due to the ban in Karnataka. As per our business plan, JSW Steel was to have 16 million tonne capacity at Vijaynagar alone by 2012. We are still at 12 million tonnes here (at Vijaynagar),” deputy managing director of the company Dr Vinod Nowal. CLICK HERE FOR FULL STORY
Sensex top gainers and losers


Surya Roshni up 12% on order win of Rs 839 million; zooms 42% in one week
 
Surya Roshni hits record high of Rs 522, up 12% on BSE in intra-day trade after the company said it has received an order worth of Rs 839 million for supply of LED street and tube lights.
 
“The Company has obtained orders for supply of LED street lights under SLNP (Street light National Program) and for supply of LED tube lights aggregating to Rs 839 million from Energy Efficiency Services Limited (EESL),” Surya Roshni said in a regulatory filing. READ MORE
Sectoral Trend


Malvinder & Shivinder Singh took Rs 5 bn out of Fortis without board nod
 
India's tycoon Singh brothers took at least Rs 5 billion ($78 million) out of the publicly-traded hospital company they control without board approval about a year ago, people with knowledge of the matter said READ THE FULL STORY HERE

Shivinder M Singh, vice-chairman, Fortis Healthcare

Nirmal Bang maintains 'accumulate' rating on ACC
 
Despite a rise in interest costs, ACC’s APAT stood at ~Rs 2 billion. We have moved forward our valuation to CY19E earnings and valued ACC based on 13.0x CY 2019E EV/EBITDA and $140 CY 2019E EV/mt  to arrive at a target price of Rs 1,891. We have retained Accumulate rating on the stock.
Reliance Securities on Hexaware
 
Notwithstanding Hexaware’s differentiated business strategy, we believe its near-term growth will be a challenge owing to client-specific issues. Notably, the stock has substantially outperformed the broader market over the past year and in light of expected slower growth, current valuations at 19.6x/17.0x CY18E/CY19E EPS seem to be prohibitive, in our view. Thus, rolling over our estimates to CY19E EPS, we downgrade our recommendation on the stock to REDUCE from HOLD with a revised target price of Rs 313 (from Rs 285 earlier).
Vakrangee hits 5% upper circuit after falling 62% in nine trading days

Vakrangee is locked in upper circuit of 5% at Rs 202, recovering 10% from its early morning low on BSE with no sellers seen on the counter. The stock opened 5% lower at Rs 183, against its Thursday’s close of Rs 192 on BSE.  READ MORE
NEWS UPDATE

Malvinder & Shivinder Singh said to have taken Rs 5 bn out of Fortis, say reports
India's oil hunger to double despite its electric car ambitions

Even though India aspires to sell only electric vehicles by 2030, it still sees gasoline and diesel consumption doubling over that period. The two ideas may not be contradictory.
 
Electric vehicles will take time to become affordable enough for price-sensitive Indian masses, according to the country’s energy forecaster. READ MORE
Sugar  shares in focus; Dhampur, Mawana, Dwarikesh up over 4%

Shares of sugar companies were trading higher by up to 20% on BSE in otherwise weak market after the government imposed a limit on the amount of sugar that mills can sell in the market during February and March.
 
The market price of Avadh Sugar & Energy, Dhampur Sugar Mills, Magadh Sugar, Mawana Sugars, Dwarikesh Sugar and Uttam Sugar Mills were trading higher by more than 4% on BSE. READ MORE
Cement, two-wheelers and building materials. Stocks you should avoid now

The steep increase in domestic and global bond yields may have stirred the market out of its complacency and into recognizing that the deterioration may be here to stay for longer than earlier, says Sanjeev Prasad, executive director and co-head, Kotak Institutional Equities in a recent co-authored report with Sunita Baldawa and Anindya Bhowmik. READ MORE
Markets Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,917.72 -495.44 -1.44
 
S&P BSE SENSEX 50 10,873.12 -153.80 -1.39
 
S&P BSE SENSEX Next 50 34,276.86 -355.28 -1.03
 
S&P BSE 100 10,811.97 -146.42 -1.34
 
S&P BSE Bharat 22 Index 3,672.60 -39.83 -1.07

(Source: BSE)
CAG seeks Sebi explanation on losses due to long-term capital gains benefit

The Comptroller and Auditor General of India (CAG) has written to the Securities and Exchange Board of India (Sebi) seeking an explanation on the loss incurred by the exchequer from misuse of the long-term capital gains (LTCG) exemption.
 
