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Market HIGHLIGHTS: Equity benchmarks ended sharply lower on Tuesday, with the Sensex closing at 79,098, down 1,141 points or 1.4%. The Nifty 50 dropped 393 points, or 1.6%, to finish at 24,472. The pressure on equities came alongside weakness in the currency market. The Indian rupee settled at 92.1500 per dollar at 1530 IST, depreciating from 91.4700 in the previous session on Monday.

Here are the top highlights from today’s trading session:

Equity indices in Asia extended losses from the morning and ended sharply lower on Wednesday. Markets fell as the US and Iran stepped up attacks, with Iranian missiles even hitting energy infrastructure across West Asia, raising concerns about disruptions in supply of oil. South Korea’s Kospi was the worst hit and te exchange had to pause trading twice. The index ended more than 12% lower, falling more than 19% in three sessions. Shares of shipping companies fell as Iran has closed the Strait of Hormuz and warned of attack on any ship that attempts to cross the strait. A sharp jump in crude oil prices since hostilities between the US and Iran began last week has been the major reason behind the sell-off in equities across Asian markets, which import oil from West Asian countries. Brent crude oil May futures have risen by a dollar more since morning and, at 1400 IST, was at $83.58 per barrel, up nearly 3%.

Several European indices were slightly up Wednesday after falling around 3-4% on Tuesday as continuing hostilities between the US and Iran raised risks of higher energy costs for companies. Selling in European markets eased, with software, healthcare and defence stocks posting gains. Indices in Germany, France, and Italy were up 0.2-4.0%. The UK’s FTSE 100 index opened higher but soon lost the gains. At 1440 IST, the UK index was down 0.2%. While some of the indices in the region were up, they continued to face selling pressure at higher levels amid risks of higher crude oil prices due to the West Asia conflict. The May futures contracts of Brent crude has gained over 20% since the US-Iran hostilities began last week. The Brent crude oil futures were trading at $84 per barrel on Wednesday. Spain’s IBEX 35 index was largely unchanged after US President Donald Trump threatened to end all trade with Spain as it did not allow US forces to use its bases to attack Iran.

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Nestle India is tracked by 40 analysts, of which only 13 have a “buy” rating, 10 have a “sell’ rating, and 17 others have a “hold.” On the flip side, majority of the analysts covering both Marico and Godrej Consumer, have a “buy” rating on the stock.

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The shares of Godrej Properties have risen from the lows of the day, while remaining in red, as the market marks a recovery.

The shares of Nalco have surged from the lows and are now trading with gains of 2%.

The shares of the fintech company Paytm have recovered from the lows of the day.

The shares of Patanjali Foods recovered from the lows of the day.

The shares of Swiggy reclaimed the ₹300 per share mark, as the delivery company surged.

The shares of HDFC Bank are on a recovery path, and have rebounded nearly 3% from lows.

The ICICI bank shares are surging with a recovery of over 3% from lows.

The Nifty Bank has also recovered from the lows as markets march toward a recovery.

The Nifty has recovered from the lows of the day as the market looks to undo damages.

The ICICI Prudential Diversified Equity All Cap Active Fund of Funds (FOF), an open-ended plan introduced by ICICI Prudential Mutual Fund, would primarily invest in units of diversified domestic active equity-oriented schemes across market capitalisations.

On Wednesday, March 4, shares of consumer firms Marico Ltd., Godrej Consumer Products Ltd., and Nestle India Ltd. were trading lower as the broking firm Morgan Stanley changed the stocks’ price targets and ratings.

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The shares of Infosys are on the rise even as markets trade low.

The shares of Solar Industries have surged to today’s high.

HDFC Bank is more than 3% off lows; the capital market is almost in the green.

The shares of public-owned RVNL declined to a 52-week low.

MCX recovers in trade, nearly 2% off lows

As the rupee fell precipitously on Wednesday, the Nifty IT index was the sole sectoral indicator in positive territory. On March 4, the local currency fell to a new all-time low of 92.28 versus the US dollar.

As travel and commercial activities in the Middle East are disrupted by the aftermath from the US-Israeli military campaign against Iran, several large technology businesses have changed their operations around the region.

On Wednesday, March 4, Coal India Ltd.’s shares were up more than 2%, despite the company’s February operational performance being mixed. Expectations of higher prices seem to be boosting the stock.

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