CLOSING BELL: For better part of the day, equity markets roiled in global rout as fears of a contagion banking sector failure soured sentiment

Sensex gyrates 744 pts, ends 361 pts down; Nifty below 17K; HUL, ITC shine

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	<strong>CLOSING BELL</strong></div>
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	<strong>Stock market highlights:</strong> Fag-end buying in FMCG and select bank stocks, coupled with reports of proposals to halt Ukraine war, lifted benchmark indices sharply off lows, helping them recoup more than half of their intra-day losses. The S&P BSE Sensex fell 361 points, or 0.62 per cent, to end at 57,629 levels on Monday, while the Nifty50 settled below the 17,000-mark at 16,988, lower by 112 points or 0.65 per cent. The indices rebounded from their intra-day lows of 57,085, and 16,828, respectively.</div>
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	However, for better part of the day, equity markets roiled in global rout as fears of a contagion banking sector failure soured sentiment. Despite Swiss giant, UBS, agreeing to but Credit Suisse for over $3 billion, investors remained averse of risky assets. Moreover, a drop in crude oil prices (Brent is now hovering around $70 per barrel), also failed to soothe investors&#39; nerves.<br />
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	<strong>ALSO READ:<a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/sensex-crashes-over-900-points-top-5-factors-behind-monday-s-market-rout-123032000559_1.html" target="_blank">&nbsp;Top 5 factors behind Monday&#39;s market rout</a></strong></div>
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	The pain was deeper in the broader market with the BSE MidCap and SmallCap indices sliding 1 per cent each. Volatility index, India VIX, too surged 8 per cent today.&nbsp;</div>
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	Meanwhile, the broad-based selling hurt metal and PSU banks the most with their respective indices on the NSE dropping over 2 per cent, and 1.7 per cent, respectively. The Nifty FMCG index was the only gainer, up 0.8 per cent.</div>
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	<strong>Gainers & losers</strong></div>
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	Adani nterprises, Bajaj Finserv, Hindalco, Bajaj Finance, Tata Steel, Wipro, Tata Motors, SBI, Adani Ports, IndusInd Bank, Tech M, HCL Tech, Maruti Suzuki, Reliance, L&T, Infosys, Power Grid, HDFC Bank, HDFC Life, UPL, and Apollo Hospitals declined in the range of 1 per cent and 4 per cent.&nbsp;</div>
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	On the upside, HUL, BPCL, ITC, Nestle India, Grasim, Titan, Divis Lab, Kotak Bank, Axis bank, ICICI Bank, SBI Life, and Sun Pharma were the only large-cap gainers, gaining up to 2.6 per cent.</div>
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	<strong>&#39;Drop in oil prices temporary&#39;</strong></div>
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	The 10 per cent fall in crude oil prices in the last 7 days &ndash; from $80.6 per barrel (Brent oil) on March 13 to $72.4 now &ndash; is likely to be temporary, believe analysts, who expect them to bounce back once the banking sector crisis in the US and Europe is fully contained.<a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/banking-crisis-triggers-oil-price-fall-temporary-phenomenon-say-analysts-123032000305_1.html" target="_blank"><strong> READ MORE</strong></a></div>

Business Standard

Pegatron has asked independent surveyors to assess the fire damage, a fifth source said


Company aims to scale drone operations in Uttarakhand and NE India

Dipendra Singh Airee broke Yuvraj Singh's record fastest fifty off 12 balls, which he recorded against England at the 2007 T20 World Cup. Dipendra reached his fifty-run mark against Mongolia in just 9


The Pakistan Cricket Board's statement requests 'stakeholders' to not add fuel to rumours on the matter


Later in the day, PM Modi will be felicitated in Vadodara at a programme organised by the BJP women's wing in connection with the passage of the women's reservation bill in Parliament


The National Investigation Agency on Wednesday is conducting major raids across 6 states in 3 cases at 51 locations belonging to associates of Lawrence, Bambiha and Arsh Dalla Gangs


Forecasts for this fiscal year ranged widely from 4.6 per cent to 7.1 per cent


Issues final valuation rules for funding in unlisted startups for foreign and domestic investors


Russia-Ukraine War

The year 2022 is coming to an end and a lot has happened that shaped the world in the year. Let's have a look at some of these significant events

In February 2022, Russia attacked Ukraine&amp;#39;s capital, Kyiv, from the north in an attempt to overthrow President Volodymyr Zelensky&amp;#39;s government. In the months following, artillery bombardment and street fighting continued, with Russia seizing multiple cities.

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After a slew of scandals in his term spanning three years, UK Prime Minister Boris Johnson resigned from office in July. Johnson was succeeded by Liz Truss, who took over the office in September.
						
