Asian share markets declined today after hawkish comments from Jerome Powell rattled risk sentiment and drove the US dollar higher against all of its major peers.

The Nikkei is up 0.3% while the Hang Seng is trading lower by 2.5%. The Shanghai Composite is trading lower by 0.5%.

Wall Street indices closed sharply lower on Tuesday after Federal Reserve Chair Jerome Powell told Congress the central bank will likely need to raise interest rates more than previously expected as it seeks to rein in stubbornly high inflation.

The Dow Jones Industrial Average ended 1.7% lower while the tech-heavy Nasdaq Composite fell 1.2%.

Here's a table showing how US stocks performed on Tuesday:

Source: Equitymaster

Back home, Indian share markets are trading on a flat note. Benchmark indices opened lower today following the SGX Nifty trend but soon recovered most of the losses.

At present, the BSE Sensex is trading lower by 72 points. Meanwhile, the NSE Nifty is trading down by 17 points.

L&T and NTPC are among the top gainers today.

Bajaj Finance and Tech Mahindra on the other hand are among the top losers today.

Broader markets are trading on a negative note. Both the BSE Mid Cap index and the BSE Small Cap index are trading lower by 0.1%.

Sectoral indices are trading on a mixed note with stocks in the power sector, oil and gas sector, and utilities sector witnessing buying.

Meanwhile stocks in the IT sector, metal sector, and consumer durables sector witness selling.

Shares of Blue Star and Procter and Gamble Health hit their 52-week high today.

The rupee is trading at Rs 82.16 against the US dollar.

In the commodity markets, gold prices are trading lower by Rs 104 at Rs 54,918 per 10 grams.

Meanwhile, silver prices are trading lower by 0.9% at Rs 61,661 per 1 kg.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of the current stock market scenario, amid the ongoing volatility, have a look at the two charts below, in the order, they have been placed:

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

Timing the markets could be suicidal as valuations and volatility put the markets in a see-saw mode.

As an individual investor, you need to sit tight over high-conviction stocks and invest consistently to see the magic of compounding.

On a different topic, believed to be the next big step in the evolution of computers, ChatGPT has the potential to upend many industries and put the fear of job security amongst many people working there.
 

Adani prepays debt worth Rs 73.7 billion

The Adani group on Tuesday said it has prepaid share-backed financing of Rs 73.7 billion (bn) as part of its promoters' commitment to cut overall leverage backed by Adani-listed companies after a short-seller attack.

The move comes as the Adani group holds a worldwide roadshow as management seeks to reassure investors that the company's finances are under control amid share price falls and a regulatory probe.

The company will hold meetings with fixed-income investors from 7 to 15 March 2023 in Dubai, London, and the US. The US meetings will be held over four days, including in New York and Los Angeles. Similar gatherings were held this week in Singapore and Hong Kong.

With the repayment to multiple international banks and Indian financial institutions, the following Adani-listed company shares shall be released:

Adani Ports & Special Economic Zone: 155 million (m) shares, representing 11.8% of the promoters' holding.

Adani Enterprises: 31 m shares, representing 4.0% of promoters' holding.

Adani Transmission: 36 m shares, representing 4.5% of promoters' holding.

Adani Green Energy: 11 m shares, representing 1.2% of promoters' holding.
 

Good news for Coffee Day Enterprises shareholders

The SAT has stayed a penalty of Rs 260 m that was imposed by SEBI against Coffee Day Enterprises. for the alleged diversion of funds.

In January 2023, the market regulator fined Coffee Day Enterprises over the diversion of Rs 35.4 bn of funds from seven subsidiaries to an entity related to the promoters.

SEBI had noted that funds from Coffee Day units were diverted to Mysore Amalgamated Coffee Estates, an entity related to the promoters. The capital markets watchdog had ordered the company to appoint a law firm independent of the enterprise's board and under the oversight of the NSE-to recover outstanding dues within 60 days from the order.
 

Allcargo Logistics to buy a stake from promoters

Allcargo Logistics is a small-cap company that engages in the courier services industry.

The leading logistics provider in India, Allcargo Logistics is a well-known solution for supply chain management that offers logistics services in more than 180 nations.

The company recently announced a 162.5% interim dividend has been declared by the company's board of directors for eligible shareholders, and a record date for the same is 15 March 2023.

On Monday this week, the company received a nod from its partners to acquire a 38.9% stake worth Rs 3,730 m. Following the transaction, Allcargo Logistics' stake in the contract logistics business will grow to 100%.
 

Zee Entertainment Enterprises and IPRS agree to a settlement

Zee Entertainment Enterprises (ZEEL) and the Indian Performing Right Society (IPRS) on Monday entered into an agreement to settle all disputes and claims.

ZEEL said that IPRS has agreed to withdraw the insolvency petition filed by them. IPRS and ZEEL were in a dispute over Rs 2,110 m dues that the latter was supposed to pay.

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