Last Update: January 30, 2023, 09:29 AM IST
A man looks at a screen on the street displaying Sensex on the façade of the Bombay Stock Exchange (BSE) building in Mumbai. (File photo/Reuters)
The benchmark indices started the week on a subdued note on Monday. S&P BSE Sensex fell 590 points
The benchmark indices started the week on a subdued note on Monday. The S&P BSE Sensex closed 590 points lower at 58,741, while the Nifty 50 closed 149 points lower at 17,455. Both the indices closed down 0.99 per cent.
ICICI Bank, Axis Bank, L&T, HUL, HDFC, Tata Steel, JSW Steel, RIL, Power Grid, HDFC Bank, Hindalco, SBI Life, Apollo Hospitals and Bharti Airtel were the top gainers in the Nifty 50 index. From 1 percent to 2 percent.
In the broader market, the BSE Midcap and Smallcap indices declined up to 0.34 per cent. Meanwhile, between sectors, the smelly 1 percent gain in metal index on NSE; While Nifty Oil & Gas index was top loser on NSE with a fall of 4 per cent.
Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “Market will be completely dominated by volatility in Adani shares today. Adani Enterprises’ statement that the FPO is on schedule and there is no change in the price band is significant. This can be understood as a reflection of the management’s confidence in the success of the FPO. It is important to understand that the stock has a limited public float. Hence, the fall in price on Friday was mainly due to shorting in Adani shares and Adani Enterprises in particular. There is a possibility of a big short-squeeze in the stock. There is heavy volatility in Adani shares today. The continued selling by FPIs in January is a bit puzzling with the huge selling figure of Rs 5978 crore last Friday. Have FPIs caught wind of the ongoing storm? It is important to note that during the last 3 days while Nifty declined by 3.2%, Bank Nifty declined by 6.3% due to concerns about Adani crisis affecting banks. The decline in high-quality private sector banks is a buying opportunity. Investors can wait for the dust to settle.”
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