						But after 45 days in the office, she resigned, becoming the shortest-serving PM in UK history. Her budgetary plans, at the centre of which were tax cut plans, had crashed the markets, making her lose the confidence of almost all her own MPs.
						
						In the days that followed, Rishi Sunak took over as Britain&amp;#39;s 57th prime minister and vowed to fix the mistakes made by his predecessor, Liz Truss.

Russia Invades Ukraine

In April, protests began in the nation following a sharp rise in food and fuel costs. Thousands demanded the resignation of now-ousted President Gotabaya Rajapaksa. The people faced long power cuts daily and shortages of basics, including fuel and food. Sri Lanka&amp;#39;s doctors said they were nearly out of life-saving medicines.
						
						Rajapaksa&amp;#39;s government was being blamed for the chronic mismanagement of the country&amp;#39;s finances. In July, protestors stormed Rajapaksa&amp;#39;s home, pushing him to flee the nation before resigning from office.

UK&amp;#39;s political crisis

In September, 22-year-old Iranian girl Mahsa Amini died after being detained for allegedly violating Iran&amp;#39;s laws requiring women to wear a headscarf. Authorities said she died of illness, but her family claimed she fell into a coma after being mistreated by the police. Sources said the police beat Amini with a baton and banged her head against a vehicle. At her funeral on September 17 in Saqez, women protested by ripping off their hijabs. Protests sparked by her demise have since roped in ethnic minorities and even school children. Thousands of women since then have been showing solidarity by cutting their hair and burning their hijabs in public.
						
						Now, the unrest has spread beyond a women&amp;#39;s right to a movement that is calling for an end to theocratic rule. The protests are now the most broadly supported movement in Iran in over four decades.

Sri Lanka economic crisis

In October, Chinese President Xi Jinping was handed a historic third term in office. He became the first leader of the ruling Communist Party after party founder Mao Zedong to get a third term in power.
						
						This came as China&amp;#39;s economy was running out of steam after decades of high growth. Many expect Xi&amp;#39;s third term may see China revert to more old-school economic management, focusing on shoring up the heavy industry and continuing a crackdown on big tech.

Uprising mounts again in Iran

In a historic first, rich countries agreed to pay for losses and damages caused by climate change. For 30 years, developing nations have been calling for developed countries to compensate for the costs of climate disasters caused by climate change. And rich nations that caused the pollution resisted the demand. But this changed in 2022.

Chinese President Xi Jinping starts record third term in power

In 2022, inflation was rising worldwide, with food and energy prices hitting record highs. The hike was mainly driven by pent-up consumer demand after the pandemic and Russia&amp;#39;s invasion of Ukraine. As the pandemic waned, people wanted to return to normalcy and spend more. This led to companies demanding higher prices. Companies also hired more to serve the pent-up demand. They had to increase wages to attract workers and raise prices to compensate for that.

A landmark deal UN Climate Change Conference (COP27)

In September, Queen Elizabeth II, Britain&amp;#39;s longest-serving monarch, died at 96 after reigning for 70 years. Many said her death would mark a turning point for commonwealth nations as many may disassociate themselves.

The global economy at crossroads

In October, Brazil&amp;#39;s former president, Luiz In&amp;aacute;cio Lula da Silva beat Jair Bolsonaro in the country&amp;#39;s closest presidential race in history. Silva&amp;#39;s win marked Latin America&amp;#39;s shift to the left and pointed to an extraordinary comeback for a man in jail for corruption three years ago.

Queen Elizabeth II dies

In October, billionaire Elon Musk closed his $44 billion deal to buy Twitter after months of dilly-dallying, drama and a lawsuit. The Tesla owner&amp;#39;s Twitter takeover is also one of the biggest tech acquisitions of all time. May fear that Musk&amp;#39;s takeover may turn the social media giant into a hotbed of hate speech.
					
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Brazil elections

Google Messages

In January, Google rolled out end-to-end encryption in group chats for messages app users enrolled in the beta programme

Blend launches Blend Studio: AI tool for ecommerce photography

New Delhi [India], March 16 (ANI/PNN): Blend, an AI-powered design and photography application for DTC brands and ecommerce sellers, recently launched Blend Studio - the Chat GPT for product photos.

Celebrity and Travel Photographer Rahul Lokare from Flamingo Productions creates waves of change in the world of photography.

