From the Sensex pack, ICICI Bank, HDFC, Axis Bank, State Bank of India, Reliance Industries, Kotak Mahindra Bank and HDFC Bank were among the major laggards.
Tata Motors, ITC, Mahindra & Mahindra and Tata Steel were among the winners.
Elsewhere in Asia, equity markets in Seoul, Tokyo and Shanghai were trading in the green, while Hong Kong quoted marginally lower.
Markets in the US had ended higher on Thursday.
Stock markets were closed on Thursday on account of Republic Day.
International oil benchmark Brent crude edged up 0.38 per cent to USD 87.80 per barrel.
Foreign Institutional Investors (FIIs) offloaded shares worth Rs 2,393.94 crore on Wednesday, according to exchange data.
“Traders will now gear up for the next 2-big catalysts; interest-rate decision from the Federal Reserve to trickle in on February 1, and the Union Budget for 2023-24 to be presented on the same day,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.
The 30-share BSE barometer had plunged 773.69 points or 1.27 per cent to 60,205.06 on Wednesday. The Nifty had declined by 226.35 points or 1.25 per cent to 17,891.95.
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Pharma major Dr Reddy’s Laboratories beat Street estimates by reporting a 77% on-year jump in December quarter profit after tax at Rs 1,247 crore. Its revenue jumped 27% YoY to Rs 6,770 crore. According to an ET Now poll, analysts were expecting PAT at Rs 910 crore and revenue at Rs 5,830 crore.
Price as on 27 Jan, 2023 10:02 AM, Click on company names for their live prices.
Traders will now gear up for the next 2-big catalysts; interest-rate decision from the Federal Reserve to trickle in on February 1, and the Union Budget for 2023-24 to be presented in the Lok Sabha on the same day. The technical landscape suggests that dark storm clouds hover over Dalal Street. The downpour could drag the Nifty towards the 17721 mark.
– Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd
Bill Ackman says Hindenburg’s report on Adani Group ‘highly credible’
Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after Hindenburg released the report, which accused the conglomerate of improper use of offshore tax havens and also said it held short positions in the company through its U.S.-traded bonds and non-Indian-traded derivative instruments.
Glenmark Pharmaceuticals gets allowance from US FDA to supply Atovaquone Oral Suspension USP 750mg/5 to the US market.
Price as on 27 Jan, 2023 09:40 AM, Click on company names for their live prices.
Rupee rises by 9 paise to 81.52 against US dollar in early trade.
Adani kicks off $2.45 billion share sale while under short-seller attack
Adani Group firms lost $11 billion in market capitalisation on Wednesday after New York-based Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens. Adani Group dismissed the report as baseless.
Adani Enterprises, the flagship company of a conglomerate led by world’s fourth-richest man, Gautam Adani, aims to use the share sale proceeds for capital expenditure and to pay debt. The anchor portion of the sale saw participation from investors including the Abu Dhabi Investment Authority on Wednesday.
Bidding for retail investors started on Friday and will close on Jan. 31. The firm has set a floor price of 3,112 rupees ($38.22) a share and a cap of 3,276 rupees.
Top gainers & losers in morning trade
Price as on 27 Jan, 2023 09:35 AM, Click on company names for their live prices.
Market LIVE updates: Sensex tanks over 500 pts
Stock Market LIVE: Shares of Indian Tata Motors Ltd rose as much as 6% on Monday after the carmaker reported its first quarterly profit in two years on the back of strong demand and as its luxury car unit, Jaguar Land Rover (JLR), turned profitable.
Price as on 27 Jan, 2023 09:23 AM, Click on company names for their live prices.
Long liquidation spree on Wednesday eased off without threatening 17800, retaining hopes of revival. Such hopes will be strengthened, if 18000 is reclaimed early in the day. This should put Nifty back into a neutral territory, with intermittent upswings, but expect distribution to reemerge, if we get back to the 18120 region right away. We will look for a rise above 18200 consolidation in the sun 17940 region to back upsides.
– Anand James – Chief Market Strategist at Geojit Financial Services.
Stock Market LIVE: Adani stocks in freefall, tank up to 16%
Price as on 27 Jan, 2023 09:21 AM, Click on company names for their live prices.
Opening Bell: Sensex slides over 250 pts, Nifty tests 17,850; Adani Enterprises down 3%, Tata Motors jumps 6%
India remains best long-term story in India: Chris Wood
#MarketsWithETNOW | "Little pushback on the positive view for Asia and Emerging Markets," says Chris Wood of… https://t.co/VbQbDl94zq
— ET NOW (@ETNOWlive) 1674788311000
SGX Nifty signals a positive
Nifty futures on the Singapore Exchange traded 82.50 points or 0.46% higher at 18,036, signalling a positive start for Dalal Street.
Asian stocks rise
- Japan’s Topix index was little changed
- South Korea’s Kospi index rose 0.6%
- Hong Kong’s Hang Seng Index rose 0.2%
- Australia’s S&P/ASX 200 rose 0.3%
US stocks end in the green
- Dow Jones Industrial Average rose 0.61%
- S&P 500 gained 1.10%
- Nasdaq Composite added 1.76%
Adani Enterprises FPO to open today
Adani Enterprises’ Rs 20,000 crore follow-on public offer (FPO) will open for subscription on Friday. The price band for the FPO is Rs 3,112-3,276 a share. The company on Wednesday raised close to Rs 6,000 crore from over 30 institutional investors, including prominent names such as Abu Dhabi Investment Authority (ADIA), Al Mehwar Investments, Citigroup Global, Morgan Stanley, Goldman Sachs, LIC, HDFC Life Insurance, and SBI Pension Fund.
Earnings Today
70 companies to detail December quarter earnings. Bajaj Finance, Aditya Birla Sun Life AMC, and Vedanta among the major ones.
FII/DII action
Foreign portfolio investors (FPIs) on Wednesday net sold Indian shares worth a whopping Rs 2,394 crore, provisional data showed. DIIs on the other hand, net bought shares to the tune of Rs 1,378.5 crore.
Rupee Close
The Indian unit ended higher against the dollar on Wednesday, but pared most of the intraday gains.The rupee settled at 81.59 a dollar compared with 81.72 in the previous session. It had touched a high of 81.48 a dollar intraday.
Sensex Today: Sensex, Nifty bleed in Wednesday’s trade
Indian equity indices ended in the red on Wednesday with the BSE Sensex ending 774 points or 1.27% lower at 60,205, and Nifty 50 closing 226 points or 1.25% lower at 17,891. Selling was seen across all sectors.
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