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<ul class="summary-list"><li>US stocks sipped on Friday as weak sales forecast from <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> clouds the outlook for Big Tech.</li><li>The <keyword id="11345117" type="UNKNOWN" weightage="60" keywordseo="pce-inflation">PCE inflation</keyword> gauge rose 0.5% in June, showing prices continued to rise amid supply chain distortions.</li><li>The yield on the 10-year Treasury note was 1.251%, down by 1.8 basis points.</li></ul>US stocks slipped Friday as a weak sales forecast from Amazon clouds the outlook for technology stocks. On Thursday after the <keyword id="29547" type="PERSON" weightage="60" keywordseo="Market">market</keyword> close, <a href="https://markets.businessinsider.com/stocks/amzn-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Amazon's</a> quarterly earnings fell short of expectations, as the Seattle-based firm <a href="https://markets.businessinsider.com/news/stocks/amazon-stock-price-q2-earnings-sales-miss-profit-forecast-2021-7?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">missed quarterly sales estimates</a> for the first time since 2018. Its sales and profit forecasts were below expectations, further worrying investors about the economic outlook. Shares of the ecommerce giant slipped about 7% at the opening bell. Tech giants have been some of the pandemic's biggest winners. However, Amazon's latest report underscores the challenge of keeping the strong pace of sales as the economy reopens."Consumers' online shopping levels are returning normal as they shift some spending to other entertainment sources and offline shopping," Dan Romanoff, equity analyst at Morningstar, said in a note. "We see no cracks in the long-term story as Amazon remains well-positioned to prosper from the secular shift toward e-commerce and the public cloud over the next decade."Here's where US indexes stood shortly after the 9:30 a.m. ET open on Friday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 4,392.96, down 0.59%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Dow Jones Industrial Average</a>: 35,008.23, down 0.22% (76.30 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Nasdaq Composite:</a> 14,632.70, down 1.01%</li></ul>US stocks in recent weeks have climbed mostly higher as investors cheered robust corporate earnings and the accelerating pace of global economic recovery. The COVID-19 Delta variant, along with inflationary concerns, have dampened the positive sentiment.Still, the benchmark S&amp;P 500 is on track to close out a sixth straight month of gains.The yield on the 10-year Treasury note was 1.251%, down by 1.8 basis points.The Personal Consumption Expenditures price index - a closely monitored measure of nationwide inflation - <a href="https://www.businessinsider.com/pce-inflation-june-supply-shortages-economic-data-price-growth-recovery-2021-7">gained 0.5%</a> last month, suggesting that prices continued to climb amid supply chain issues across the US. The reading exceeded the median estimate of a 0.4% increase from economists surveyed by Bloomberg. It also matched the May print of 0.5% growth.<keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">Oil</keyword> prices were mixed. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">West Texas Intermediate crude</a> slipped 0.16%, to $73.50 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestce=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, increased 0.9%, to $76.12 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Gold</a> slipped 0.41% to $1,823.04 per ounce.

