Markets Wrap – Mon, 13 Feb ‘23: Stocks fall, rupee depreciates; Asia, Europe markets, Gold, Crude, Crypto updates Domestic equity indices concluded Monday’s volatile session in the red territory. The Sensex closed below 60,450 and the Nifty settled above 17,800. The top gainers of the BSE Sensex were Titan (up 2.07%), Larsen & Toubro (up 1.88%), NTPC (up 1.70%), Power Grid (up 0.87%) and Sun Pharma (up 0.78%) while State Bank of India (down 2.83%), Infosys (down 2.52%), TCS (down 1.49%), Bajaj Finance (down 1.44%) and Tech Mahindra (down1.43%) were the losers.Asian Markets Asian markets closed in the red on Monday. China’s Shanghai Composite Index rose 23.49 pts or 0.72% to 3,284.16, Hong Kong’s Hang Seng fell 26 pts or 0.12% to 21,164.42, Japan’s Nikkei 225 fell 243.66 pts or 0.88% to 27,427.32 and South Korea’s KOSPI dipped 17.03 pts or 0.69% to 2,452.70. European markets were trading in the red. England’s FTSE100 was trading at 7,904.60, down 6.53 points or 0.03% at 3:00 PM (IST). Europe’s Euronext100 was down 2.17 points or 0.16% at 1,347.46. France’s CAC was trading 15.34 points or 0.21% lower at 7,173.02. Germany’s DAX was down 149.93 points or 0.97% at 15,373.57. The US equity indices ended Friday’s session mixed. The Dow Jones Industrial Average rose 169.30 pts or 0.50 % to 33,869.27, S&P 500 rose 8.96 pts or 0.22% to 4,090.46 and Nasdaq fell 71.46 pts or 0.61% to 11,718.12. The Indian rupee fell 0.26% to 82.72 against the US dollar at 3:10 PM (IST). Gold futures on the multi-commodity exchange for April delivery were trading at Rs 56,675.00 down 66 points or 0.12% while Silver futures for March delivery fell 420 points or 0.63% to Rs 66,244.00 at 3:15 PM (IST). WTI Crude futures for March delivery were down 1.42% at $78.59 while Brent Crude futures for March delivery were trading 1.3% lower at $85.27 at 3:15 PM (IST). Bitcoin (BTC) at 3:15 PM (IST) was trading at $21,615.48, down by 1.13% in the last 24 hours. Its total market cap is $416,898,955,720. Ethereum (ETH) was trading at $1,485.70, down by 3.22% in the last 24 hours. It has a total market cap of $181,849,942,185.
Last Friday, WTI and Brent slid 3% after strong U.S. jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar. While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China’s recovery remains a key driver for oil prices.
“If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their (output) policies,” Birol told Reuters on the sidelines of a conference in India.Price caps on Russian products took effect on Sunday, with the Group of Seven (G7), the European Union and Australia agreeing on caps of $100 per barrel on diesel and other products that trade at a premium to crude, and $45 per barrel for products that trade at a discount, such as fuel oil.
“For the moment, the market expects non-EU countries will increase imports of refined Russian crude, thus creating little disruption to overall supplies,” ANZ analysts said in a client note. “Nevertheless, OPEC’s continued constraint on supply should keep the market tight,” they said.