Xiaomi 13 Pro

Priced at Rs 79,999 for the 12GB RAM and 256GB on-board storage, the Xiaomi 13 Pro offers a novel imaging experience on top of a premium package

COMMENT:: Markets fall amid fear of contagion of the financial crisis

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	&quot;The fear of contagion of the financial crisis has kept investors away from the equity markets as the global market faces numerous hurdles. Despite Swiss regulators&#39; intervention to protect the global financial system, investor sentiment remained shaky. The market is now awaiting the outcome of the Fed meeting to see how they will respond to the ongoing crisis, particularly in terms of rate hikes. Investors expect the central bank to raise interest rates by 0&ndash;25 basis points.&quot;</div>
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	<em>- Vinod Nair, Head of Research at Geojit Financial Services</em><br />
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Bank Nifty:: Index remains in 'Buy' mode as long as it holds 39,000

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	&quot;The BANK NIFTY bulls managed to hold the support of 39,000 and formed a hammer pattern on the daily chart. The index remains in buy mode as long as it holds the support of 39,000 on a closing basis. The immediate upside hurdle is visible at the 39,700 - 39,800 zone and a break above this will lead to further short covering on the upside.&quot;</div>
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	<em>- Kunal Shah, Senior Technical Analyst at LKP Securities</em></div>
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COMMENT:: Nifty may trade in the 16,900 - 17,200 range

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	&quot;The Nifty Index held its support at 16,800 and swiftly bounced back today. Today&#39;s rebound suggests that traders will definitely make an attempt for Nifty to cross its 17,000 resistance in the next one or two days as the Put side OI has not reduced at the 17,000 level for the March expiry. Also a very important point, Nifty has not yet closed below its Weekly trend channel and is constantly forming candles with long bottom wicks suggesting exhaustion in selling and a technical pullback possibility. The highest Call writers for this week&#39;s expiry is at the 17,200 level and the highest Put writers are seen at the 16,900 mark, which should be the range for tomorrow as well.&quot;</div>
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	<em>- Rahul Ghose, Founder &amp; CEO &ndash; Hedged, an algorithm-powered advisory platform</em><br />
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Reliance, Wipro, Jubilant FoodWorks, Crompton Greaves hit 52-week lows

Max Financial, Mphasis, Emami, HDFC AMC, Pfizer, Network18, Godrej Agrovet, Laurus Labs and Motilal Oswal Financial were among 34 stocks from the S&amp;P BSE 500 index hit their respective 52-week lows. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/reliance-wipro-jubilant-foodworks-crompton-greaves-hit-52-week-lows-123032000426_1.html?1679296468" target="_blank"><strong>READ MORE</strong></a><br />
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Adani Green rises in a weak market; stock zooms 94% in 13 days

On March 2, 2023, GQG Partners, a leading US based Global Equity investment boutique, purchased 55.6 million equity shares of AGEL for Rs 2,806 crore at price of Rs 504.60 per share. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/adani-green-trades-firm-in-weak-market-stock-zoomed-94-in-13-days-123032000655_1.html?1679304539" target="_blank"><strong>READ MORE</strong></a><br />
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Sunflag Iron up 15% in two days on acquiring 11.89% stake in Lloyds Metals

LMEL on March 16, converted and allotted the 0% 60 million OFCD&#39;s in to 60 million equity shares, representing 11.89% in the total voting equity share capital of LMEL to Sunflag Iron. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/sunflag-iron-up-15-in-two-days-on-acquiring-11-89-stake-in-lloyds-metals-123032000205_1.html?1679287493" target="_blank"><strong>READ MORE</strong></a><br />
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Shipping Corporation gains 2%; fixes March 31 as record date for demerger

The Government of India is in the process of strategic disinvestment of its equity stake in SCI together with transfer of management control. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/shipping-corporation-fixes-march-31-as-record-date-for-demerger-stk-up-4-123032000699_1.html?1679305704" target="_blank"><strong>READ MORE</strong></a><br />
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Cochin Shipyard gains 3.5% on winning Rs 550 cr overseas order

The company has received an order of Rs 550 crore from Norway-based global logistics solution provider Samskip Group. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/cochin-shipyard-gains-7-in-weak-market-on-winning-rs-550-cr-overseas-order-123032000161_1.html?1679285402" target="_blank"><strong>READ MORE</strong></a><br />
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Tata Consumer slips 2% on withdrawal of plans to buy Bisleri

The company said no definitive agreement or binding commitment has been signed on this matter. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/tata-consumer-dips-2-after-withdrawing-plans-to-acquire-bisleri-123032000348_1.html?1679293890" target="_blank"><strong>READ MORE</strong></a><br />
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Market Breadth was fairly negative; 2,472 stocks declined v/s 1,151 advanced