US stocks slip as weak Amazon sales forecast clouds the outlook for tech giants

<ul><li>The small caps are outperforming with the <keyword id="6354813" type="General" weightage="90" keywordseo="nifty" source="Orion">Nifty</keyword> Smallcap 100 up 0.6% at 13,138.</li><li>The pharma and the media stocks have gained a percent each in morning trade.</li><li>Cipla is the top Nifty gainer, up 3.5% while Bajaj Finance is the top Nifty loser, down 1.3%.</li></ul> Equity benchmark indices, the Nifty and the <keyword id="6484188" type="General" weightage="90" keywordseo="sensex" source="Orion">Sensex</keyword>, declined in early trade on Wednesday but recovered in the first hour of trade. Amid sluggish global market trends and a spike in Brent <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> prices, after a day's breather, the 30-share BSE Sensex, at the time of publishing, is trading absolutely flat at 66,427. Similarly the Nifty has managed to keep its head above the 19,800 mark. While the Nifty Midcap 100 is in line with the benchmarks, the small caps are outperforming with the Nifty Smallcap 100 up 0.6% at 13,138. Sectoral indices wise, the pharma and the media stocks have gained a percent each. Cipla is the top Nifty gainer, up 3.5% while Bajaj Finance is the top Nifty loser, down 1.3%. Among the Sensex firms, Bajaj Finance, Power Grid, Bajaj Finserv, ICICI Bank, HDFC Bank, NTPC and Larsen &amp; Toubro are the major laggards. Tata Motors, JSW Steel, Tata Steel and Sun Pharma are among the gainers. Varun Aggarwal, founder and managing director, Profit Idea, said, "Nifty is consolidating after crossing 19767 crucial resistances. Broader market is showing good strength. Many mid and small cap shares are looking attractive and going up. IT, Media, Metals, FMCG, Banks, Reality stocks are looking good. Open Interest (OI) data is shifting on upside. Put writing is strong and forming the base. Expect market to consolidate. Bias remains bullish, risk defined strategies remains best". In Asian markets, Tokyo, Shanghai and Hong Kong were trading in the negative territory while Seoul quoted in the green. The US markets had ended on a mixed note on Tuesday. Global oil benchmark Brent crude jumped 1.87% to USD 91.58 a barrel. Foreign Institutional Investors (FIIs) bought equities worth Rs 263.68 crore on Tuesday, according to exchange data. The BSE benchmark had climbed 261.16 points or 0.39% to settle at 66,428.09 on Tuesday. The Nifty gained 79.75 points or 0.40% to 19,811.50.

Nifty, Sensex recover to trade flat in morning trade; pharma stocks, smallcaps outperform

