Share Market HIGHLIGHTS: Sensex crashes over 900 pts, Nifty below 17,600 as rate hike woes hit globa – Zee Business

Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 suffered deep losses on Wednesday, mirroring weakness across global markets, as the worst day of 2023 overnight on Wall Street sent ‘sell’ signals to Asian markets. Investors await an official quarterly reading of India’s GDP for more clarity on the state of the economy, and the future course of interest rates. 
Barring ITC, Bajaj Auto and Cipla, which managed gains of up to 0.5 per cent, all of the 50 stocks in the Nifty basket finished the day in the red. Adani Enterprises and Adani Ports, falling 11 and seven per cent respectivel, were the top laggards in the pack. Grasim, Bajaj Finance, Bajaj Finserv, JSW Steel, Reliance, Wipro, HDFC Bank and HDFC were some of the other blue-chip stocks that fell the most. ALSO READ: All Adani group stocks bleed; a look at latest in Adani vs Hindenburg
Among heavyweights, Reliance, the HDFC twins, ICICI Bank, Infosys, Bajaj Finance and Adani Enterprises posed the maximum pressure on the 50-scrip index.
Global market update: European markets started the day lower, mirroring negative moves across their Asian peers, amid weakness in mining stocks thanks to falling metal prices.The pan-European Stoxx 600 index fell 0.5 per cent at the last count. Dow Jones futures were flat, indicating a muted opening ahead on Wall Street. 
The slide in global markets came about after a key PMI reading showed a rebound in US business activity, sparking fears of a prolonged period of aggressive hikes in benchmark interest rates. Major central banks such as the Fed and the RBI are scrambling to raise interest rates in a bid to control red-hot inflation without hurting GDP growth. 
All eyes are on minutes of the latest FOMC review due for release later in the day.
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Economists and investors alike will closely look out for details on the views of the six MPC members, including RBI Governor Shaktikanta Das. In the February 6-8 review, the RBI’s rate-deciding planel voted 4:2 to increase the repo rate as well as continue with its existing policy stance of “withdrawal of accommodation”.
They will also track the MPC members’ remarks on consumer inflation and economic growth. 
European markets begin the day in the red, tracking negative moves across their Asian peers, weighed down by mining stocks as metal prices drop and as strong economic data sparks worries that benchmark interest rates could stay higher for longer.
The pan-European Stoxx 600 index is down 0.5 per cent at this hour.
All eyes are on minutes of the latest FOMC review due for release later in the day.
 
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Shares in the Adani group flagship, Adani Enterprises (ADANIENT), finish weaker by Rs 163.6 or 10.4 per cent at Rs 1,404.9 apiece on BSE — their worst percentage fall since February 9, 2023.
Simply put, today’s fall in ADANIENT shares is the worst in almost two weeks.
Both headline indices finish the wild session on Dalal Street 1.5 per cent weaker.
The Sensex loses 927.7 points to settle at 59,745 and the Nifty50 ends at 17,552.6, down 274.1 points from its previous close. 
Here’s how the gauges moved through the day:  
Sensex

Nifty50

Ruchit Jain of 5aisa has one ‘buy’ call for Zee Business viewers: 
Buy Symphony for targets of Rs 1,200 and Rs 1,240 with a stop loss at Rs 1,070 
 
NSE has extended the market hours for trading in interest rate derivatives by 90 minutes, to 9 am-5 pm from 9 am-3:30 pm. The change will come into effect from February 23.
The move is aimed at converging the timings of the segment with those of the underlying market, which is the money market.
Read more on NSE’s move on currency derivatives trading hours
RBI Governor Shaktikanta Das-led Monetary Policy Committee — the interest rate-setting panel of the central bank — is all set to release minutes of its first review of 2023 later in the day.
The minutes come just ahead of the release of an official quarterly GDP reading scheduled for February 24. 
Read more on upcoming RBI MPC review minutes 
 

ITC, Divi’s, Sun Pharma and Cipla, holding on barely to the green with gains of up to 0.4 per cent, are the only gainers in the Nifty50 basket at this hour. Here’s a look at the top 10 laggards in the 50-scrip basket at this hour:
 
Reliance, HDFC twins, ICICI Bank, Infosys and Bajaj Finance weigh on the Nifty50 gauge the most.
Here’s what the heatmap looks like:

 
The Nifty50 benchmark slides to 17,562.5 at the weakest level of the day, shedding 264.3 points — or 1.5 per cent — from its previous close. 
Swati Hotkar of Nirmal Bang Securities shares two stock picks with Zee Business viewers: 

The Sensex slides as much as 720.3 points or 1.2 per cent to 59,952.4 — cracking below the 60,000 mark for the first time since February 2. 
Market regulator Sebi asks credit rating agencies to share details of all the ratings on the Adani group’s local loans and securities. 
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