Market View 02nd March, 2026

View on market: Volatility persists, eagerly searching for growth:

Global markets witnessed heightened volatility as escalating tensions in the Middle East triggered a sharp shift away from riskier assets. Equity markets across regions declined as investors reacted to military action involving the United States and Israel against Iran. The conflict pushed crude oil prices higher and strengthened the US dollar, reflecting a move toward safer assets. Asian markets followed the weak global trend and closed lower, while futures linked to major US and European indices also indicated continued pressure. In the United States, stock futures dropped significantly at the start of the week as fears grew that the conflict could widen further across the region. The renewed geopolitical stress added to existing market nervousness related to uncertainty around artificial intelligence and concerns about private credit exposure within the technology sector. Indian equity markets also ended the month on a weak note, extending recent losses. Financial, energy and automobile stocks dragged the indices lower, while information technology shares showed some resilience after earlier declines.

Economic Calendar:

• USD: S&P Global and ISM Manufacturing PMI Data on 02^nd March 2026.
• IND: S&P Global Manufacturing PMI Data on 02^nd March 2026.
• USD: S&P Global Services PMI and Crude Oil Inventory Data on 04^th March 2026.
• IND: Industrial Production Data on 02^nd March 2026.

Brokerage Radar:
CITI ON BHARTI AIRTEL:

Target ₹2,380 Recommendation Buy, Chairman’s clear strategic vision amid market concerns reinforces a compelling long-term opportunity, Uncertainty around the timing of the next tariff hike may limit near-term catalysts, Believe the stock’s recent under-performance presents an enhanced buying opportunity, Also see the most immediate positive read-through for Indus Towers.

JPMORGAN ON DIXON TECH:

Target ₹13700 Recommendation Overweight, Mobile PLI 2.0 would be a bit different than the existing scheme, Believe the Street has been assuming that the PLI scheme would not be extended, Dixon’s mobile business would see a 50bps margin reduction from FY27, If the scheme were to be extended, Dixon could continue to enjoy a 50bps margin benefit, This could lead to 12-16% EPS upgrades over FY27-28.

GOLDMAN SACHS ON ICICI LOMBARD:

Target ₹1,925 Recommendation Neutral, Industry growth inflected in Q3, Motor growth outpaced industry in Q3, Company motor combined ratio materially better than industry, Health: strategic investment phase, near-term drag acceptable.

JEFFERIES INDIA STRATEGY:

Middle East Conflict – Impact likely to be short-term, India’s economic links with the Middle East are strong, with the region taking 17% of India’s exports and providing 55% of its crude oil and 38% of worker remittances, A prolonged conflict, alongside a large jump in energy prices, would be a major macro negative, However, recent regional conflicts have been temporary, and a dip could be a buying opportunity.

International Markets:

U.S & Europe:

*As per 02^ndMarch.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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