<ul><li>Seven financial stocks were amongst the top ten losers on the Nifty50 index, while the overall sentiment was negative with 35 out of 50 stocks in the index ending in red.</li><li>All sectoral indices were in the red except FMCG – PSU Banks, financial service and realty were among top losers. </li><li>Adani Enterprises continued to fall after <keyword id="6431877" type="General" weightage="80" keywordseo="care-ratings" source="Orion">CARE Ratings</keyword> on Thursday downgraded the outlook on the company to negative from stable amid the ongoing regulatory and legal scrutiny.</li></ul>India’s benchmark indices <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> and Nifty50 slumped lower for second consecutive session with 1% each on Friday led by a heavy sell-off in banking, financial services and realty stocks. The <keyword id="45123" type="General" weightage="80" keywordseo="hdfc" source="Orion">HDFC</keyword> twins were amongst the top five losers. The fall in the Indian indices comes ahead of crucial US jobs data set to be released later today. Investor worries have risen following hawkish comments by the US Federal Reserve chairman <keyword id="1727754" type="General" weightage="80" keywordseo="jerome-powell" source="Orion">Jerome Powell</keyword> this week. The jobs data will be one of the key deciding factors for future rate hikes. All sectoral indices were in the red in the Indian markets except FMCG – PSU Banks, financial service and realty were among top losers. The 30-stock Sensex closed 1.12% or 671 points lower at 59,135, while the 50-stock Nifty50 ended 1% or 177 points lower at 17,413. On Thursday, the Sensex and the Nifty50 had closed 0.9% lower. “The global market's cautious attitude towards the probability of a sharper rate hike was exacerbated by further negative signs from the US market. Selling intensified as the market awaited the release of US unemployment and non-farm payroll data, which will have a significant impact on the upcoming Fed meeting,” said <keyword id="224336" type="General" weightage="80" keywordseo="vinod-nair" source="Orion">Vinod Nair</keyword>, head of research at Geojit Financial Services. Adani Enterprises continued with its losses after CARE Ratings on Thursday downgraded the outlook on the company to negative from stable amid the ongoing regulatory and legal scrutiny. The stock was the top loser on the 50-stock index with a 3% fall. Seven financial stocks were amongst the top ten losers on the Nifty50 index, while the overall sentiment was negative with 35 out of 50 stocks in the index ending in the red. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top 10 losers on Nifty50 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.02% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.33% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.07% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.03% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.01% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.94% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.71% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.61% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: NSE, March 10, 2023 Crude oil prices fell for the fourth consecutive session on worries over potential interest rate hike in the US hitting fuel demand. Brent crude oil price fell 0.63% to $81.11 per barrel. Foreign institutional investors sold Indian equities worth ₹2,061 crore on Friday while domestic institutional investors bought equities worth ₹1,350 crore. “While markets are down sharply today, one should not be surprised since the current markets are grappling with questions around various aspects including interest rates and expected economic slowdown, to which there are no clear answers. In such a scenario there will be events that have the potential to cause spiralling damage. These need to be watched for stabilisation. Some panic is therefore understood, adding to a sell-off, which happened today,” said <keyword id="282224" type="General" weightage="80" keywordseo="nitin-rao" source="Orion">Nitin Rao</keyword>, CEO at InCred Wealth. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian sectoral indices </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty PSU Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.19% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.87% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Pvt Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.84% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Fin Service </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.80% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Realty </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.03% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Media </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.01% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Metal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.83% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty IT </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.66% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.14% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty FMCG </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.16% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> All the markets in Asia were in the red too on Friday on rate hike worries. The Hang Seng fell the most at 3.04%. The Nikkei 225 was down 1.67%, Taiwan Weighted closed down 1.55%, the Shanghai Composite was down 1.40% and KOSPI down 1.01%. <cmsannotation type="cmsannotation" annotationid="US’ Silicon Valley Bank’s plunge to have limited impact on Indian banking stocks" comment="subhead" text="US’ Silicon Valley Bank’s plunge to have limited impact on Indian banking stocks">US’ Silicon Valley Bank’s plunge to have limited impact on Indian banking stocks</cmsannotation> Meanwhile in the US, shares of Silicon Valley Bank, a prominent US bank that caters to nearly half of the venture capital-funded startups in the US, plummeted on Thursday amid mounting concerns about the bank’s health. Its stock sank over 60% on Thursday, and over the last one year, it is down over 80%. This has spooked investors as there are worries of a ripple effect. The Dow Jones Industrial Average fell 1.66% while the S&amp;P 500 was down 1.85%. The tech-heavy Nasdaq was down 2.05%. However, this is likely to have limited impact on Indian banking stocks, say analysts. “This is a US-specific issue and will not have an impact on Indian banking stocks. But the sentiment impact can be negative,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services. The origins of Silicon Valley Bank’s crises trace back to 2021, when flush with deposits worth $189 billion at the end of 2021, the bank invested over $80 billion in mortgage backed securities (MBS). Most of these instruments have a 10-year maturity and a yield of 1.56% – much higher than the 0.25% yield on treasury bills. By mid-2022, the US Fed embarked on an aggressive rate hike path to tame inflation. Fast-forward to 2023, the bank is now in a crisis with venture capitalists like <keyword id="380555" type="General" weightage="80" keywordseo="peter-thiel" source="Orion">Peter Thiel</keyword> asking startups to withdraw their money from the bank. “Overnight developments in US banking: markets, analysts, investors underestimate the importance of financial stability for the balance sheet of a bank. When interest rates move up 500 bps from zero in a year, an accident was waiting to happen somewhere,” <a href="https://twitter.com/udaykotak/status/1634035500096040960">said</a> <keyword id="45051" type="General" weightage="80" keywordseo="uday-kotak" source="Orion">Uday Kotak</keyword>, CEO, Kotak Mahindra Bank. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/tata-technologies-files-drhp-with-sebi-all-you-need-to-know-about-this-tata-motors-subsidiary/articleshow/98539244.cms">Tata Technologies files DRHP with SEBI: All you need to know about this Tata Motors subsidiary</a> <a href="https://www.businessinsider.in/entertainment/news/without-hbo-and-ipl-15-million-subscribers-could-flee-disney-hotstar-in-2023/articleshow/98517377.cms">Without HBO and IPL, 15 million subscribers could flee Disney+ Hotstar in 2023</a> <a href="https://www.businessinsider.in/stock-market/news/mutual-funds-raise-bets-on-mid-small-cap-stocks-amid-volatile-markets/articleshow/98516460.cms">Mutual funds raise bets on mid &amp; small-cap stocks amid volatile markets</a>