According to sources, the market regulator has identified loss worth Rs 150 billion due to price manipulation on the stock market platform to avail the LTCG benefit. So far, Sebi has passed nine interim orders in the matter. READ MORE
Fortis Healthcare turns volatile after promoters Singh brothers resignation

The stock of Fortis Healthcare has turned volatile a day after the promoters Malvinder Mohan Singh and Shivinder Mohan Singh announced late on Thursday their decision to resign from the board of the hospital chain.
 
The stock opened 2% lower at Rs 123 on BSE, bouncing back 28% to hit high of Rs 157 in intra-day trade so far on back of heavy volumes. READ MORE
Glenmark Pharma declines 9% on weak Q3 results
 
Glenmark Pharmaceuticals has fallen 9% to Rs 524, its 52-week low on BSE in early morning trade after the company reported 78% fall in its consolidated net profit at Rs 1.05 billion for the quarter ended December 2017 (Q3FY18) on sharp decline of US sales, despite growth in domestic formulations as well as other geographies. It had reported a net profit of Rs 4.77 billion for the previous corresponding quarter.
 
The consolidated revenue during the quarter under review declined 13% to Rs 22 billion as against Rs 25 billion in the corresponding quarter of previous fiscal. READ MORE
Market Check
S&P BSE Sensex 33,932.01 -1.40%
 
Nifty 50 10,440.85 -1.29%
 
S&P BSE 200 4,566.07 -1.20%
 
Nifty 500 9,219.80 -1.10%
 
S&P BSE Mid-Cap 16,522.36 -0.76%
 
S&P BSE Small-Cap 18,006.43 -0.69%

Global sell-off: Why stock markets crash - lessons from recent history
 
Stock markets around the world suffered sudden, heavy losses on February 5 and 6. Following a 4.6% drop in the Dow Jones on the Monday, the Japanese Nikkei index fell by 4.6%, and European markets followed suit, with the FTSE 100 down around 2% in the first hour of trading on Tuesday. There was a rebound on February 7, but things remain turbulent. The phrase “when the US sneezes, the rest of the world catches a cold” comes to mind.
 
The main culprit seemed to be fears of inflation hikes in the US. If inflation is up, the government may soon start raising interest rates to contain it. And when interest rates increase, this reduces the return investors get on stocks, making them less desirable – hence the sell-off. This means that, historically, when interest rates rise, stock prices tend to decrease. CLICK HERE FOR FULL STORY
Bond yields fall on rate status quo hope; Rs 110 bn bond auction on Friday
 
Bond prices rose from their Wednesday level, reacting to the fact the Reserve Bank might pause rates for long.
 
As prices rise, bond yields fall. The yields on the 10-year bond closed at 7.47% on Thursday, down from its previous close of 7.53%. CLICK HERE FOR FULL STORY
Nifty Realty cracks


Sectoral Trend


Market check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,919.77 -493.39 -1.43
 
S&P BSE SENSEX 50 10,864.52 -162.40 -1.47
 
S&P BSE SENSEX Next 50 34,125.13 -507.01 -1.46
 
S&P BSE 100 10,797.45 -160.94 -1.47
 
S&P BSE Bharat 22 Index 3,663.44 -48.99 -1.32

(Source: BSE)
Sensex gainers and losers



Market at open

At 9:17 am, the S&P BSE Sensex was trading at 33,873, down 540 points while the broader Nifty50 was ruling at 10,414, down 162 points.
Global markets uneasy as longer US debt yields verge on 3 per cent
 
If this week’s selloff in global equity markets is any guide, then Asia’s frothy debt and stock markets have reason to be on edge over the steady rise in long-term U.S. bond yields that could push up global funding costs and drive capital out of the region.
 