BSE Smallcap Heatmap:: Aarti Drugs zooms 20%; Hi-Tech tumbles 10%

BSE Midcap Heatmap:: Gillette, Rajesh Exports shine; HAL, Adani Power whine

Nifty FMCG index gains 0.8%; HUL leads pullback

Nifty IT index sheds 1.4%; MphasiS, CoForge drop over 3%

Nifty Metal index slumps 2.4%; Nalco plunges 4%

Broader markets dip up to 1%; India VIX rises over 8%

Nifty 50 Losers:: Bajaj twins, Adani Enterprises, metals majors slide

Nifty 50 Gainers:: HUL, BPCL gain over 2%

Sensex 30 Heatmap:: 5 Gainers v/s 25 Losers

CLOSING BELL:: NSE Nifty50 shed 112 points, settles at 16,988

CLOSING BELL:: S&P BSE Sensex ends 361 points lower at 57,629

BREAKING :: Russia, China discuss proposals to halt Ukraine conflict

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">PUTIN, XI TO DISCUSS BEIJING PROPOSALS TO HALT UKRAINE CONFLICT: KREMLIN<a href="https://twitter.com/hashtag/BREAKING?src=hash&amp;ref_src=twsrc%5Etfw">#BREAKING</a></p>&mdash; RedboxGlobal India (@REDBOXINDIA) <a href="https://twitter.com/REDBOXINDIA/status/1637751180888506370?ref_src=twsrc%5Etfw">March 20, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Adani Green trades firm in weak market; stock zooms 94% in 13 days

On March 2, 2023, GQG Partners, a leading US based Global Equity investment boutique, purchased 55.6 million equity shares of AGEL for Rs 2,806 crore at price of Rs 504.60 per share. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/adani-green-trades-firm-in-weak-market-stock-zoomed-94-in-13-days-123032000655_1.html?1679304539" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="Adani, Adani Group" class="imgCont" height="464" src="https://bsmedia.business-standard.com/_media/bs/img/article/2023-02/15/full/1676425501-5556.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="Adani, Adani Group" width="620" /></div>

Sensex crashes over 900 points: Top 5 factors behind Monday's market rout

Analysts attribute fallout in domestic equities due to investors&#39; fear of a domino effect after the collapse of big financial institutions in the US, and Europe. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/sensex-crashes-over-900-points-top-5-factors-behind-monday-s-market-rout-123032000559_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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ALERT :: Credit Suisse shares crash 63% even as UBS announces bail out; UBS shares sink 13%

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BSE 500:: Caplin Point, Aarti Drugs, Route Mobile among top gainers

Caplin Point Lab up 6.3 per cent was the top gainer among the BSE 500 stocks so far on Monday. It was followed by Aarti Drugs, MAS Financial Services, Route Mobile and Cochin Shipyard, up 4 - 5 per cent each. <a href="https://www-business-standard-com-nalsar.knimbus.com/stocks/market-statistics/bse/top-gainers?indices=21552" target="_blank"><strong>VIEW MORE</strong></a><br />
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	Max Financial, Mphasis, Emami, HDFC AMC, Pfizer, Network18, Godrej Agrovet, Laurus Labs and Motilal Oswal Financial were among 34 stocks from the S&amp;P BSE 500 index hit their respective 52-week lows. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/reliance-wipro-jubilant-foodworks-  crompton-greaves-hit-52-week-lows-123032000426_1.html?1679296468" target="_blank"><strong>READ MORE</strong></a><br />
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ALERT :: Gold hits Rs 60,000/10 gm on MCX

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Tata Consumer dips 2% after withdrawing plans to acquire Bisleri

Shares of Tata Consumer Products (TCPL) dipped 2 per cent to Rs 693.05 on the BSE in Monday&rsquo;s intra-day trade after the Tata Group company ceased negotiations with Bisleri for a potential acquisition. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/tata-consumer-dips-2-after-withdrawing-plans-to-acquire-bisleri-123032000348_1.html?1679293350" target="_blank"><strong>READ</strong></a><br />
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3 Adani group stocks out of ASM, Should you be bullish?

