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GLOBAL-Oil trades sideways on fears of slower demand, supply uncertainty

The Nifty Pharma index was trading 0.46 per cent up at 12182.65.

The stock quoted a 52-week high price of Rs 6573.05 and a 52-week low of Rs 3555.3.

Today is the record date for Navkar Urbanstructure stock split. Navkar Urbanstructure had announced the splitting of shares into face value of Rs 2 from the face value of Rs 10.Friday is the record date for dividend by Punjab National Bank, Indian Hotels Company, Union Bank of India, Sagar Cements, NDR Auto Components, Deepak Spinners and Walchand Peoplefirst.

"This volatility was well expected due to higher inflation and the ongoing Russia -Ukraine war. We already cautioned our investors in our year-beginning note and suggested them to be in cash for some time. However, we are now suggesting our clients to deploy at least 60% of the money back to equity market."

“M&M’s overall capital allocations strategy over the last few years has improved leading to overall improvement in return ratios and we had the management meet recently where they reiterated the strong growth outlook for the overall automotive business, which will drive growth over the next few years. The IT segment is also doing very well.”

Ethereum, the second largest cryptocurrency, jumped 6.86 per cent to $1,160.32. Ethereum has advanced 6 per cent in the last seven trading sessions.

“Every year you will have different worries. It could be inflation, slow growth, any random war or trade war or any of such things. The key is to stick to your strategy because this strategy must be something which works across different risk parameters and risk will keep on emerging, the world has become too volatile.”

The Indian stock market’s value is already down nearly 20% from its January peak of about $3.7 trillion dollars. The unsupportive economic backdrop combined with an unprecedented exodus of foreign investors and earnings estimates that appear poised to tumble cloud the outlook for a rebound.

In the overseas market, gold prices were largely flat but on course for their second straight weekly decline, Reuters reported. Spot gold was last up 0.1 per cent to $1,824.72 per ounce, after hitting a one-week low of $1,820.99 earlier in the session. US gold futures fell 0.2 per cent to $1,825.90.