A whiff of inflation in the United States sent global stock markets tumbling in the past week, wiping 7 per cent off Asian equities, despite a still supportive backdrop of robust global growth, a weak dollar and rising company earnings.
 
Bond and currency markets were relatively unaffected, as they have been through the Federal Reserve’s slow pace of policy rate rises since 2015 and more recent reminders from central banks in Europe and Japan about dialing down on stimulus.
Rupee strategy from Motilal Oswal Research



MARKET COMMENT: Amar Ambani, partner and head of reseach at IIFL
 
The little relief seen on Thursday will be short-lived. World markets are tumbling and sentiment for now has taken a big hit. The Dow plummeted around 4 pc and Asian markets are mimicking their US counterparts. Indian market will find it difficult to chart a course of its own for now. 
 
The question topmost on investors’ mind is whether this correction is a start of southward journey or a temporary blip in an otherwise bull market. The speed at which the crash and recovery takes place, the answers may come by in a few weeks. 
 
The 10-year U.S. Treasury note yield is back at elevated levels at 2.884%. The fear that rising interest rates will drag economic growth is what is keeping equity markets on tenterhooks. Bond yields are now back in competition with stock returns
Markets on Thursday

Index Current Pt. Change % Change
 
S&P BSE SENSEX 34,413.16 +330.45 +0.97
 
S&P BSE SENSEX 50 11,026.92 +108.24 +0.99
 
S&P BSE SENSEX Next 50 34,632.14 +596.51 +1.75
 
S&P BSE 100 10,958.39 +120.39 +1.11
 
S&P BSE Bharat 22 Index 3,712.43 +12.53 +0.34

(Source: BSE)
MARKET COMMENT: G Chokkalingam, founder and managing director, Equinomics Research
 
It is surprising that the global markets have suddenly discovered that the rising inflation and interest rates, which are the main causes behind this massive fall. This is unbelievable!
 
The US Fed has also already indicated directly several times about the action plan for revising the benchmark interest rates in 2 or 3 phases in 2018.  Thus, this fall has to do largely with the profit booking across the world. In 2017, the global equity market-cap went up by over $9 trillion in 2017, which is roughly equal to about 4-times the Indian equity market’s overall size. Surprisingly, during January 2018 alone, the incremental market cap of global equities was $2 trillion.
 
As we mentioned earlier, the global economic cues remain quite strong. The beauty of economics is the forces behind the equilibrium. Now crash in the equities is associated with severe correction in the oil prices, which are down by 9% within a couple of weeks. Going ahead this trend, would help in moderating global inflation to some extent
262 companies are scheduled to report Q3 results today
 
As many as 262 companies are likely to report Q3 numbers today including Alkem Laboratories, Apex Frozen, Avanti Feeds, Bank of Baroda, Bata India, BPCL, GSFC, HPCL, India Cements, Kitex Garments, M&M, Marico, Max Financial Services, Mahanagar Gas, MOIL, NALCO, Oil India, State Bank of India, SJVN, Sobha Ltd, Sun TV, Suzlon Energy, Syndicate Bank, Tata Steel, UCO Bank etc. among others.
Chris Wood of CLSA on Indian equties, Union Budget
 
One reason GREED & fear reduced the Indian overweight in the Asia Pacific ex-Japan relative-return portfolio by 2ppts last week was the unfortunate decision in the Indian budget to introduce a 10% long-term capital gains tax.
 
This is a negative development since the equity culture has been promoted in recent years by salaried workers signing up to equity-linked tax-savings schemes. This, as well as demonetisation, have been the main reasons why equity mutual fund flows soared last year. The risk is now, clearly, that inflows into equity mutual funds slow for more than just one month.
 
