The key benchmark indices are likely to start Thursday’s session lower in a highly volatile week as
have risen sharply near $120 a barrel mark. The SGX
futures were quoting 17,203 levels at 8 am, hinting at a opening loss of 70 points on the Nifty50.
The sharp rise in Brent crude comes amid a possibility of a EU ban on Russian oil and gas as western leaders will meet today in Brussels to plan more measures to pressure Russia to halt its conflict in Ukraine.
The markets may further witness volatility on account of the Thursday weekly F&O expiry.
Among stocks, Zee Entertainment will be in focus as the company’s largest shareholder Invesco has decided not to pursue an extraordinary general meeting (EGM) to add six independent directors as it believes Zee’s merger with Sony will achieve the fund’s aim of strengthening board oversight.
This apart, ICICI Bank will also be on the radar as the Reserve Bank of India (RBI) has approved SBI Mutual Fund, along with other SBI group companies, to hold a 9.99 per cent stake in the bank. At the end of the December quarter, SBI Mutual Fund had 5.72 per cent stake in ICICI Bank
Disruptions at Caspian Pipeline Consortium (CPC) which accounts for over 1 per cent of world demand added to the global oil supply worries. Brent and WTI crude futures surged 5.3 per cent and 5.2 per cent, each, to $121.60 and $114.93 a barrel, respectively.