Sensex rises 445 pts from day's low to end flat; Adani FPO fully subscribed

CLOSING BELL: Broader markets, too, remained upbeat throughout the day as Nifty MidCap 100 and Nifty SmallCap 100 outperformed benchmark indices to close up to 2 per cent

SI Reporter New Delhi

2 min read Last Updated : Jan 31 2023 | 4:29 PM IST

A fag-end buying helped domestic markets stage turnaround in Tuesday's trade, after the Economic Survey 2022-23 projected 6.5 per cent GDP growth in FY24. Moreover, traders also remain watchful of the Union Budget 2023 due on Wednesday, February 1, and the US Federal Reserve's interest rate stance.  
Benchmark indices Nifty50 closed at 17,662 levels, up 13 points or 0.07 per cent, while the S&P BSE Sensex closed at 59,549 levels, up 50 points or 0.08 per cent. Both Nifty50 and the S&P BSE Sensex hit day's low of 17,537, and 59,104, respectively. However, later, Nifty50 recouped over 50 points to hit day's high of 17,735 levels, and the S&P BSE Sensex recovered over 250 points to scale day's high of 59,787 levels.  
Broader markets, too, remained upbeat throughout the day as Nifty MidCap 100 and Nifty SmallCap 100 indices outperformed benchmark indices to close up to 2 per cent.  
Besides, sectors like the Nifty PSU Bank, and Nifty Media indices displayed strong performance, as they climbed up to 4 per cent. On the flipside, Nifty IT and Nifty Pharma indices were the worst hit as they dropped up to 1 per cent.  
Among individual stocks, shares of Larsen & Toubro (L&T) were down 2 per cent, on profit booking after the engineering company reported a 24.2 per cent YoY rise in consolidated net profit in Q3FY23. READ MORE Adani FPO fully subscribed On the final day, Adani Enterprises' follow-on-public offer (FPO) was fully subscribed, led by non-institutional investors (3.2x), qualified institutional buyers (1.2x), and retail investors (0.1x).  Global Check The US equity futures were bogged down in Tuesday's trade ahead of the Federal Reserve's interest rate decision. Dow Jones Futures, the S&P 500 Futures, and NASDAQ Futures dropped up to 0.4 per cent. European markets, too, were subdued this noon as Stoxx 600, CAC 40, and FTSE 100 indices slumped up to 0.7 per cent.  

Key Events

4:04 PM

NIFTY OUTLOOK: Relief rally to 17,900 levels on cards

It was again a roller-coaster day for the Indian markets but the range was comparatively narrower from yesterday. Nifty has reversed from the support zone and managed to close above its 200 EMA placed at 17,550 levels.
A relief rally can be expected up to 17,900 levels from where selling pressure may be witnessed again until 18050 - 18100 takes out on closing basis. On the lower side immediate support is seen at 17,550 and below that at 17,400 levels.

Views by Rohan Patil, Technical Analyst, SAMCO Securities

4:03 PM

CLOSING VIEW: Adani saga has prolonged needed correction of market premium

The Indian market has been underperforming compared to the rest of the world because it has been trading at premium valuations, which are in contrast to the moderation forecasted in the domestic economy for FY24.

The premiumization has tapered, currently trading in-line with developed markets like the US; however, we continue to trade at a premium to other emerging markets.

The Adani saga has prolonged the correction as FII selling has increased. Now the focus is on the outcome of budget and Fed policy, on which the market has a mixed view.

Views by Vinod Nair, Head of Research at Geojit Financial Services.

4:00 PM

PSB index surges 4%; IT, Metal, oil & gas pockets sole sectoral losers

3:58 PM

Broader markets outweigh benchmark; Smallcap index zooms 2%

3:57 PM

UPL rises around 2% as Q3 profit grows 16% YoY

Net Profit up 16.1% at Rs 1,087 cr vs Rs 936 cr (YoY)

3:53 PM

Tech M slips 2% as mgmt cautions on growth moderation

3:51 PM

Sun Pharma sheds 1% despite posting in-line Q3 profit growth

3:48 PM

Adani Power drops 5%, Adani Gas 10%; Adani Transmission up 4%

3:41 PM

BASF sinks 5% on reporting poor Q3 results

3:38 PM

Bajaj Finance, TCS, Tech M top Nifty drags, drop 2% each

3:37 PM

Adani Ports makes it among top 5 Nifty winners

3:36 PM

HEATMAP: SBI, M&M, Ultratech Cement rise 3% each

3:34 PM

CLOSING BELL: Nifty ends with fractional uptick above 17,650

3:32 PM

CLOSING BELL: Sensex recovers 445 pts from day's low; ends 50 pts higher

3:20 PM

ALERT: Adani Enterprises FPO fully subscribed led by NIIs

Portion reserved for NIIs has been subscribed 3.3 times so far. 

2:55 PM

Real GDP growth will remain unhindered till crude prices remain below $100/bbl: CEA V Anantha Nageswaran

2:52 PM

Economic Survey: Optimism scores over caution, says Madan Sabnavis

The Survey does not believe that high inflation will come in the way of consumption, which has to be monitored because there are already signs of weakening demand. In FY23, people spent money at the cost of savings. But now with the pent up demand being exhausted, households are preferring to save than spend. READ MORE

madan sabvanis

2:48 PM

RBI's 6.5% GDP forecast for FY24 remains within global target range, says CEA V Anantha Nageswaran

2:44 PM

GST paid by MSMEs in FY22 crossed pre-pandemic levels, says CEA V Anantha Nageswaran

2:33 PM

India's improved balance sheets & digital infra to add 60-100 bps growth to India's GDP in FY24, says CEA

Topics :Economic SurveyMARKET LIVEMarketsQ3 resultsMarkets Sensex NiftyS&P BSE SensexNifty50stock market tradingstock market investingStock market investmentIndian stock marketsIndian stock marketMarket newsstock marketsGlobal MarketsAsian marketsSGX NiftyAdani GroupLIC L&T Union BudgetBudget 2023

First Published: Jan 31 2023 | 8:16 AM IST