Sensex ends 224 pts higher in uneven trade, Nifty flat; Adani Ent skids 27%
CLOSING BELL: Broader markets, however, outperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 indices surged up to 0.5 per cent
 "MARKETS: HDFC twins, RIL, Bajaj Fin weigh on benchmarks; ITC rallies 5.5%")
CLOSING BELL
Domestic equity markets exhibited mixed trends in Thursday's trade as investors remained wary of the deep selloff in Adani Group stocks, despite an overall positive Budget 2023 tone.
Benchmark indices Nifty50 closed flat at 17,604 levels, whereas the S&P BSE Sensex advanced 224 points or 0.3 per cent to close at 59,932 levels. While the Nifty50 managed to climb 37 points to hit day's high of 17,653, it later reversed 208 points gain to hit day's low of 17,445 levels.
The S&P BSE Sensex, meanwhile, hit day's high and low of 60,007, and 59,215, respectively.
Broader markets, however, outperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 indices surged up to 0.5 per cent.
Sectorally, Nifty FMCG and Nifty IT indices were best sectoral gainers, gaining up to 2 per cent. On the flipside, Nifty Metal index was the worst sectoral performer as it sank over 4 per cent.
Among individual stocks, shares of ITC rallied 6 per cent to hit a new lifetime high level of Rs 384.40 as brokerages believe that the proposed tax hike on cigarette in the Union Budget 2023 is not very high and would be easily passed on through small price increases. READ MORE
Besides, shares of HDFC Life Insurance Company slipped 6 per cent to hit an over two-year low of Rs 483.10, on the back of heavy volumes. READ MORE
GLOBAL CHECK
The US equity futures edged higher in Wednesday's trade after Meta reported an upbeat earnings. Dow Jones Futures, the S&P 500 Futures, and NASDAQ Futures surged up to 1 per cent.
European markets, too, climbed this noon ahead of central bank decisions. Key indices like Stoxx 600, CAC 40, FTSE 100, and DAX rose up to 1 per cent.
Read MoreDomestic equity markets exhibited mixed trends in Thursday's trade as investors remained wary of the deep selloff in Adani Group stocks, despite an overall positive Budget 2023 tone.
Benchmark indices Nifty50 closed flat at 17,604 levels, whereas the S&P BSE Sensex advanced 224 points or 0.3 per cent to close at 59,932 levels. While the Nifty50 managed to climb 37 points to hit day's high of 17,653, it later reversed 208 points gain to hit day's low of 17,445 levels.
The S&P BSE Sensex, meanwhile, hit day's high and low of 60,007, and 59,215, respectively.
Broader markets, however, outperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 indices surged up to 0.5 per cent.
Sectorally, Nifty FMCG and Nifty IT indices were best sectoral gainers, gaining up to 2 per cent. On the flipside, Nifty Metal index was the worst sectoral performer as it sank over 4 per cent.
Among individual stocks, shares of ITC rallied 6 per cent to hit a new lifetime high level of Rs 384.40 as brokerages believe that the proposed tax hike on cigarette in the Union Budget 2023 is not very high and would be easily passed on through small price increases. READ MORE
Besides, shares of HDFC Life Insurance Company slipped 6 per cent to hit an over two-year low of Rs 483.10, on the back of heavy volumes. READ MORE
GLOBAL CHECK
The US equity futures edged higher in Wednesday's trade after Meta reported an upbeat earnings. Dow Jones Futures, the S&P 500 Futures, and NASDAQ Futures surged up to 1 per cent.
European markets, too, climbed this noon ahead of central bank decisions. Key indices like Stoxx 600, CAC 40, FTSE 100, and DAX rose up to 1 per cent.
10:50 AM
NIFTY VIEW: Index in a tight range of 17,650-17,450
The Nifty witnessed swings in both the directions on February 2 & ultimately posted a minor negative close.