Sensex, Nifty50 drop 1% dragged down by banking, financial services and realty stocks

<ul><li>Only 40% of the stocks have regained the levels before the pre-budget sell-off, an expert said.</li><li>The coronavirus epidemic has dent sentiment in global markets but there are other reasons keeping stocks depressed.</li><li>About 49 stocks hit a 52-week low in trade today ranging from travel operators to infrastructure companies to milk manufacturers. </li></ul>The <a href="https://www.businessinsider.in/stock-market/news/stock-markets-slip-further-into-the-red-ahead-of-a-budget-session/articleshow/73828435.cms" data-type="tilCustomLink" target="_blank">sell-off in Indian stock markets</a> post Finance Minister Nirmala Sitharaman’s latest budget took the Sensex down to 39,735. Since then, it has recovered a net of over 2,000 points (over 5%) in five trading days. In fact, the government cheered the recovery in the market as a vote of confidence from investors for the budget that has, at best, evoked mixed reactions across the board. The <a href="https://www.businessinsider.in/indias-central-bank-keeps-interest-rates-unchanged/articleshow/73977234.cms?upcache=2" data-type="tilCustomLink" target="_blank">Reserve Bank of India</a> (RBI) too, fuelled some of the rally with some big announcements aimed at reviving specific sectors. <div type="image" title="Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das during the RBI&amp;#39;s si..." msid="74059293" hostid="261" caption="&amp;lt;p&amp;gt;Reserve Bank of India (RBI) Governor Shaktikanta Das during the RBI&amp;#39;s sixth bi-monthly monetary policy review meeting of 2019-20. The central bank offered some sops to sectors like real estate, &amp;lt;a href=&amp;quot;https://www.businessinsider.in/indias-central-bank-keeps-interest-rates-unchanged/articleshow/73977234.cms?upcache=2&amp;quot; target=&amp;quot;_blank&amp;quot;&amp;gt;something that the budget did not&amp;lt;/a&amp;gt;. Photo/Mitesh Bhuvad)(&amp;lt;/p&amp;gt;"></div>

 The sell-off on Friday and Monday has been attributed to <a href="https://in.reuters.com/article/india-stocks/sensex-nifty-fall-as-china-epidemic-toll-weighs-on-metals-idINKBN2040C1" data-type="tilCustomLink" target="_blank">the outbreak of coronavirus</a>, whose death toll has surpassed that of SARS. But that may not be all the reasons. Digging deeper into the data, an expert concluded that only 40% of the stocks have regained the levels they were at before the budget-day sell-off. This, despite the fact that the coronavirus epidemic has led to fears of fall in demand for crude oil that has, in turn, brough forecasts for Brent Crude down to as low as $47 a barrel. In January alone, global crude oil prices fell by about 15%, according to HDFC Securities. The <a href="https://www.businessinsider.in/stock-market/markets/news/double-whammy-for-indian-share-market-exchanges-increase-margin-money-needed-for-intra-day-trade/articleshow/73078404.cms" data-type="tilCustomLink" target="_blank">fall in oil prices</a> should have ideally propped up the Indian market but last week’s rally in Sensex fizzled out on Monday (February 10). <div type="image" title="FILE PHOTO: Crude oil tankers are docked at Isla Oil Refinery PDVSA terminal in Willemstad on the island of Curacao" msid="74059337" hostid="261" caption="&amp;lt;p&amp;gt;Crude oil tankers are docked at Isla Oil Refinery PDVSA terminal in Willemstad on the island of Curacao, February 22, 2019. Fall in crude oil prices are good for a net importing country like India. REUTERS/Henry Romero/File Photo&amp;lt;/p&amp;gt;"></div>

