External support to the falling market, selling continues in Adani’s stocks

The domestic stock market, which is under constant pressure, got some support from the strength of foreign markets on Thursday. A day after the budget (Union Budget 2023), the market started the business with a decline even today, but later it got some support from the support from foreign markets and the buying of foreign investors. At the same time, the bad condition continued in the shares of Adani Group.

SGX Nifty had fallen 71 points in the morning. The same trend was seen in the pre-open session and the BSE Sensex fell by around 250 points and the NSE Nifty by around 50 points. At the beginning of the session, the Sensex opened at 59,459.87 points with a loss. Similarly, the Nifty also opened at 17,517.10 points. Due to this it seemed that the market is going to be in loss even today.

There was a lot of turmoil in the domestic stock market during the day’s trading and it kept coming in red and sometimes in green. During the trading, the Sensex touched a high level of 59,999.98 points and a low level of 59,215.62 points. After the end of trading, the Sensex closed at 59,932.24 points with a gain of 224.16 points, or 0.38 percent. On the other hand, Nifty closed in the same loss as yesterday. The Nifty fell by 5.90 points to end at 17,610.40.

Earlier, on the budget day i.e. on Wednesday, there was a considerable decline in the budget as well. Yesterday the market had started the business well, but by the afternoon all the momentum in the market had disappeared. After the end of trading, the Sensex closed at 59,708.08 points with a slight gain of 158.18 points and the Nifty closed at 17,622.20 points with a loss of 39.95 points. In the entire session, the Sensex dived more than 12 points.

Talking about external factors, there is pressure on the market to increase the interest rates in America (US Interest Rate Hike). The US Central Bank Federal Reserve has again increased the interest rates by 0.25 percent (Fed Rate Hike). Along with this, the Federal Reserve has indicated to increase the interest rates even further. Although foreign stock markets only supported the domestic markets.

In the Asian markets, Hong Kong’s Hang Seng was in an increase of about 1 percent. At the same time, there was an increase of 0.11 percent in Shanghai Composite of China and 0.10 percent in Nikkei of Japan. If we look at MSCI’s broadest index of Asia-Pacific shares, it was up about one per cent today. So far this year, this index is up by about 11 per cent. This is the best January performance for the index since 2012. Most European markets are in the green in early trade.

Among Sensex companies, HDFC declined the most by about 2 per cent. On the other hand, big stocks like Bajaj Finance, NTPC, Tata Steel, PowerGrid, Tata Steel, HDFC Bank declined up to 1.50. At the same time, even after increasing the tax on cigarettes, the ITC has increased by about 5 percent. Apart from this, stocks like IndusInd Bank, Hindustan Unilever, Infosys, Wipro, HCL Tech and TCS gained more than 1.50 per cent.

For the last few days, the bad condition continued for the stocks of Adani Group surrounded by controversies. A day earlier, Adani Enterprises, the flagship company of Adani Group, fell by 28 per cent. After the FPO was withdrawn, it fell by up to 15 per cent during trading even today.

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