Despite multiple attempts, the index couldn’t sustain in the positive territory. The hourly chart shows that the 20 HMA acted as a cap on the higher side, whereas the hourly lower Bollinger Band offered support to the index.
Thus 17650 – 17450 is the tight range within the overall short term range of 17350-18000. The bulls can get some relief if the index crosses 17650-17700 area on the higher side.
Despite multiple attempts, the index couldn’t sustain in the positive territory. The hourly chart shows that the 20 HMA acted as a cap on the higher side, whereas the hourly lower Bollinger Band offered support to the index.
Thus 17650 – 17450 is the tight range within the overall short term range of 17350-18000. The bulls can get some relief if the index crosses 17650-17700 area on the higher side.
Views by Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
10:48 AM
Views by Navneet Munot, MD & CEO, HDFC AMC
EXPERT VIEW: Market focus back on global cues, monetary policy with Budget now over
Balancing the expectations of an aspirational country like ours with fiscal prudence is no mean task.
The first budget of ‘Amritkaal’ did a fine job of balancing the two, especially against a challenging global backdrop.
This budget builds up on the reforms initiated over the past few years with a focus on improving India’s growth potential and quality of life.
Continued focus on capex, job creation and special mention of financial sector reforms are encouraging. Now with the event behind us, markets’ focus shifts back to global cues, monetary policy and incoming data points.
The first budget of ‘Amritkaal’ did a fine job of balancing the two, especially against a challenging global backdrop.
This budget builds up on the reforms initiated over the past few years with a focus on improving India’s growth potential and quality of life.
Continued focus on capex, job creation and special mention of financial sector reforms are encouraging. Now with the event behind us, markets’ focus shifts back to global cues, monetary policy and incoming data points.
Views by Navneet Munot, MD & CEO, HDFC AMC
10:46 AM
Views by Vinod Nair, Head of Research at Geojit Financial Services.
CLOSING VIEW: Adani saga, high mkt valuation weighing on indices
Despite a growth oriented budget, drop in crude prices and upside in the global market, the domestic market is not able to gain because of the Adani saga having a ripple impact on the investors.
In addition, the premium valuation of India continues to weigh down the performance compared to other emerging markets which are expecting upside in the economy. The global markets are positive in assumption of being in the last phase of the rate hikes.
In addition, the premium valuation of India continues to weigh down the performance compared to other emerging markets which are expecting upside in the economy. The global markets are positive in assumption of being in the last phase of the rate hikes.
Views by Vinod Nair, Head of Research at Geojit Financial Services.
10:42 AM
Rupee weakens to end at 82.17/$ vs Wednesday’s close of 81.92/$
10:41 AM
Rs 8.8 trillion market value of Adani Group wiped off
Adani Group has erased its market cap by nearly 50 per cent from Rs 19.2 trillion as on January 24.
10:37 AM
TCI Express plunges 9% on poor Q3 result
Net profit in Q3 came 8.9 per cent lower from last year.
10:31 AM
Tata Chemicals record 27% YoY rise in Q3 PAT; stock gains 1%
10:29 AM
Whirlpool slumps 6% as Q3 PAT falls 38% YoY
10:24 AM
HDFC loses 2% as Q3 results miss expectations
10:20 AM
FMCG, IT indices top sectoral winners; Metal pocket sinks 4%
10:17 AM
Broader indices log similar gains as that of Sensex
10:13 AM
Ambuja Cement, ACC escape Adani group crash today
10:12 AM
Britannia, ITC zoom 5% each on Nifty
10:11 AM
Adani Ent top Nifty loser, plunges 27%; Adani Ports sheds 7%
10:09 AM
HEATMAP: HDFC, NTPC top Sensex drags; ITC, IndusInd Bk, HUL outshine
Topics : MARKET LIVE Markets Q3 results Adani Group stock market trading Indian stock market Markets Sensex Nifty Market news stock market investing SGX Nifty F&O series Wall Street
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First Published: Feb 02 2023 | 8:05 AM IST