 The Monday crack on Dalal Street (home to the Bombay Stock Exchange) would have been obvious to those watching the futures and options data. “The open interest (OI) activity all the while, when Nifty was rising, did not seem to have agreed with the argument of everything is fine, unlike the price action,” Shubham Agarwal, CEO &amp; Head of Research at Quantsapp Private Limited, <a href="https://www.moneycontrol.com/news/business/technicals/nifty-unlikely-to-run-away-from-here-deploy-bear-put-spread-to-hedge-positions-4922981.html" data-type="tilCustomLink" target="_blank">wrote in moneycontrol.com</a>. What is open interest? The number of contracts outstanding in futures and options trading on an official exchange at any one time. These contracts can be ‘long’ (where the trader is betting the stock/index will rise in the days to come) or they be ‘short’ (where the trader is positioned for a fall in the stock or index). For instance, today (Feb 10) at 11:42 pm, the price of Nifty 12,000 Put had nearly doubled since last close with a rise in open interest. This would indicate that more people had bet on Nifty falling to that level and it did. The Nifty was trading at 12,007, down three-fourths of a percent for the day. This concentration on Nifty 12,000 Put also means that the index may bounce back from that level. However, Agarwal ruled out a runaway rally. There are others who agree. “Nifty50 has decisively broken the trendline and the correction seems to be deepening. The steep fall is expected to have sharp bounces in the near term,” <a href="https://economictimes.indiatimes.com/markets/stocks/news/with-major-events-out-of-the-way-markets-will-now-find-its-own-level/articleshow/74022292.cms" data-type="tilCustomLink" target="_blank">Jimeet Modi, CEO, Samco Securities &amp; StockNote wrote recently</a>. Making matters worse, Indian stocks are already 40% more expensive than their peers in Asia, according to an HDFC Securities report dated February 4. “Overall, for the week, Nifty could range between 11,930 and 12,250,” said a report from Aditya Birla Money today. <div type="image" title="A man walks past a screen displaying the new logo of the National Stock Exchange inside its building in Mumbai" msid="74059401" hostid="261" caption="&amp;lt;p&amp;gt;A man walks past a screen displaying the new logo of the National Stock Exchange (NSE) inside its building in Mumbai, August 16, 2018. REUTERS/Francis Mascarenhas/Files&amp;lt;/p&amp;gt;"></div>

 Where is the big foreign money flowing into? Foreign portfolio investors (FPI) put in ₹6,350 crore in Indian debt between February 3 and February 7 but pulled out ₹1,172.56 crore from equities. That would again indicate that foreign investors are not very keen on Indian equities. Around 49 stocks fell to touch their 52-week lows on the National Stock Exchange on Monday— from tourism operators to infrastructure companies to milk manufacturers— the sell-off is broad based. Some of the <a href="https://economictimes.indiatimes.com/markets/stocks/news/stock-market-update-__-stocks-hit-52-week-lows-on-nse/articleshow/74057268.cms" data-type="tilCustomLink" target="_blank">stocks that hit a 52-week low</a> today: <ol><li>Thomas Cook </li><li>Vardhman Holdings </li><li>Bharat Heavy Electricals. </li><li>Birla Tyres </li><li>Gayatri Projects </li><li>Himatsingka Seide </li><li>Jayant Agro Organics </li><li>Parag Milk Foods </li></ol>While the benchmark index was rising as people bought into some major stocks, more traders were betting the overall trend is likely to be down. “In the near-term markets may gravitate back towards large-cap quality and defensive stocks and we may see more of polarisation with a few mid and smallcaps also participating,” HDFC Securities said last week. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/for-lic-ipo-to-succeed-the-life-insurance-giant-has-to-dump-a-lot-of-sick-stocks/articleshow/73889676.cms" data-type="tilCustomLink" target="_blank">For LIC IPO to succeed, the life insurance giant has to dump a lot of sick stocks</a> <a href="https://www.businessinsider.in/stock-market/news/2019-fpi-inflow-data-insurance-and-tech-stocks/articleshow/72741166.cms" data-type="tilCustomLink" target="_blank">The amount of Indian insurance stocks foreign investors hold has grown ten-fold in just about a year</a> <a href="https://www.businessinsider.in/business/telecom/news/billionaire-sunil-mittal-net-worth-and-airtel-q3-earnings-report/articleshow/73932668.cms" data-type="tilCustomLink" target="_blank">Billionaire Sunil Mittal got wealthier while Airtel lost a million users every 3 months for a year⁠— here’s why</a>

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