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		Adani Enterprise, Adani Power and Adani Wilmar may rise up 35 per cent upon conquering key hurdles. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/3-adani-group-stocks-out-of-asm-should-you-be-bullish-123032000345_1.html?1679293350" target="_blank"><strong>READ</strong></a></div>
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		<img alt="adani group" src="https://bsmedia.business-standard.com/_media/bs/img/article/2023-01/31/full/1675183634-9672.jpg?im=Resize,width=640" /></div>
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Banking crisis triggers oil price fall; temporary phenomenon, say analysts

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	The 10 per cent fall in crude oil prices in the last 7 days &ndash; from $80.6 per barrel (Brent oil) on March 13 to $72.4 now &ndash; is likely to be temporary, believe analysts, who expect them to bounce back once the banking sector crisis in the US and Europe is fully contained. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/banking-crisis-triggers-oil-price-fall-temporary-phenomenon-say-analysts-123032000305_1.html" target="_blank"><strong>READ</strong></a></div>
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	<img alt="oil prices" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-06/09/full/1654793962-3102.jpg?im=Resize,width=640" /></div>

LMEL on March 16, converted and allotted the 0% 60 million OFCD&#39;s in to 60 million equity shares, representing 11.89% in the total voting equity share capital of LMEL to Sunflag Iron. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/sunflag-iron-up-15-in-two-days-on-acquiring-11-89-stake-in-lloyds-metals-123032000205_1.html?1679287628" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="Steel, iron, metal, manufacturing, core sector, industries, manufacturing" class="imgCont" height="464" src="https://bsmedia.business-standard.com/_media/bs/img/article/2020-03/09/full/1583773229-8684.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="Steel, iron, metal, manufacturing, core sector, industries, manufacturing" width="620" /></div>
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Cochin Shipyard gains 7% in weak market on winning Rs 550 cr overseas order

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	The company has received an order of Rs 550 crore from Norway-based global logistics solution provider Samskip Group. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/cochin-shipyard-gains-7-in-weak-market-on-winning-rs-550-cr-overseas-order-123032000161_1.html?1679287320" target="_blank"><strong>READ</strong><br />
	<img alt="Cochin Shipyard" src="https://bsmedia.business-standard.com/_media/bs/img/article/2021-02/23/full/1614102400-163.jpg?im=Resize,width=640" /></a></div>

Will the markets regain lost glory in March despite volatility?

Historically, March has been a volatile month for the Indian equity markets. For starters, it marks the end of a financial year, wherein there is some compulsive portfolio rebalancing trade by large funds, both domestic and foreign. Retail investors, too, prefer to &#39;cash-in&#39; on their gains and losses before the financial year runs out. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/markets/will-the-markets-regain-lost-glory-in-march-despite-volatility-123032000117_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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Broader markets :: MidCap index trails benchmarks, SmallCap index down 0.5%

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Sectoral check :: Broad-based selling engulfs Street; IT, Metal indices fall over 1% each

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Sensex Heatmap :: All 30 stocks in red; IndusInd Bank, TCS, Tata Motors top laggards

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Opening Bell :: Nifty starts below 17,000, only 6 stocks in green

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Opening Bell :: Sensex drops nearly 400 pts

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ALERT :: NSE facing issues with order placement

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">NSE INDIA IS FACING ISSUES WITH REGARDS ORDER PLACEMENT: TRADERS<a href="https://twitter.com/hashtag/breaking?src=hash&amp;ref_src=twsrc%5Etfw">#breaking</a> <a href="https://twitter.com/NSEIndia?ref_src=twsrc%5Etfw">@NSEIndia</a></p>&mdash; RedboxGlobal India (@REDBOXINDIA) <a href="https://twitter.com/REDBOXINDIA/status/1637661153143685121?ref_src=twsrc%5Etfw">March 20, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

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Rupee Opening :: INR starts higher vs USD

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WATCH :: What does Jim Rogers think of the global banking crisis?

UBS-Credit Suisse deal :: What's in it for shareholders?

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The one big winner and many losers of UBS's Credit Suisse rescue deal

<strong>The winner:&nbsp;Ralph Hamers</strong><br />
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UBS&rsquo;s chief executive officer will see the bank&rsquo;s wealth and asset management invested assets soar to about $5 trillion and got a special waiver to keep Credit Suisse&rsquo;s profitable Swiss unit that many analysts said was worth more than triple what UBS paid for the whole firm. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/international/the-one-big-winner-and-many-losers-of-ubs-s-credit-suisse-rescue-deal-123032000082_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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UBS agrees to buy Credit Suisse for more than $2 billion

The Swiss National Bank has agreed to offer a $100 billion liquidity line to UBS as part of the deal, according to the Financial Times, which reported the agreement first. Swiss authorities are poised to change the country&rsquo;s laws to bypass a shareholder vote, the paper reported, citing people close to the matter. <a href="https://www-business-standard-com-nalsar.knimbus.com/article/international/ubs-offers-to-buy-credit-suisse-for-up-to-1-billion-says-report-123031900644_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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Sensex gyrates 744 pts, ends 361 pts down; Nifty below 17K; HUL, ITC shine

CLOSING BELL: For better part of the day, equity markets roiled in global rout as fears of a contagion banking sector failure soured sentiment

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