The sell-off of late in India has so far been most intense in the mid-cap sector. The positive here is that the legitimate concerns about overvaluation in the mid-cap sector have now been somewhat corrected.
Chris Wood of CLSA on global market sell-off
 
The Asean stock markets were less impacted by the recent sell-off with Thailand, Malaysia, Indonesia and the Philippines falling the least of all the Asian markets covered by CLSA. This is a reminder that these markets have now become relatively low beta. This is because these stock markets are now dominated much more by domestic institutional investors


MARKET COMMENT: Ajay Bodke, CEO & Chief Portfolio Manager (PMS), Prabhudas Lilladher
 
US 10-year bond yields have touched 4-year high of 2.85% and are likely to breach psychologically important level of 3%. This has led to a sharp plunge in DJIA. And this is happening when the US FED hasn't even started unwinding meaningfully it's bloated balance sheet.
 
Trump's $1 trillion infra build-up plan would add to worries about US fiscal deficit putting additional pressure on bond yields. Lastly, record-low jobless rate and high capacity utilisation  (or low slack) in the US economy has sparked worries about wages-led inflationary pressures forcing FED to slam the brakes by rapidly increasing interest rates. 
 
Whispers of  leveraged ETFs  (triple or double leveraged) and ETNs lurking in the wings to trigger massive volatility and play a role akin to that played by  leveraged mortgage backed securities (MBS) and other complex derivatives before Lehman crisis has started doing the rounds. As an equity investor, I think it's time to be extremely vigilant 
Fiscal stimulus means rate hikes important: Fed President Esther George
 
The economic boost from a major tax overhaul signed into law by President Donald Trump is keeping pressure on the Federal Reserve to raise interest rates, Kansas City Fed President Esther George said on Thursday.
 
“Because of that, it is important that the [Fed] continues on its current path of policy normalization with gradual increases in the target federal funds rate,” George said, adding that it would be “reasonable” for the Fed to raise interest rates three times in 2018.
Gold hits 4-week low on firmer dollar
 
Gold prices dropped for a third straight session on Thursday and hit a fresh four-week low, as investors liquidated their long positions on a firmer dollar, while expectations of more US rate hikes this year also weighed on the market.
SGX Nifty
 
The SGX Nifty is trading at 10,342, down 219 points.
Oil falls for sixth day as supply fears mount
 
Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and US crude output hit record highs, adding to concerns about a sharp rise in global supplies.
 
The falls come amid a rout in global share markets as inflation fears grip investors.
 
Brent futures were down 38 cents or 0.6%, at $64.43 a barrel. On Thursday, Brent fell 1.1% to its lowest close since Dec. 20.
Wall St plummets: Dow slides 1033 pts, S&P drops by 100 amid selloff
 
The US stocks plunged around 4 percent on Thursday in another dramatic session, confirming a correction that has thrown the market's nearly nine-year bull run off course.
 
The bottom of this recent slide remained elusive for investors, who have been whipsawed this week by huge swings that have shaken a market that had only climbed steadily for months READ MORE HERE
World's richest, including Buffett, Bezos lose $114 bn in US market rout
 
A plunge in US stocks Monday cut the fortunes of the world’s 500 richest people by $114 billion as the optimism over tax cuts that fueled January’s gains gave way to worries about inflation READ MORE HERE
Why are markets falling?
 
Higher yields are seen hurting equities as they increase borrowing costs for companies and reduce their risk appetite. They also present a fresh alternative to investors, who may choose to allocate some of their money from equities to bonds
Global phenomenon
 
Looks like today will be another day of market mayhem!
 
Asian stocks tumbled on Friday after Wall Street shares suffered yet another big slide amid worries over rising bond yields, while perceived havens such as the yen and Swiss franc drew demand amid the turmoil. Japan's Nikkei slipped 3%, en route for a weekly loss of 8.6 percent. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.8%.
 
US markets remained the epicentre of the global sell-off, with the Dow plunging 4.1% and the S&P 500 sinking 3.7% overnight.
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