– Anand Subramanian arrested by CBI in NSE co-location case
– India may grow at 9.5% in 2022: Moody’s
– LIC IPO on track despite market uncertainty following Ukraine invasion
Now lemme give you a quick glance on the state of the markets.
Asian shares rose Friday after US stocks recovered toward the end of a wild trading day, as the world, including President Joe Biden, slapped sanctions against Russia for its invasion of Ukraine. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.82 per cent.
Elsewhere, the yield on 10-year Treasuries rose one basis point to 1.97%. The euro was struggling to recover from its plunge the previous day in early Asia trading on Friday, after Russia’s invasion of Ukraine had hit the common European currency and sent investors scrambling to the safety of the dollar, yen and Swiss franc. Oil prices soared nearly $2 per barrel in early trade on Friday as Russia’s invasion of Ukraine continued to inflame global supply concerns as markets brace for the impact of trade sanctions on major crude exporter Russia.
That said, here’s what is making news.
With crude oil soaring past $100 per barrel on rising geopolitical tensions, the stocks of government owned oil explorers ONGC and Oil India are back in the spotlight. Given attractive valuations and a possible earnings upgrade led by higher realisations, these stocks are likely to attract investors amid weaker market sentiments. Together, oil produced by ONGC and Oil India meets 15 per cent of the country’s oil consumption.
For traders, buying now without clarity on when the war would end would be akin to trying to catch a falling knife, said analysts. Investors would, however, do well by deploying cash into shares of strong companies in tranches, they said. Financials, information technology, metals and pharma stocks are their top picks.
Most new crypto investors are in panic mode as the fourth correction in two months has set off fears of a ‘crypto winter’ after Russia’s invasion of Ukraine resulted in a major sell-off in cryptocurrencies on Wednesday night. The crypto markets were in a slump for most of 2018, what is now referred to as a “crypto winter.”
NOW Before I go, here is a look at some of the stocks buzzing this morning…
UK’s Vodafone Group Plc raised around Rs 1,443 crore by selling a 2.4% stake in Indus Towers through a block deal to unnamed investors on Thursday.
Auto components major Bharat Forge on Thursday announced that it will acquire JS Autocast Foundry India for an undisclosed sum to expand its portfolio in the industrial sector and its manufacturing footprint in southern India.
Hindustan Unilever Ltd (HUL) on Thursday announced the separation of the position of Chairman of the Board and the CEO and managing director.
The coal ministry on Thursday said state-run Coal India Ltd.’s proposed contracts for sub-contracting abandoned mines on a revenue sharing model could attract companies like Essel Mining, Adani Group, Tata Group, JSW Group and Jindal Steel & Power.
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Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.
That’s it for now. Stay with us for all the market news through the day. Happy investing!
