Updates on the stock market: Adani Green Tanks 8%; Sensex and Nifty Reverse Opening Losses and Trade Higher
Sensex Today: Following conflicting indications in international markets, equity benchmark indexes began Monday’s trading session down. The NSE Nifty50 dropped 57 points to 21,966, while the BSE Sensex dropped 150 points to 72,483.
Leading the advances on the Sensex were Tata Steel, Bharti Airtel, M&M, NTPC, and Bajaj Finance, among others. SBI, Maruti, HUL, and ICICI Bank were among the biggest losses at the same moment.
On the Nifty 50, the top gainers were HDFC Life, Apollo Hospital, Wipro, and Coal India, while the top losers were Adani Ports, Grasim, SBI Insurance, and Hero Motocorp, with percentages ranging from 0.5 to 2.5.
As US prosecutors investigate the firm and its founder for bribery accusations, shares of the Adani group plunged on Monday morning, according to a Bloomberg story published on Friday. The company’s shares, including those of Adani Enterprises, Adani Ports, and Adani Power, decreased by 1-3 percent.
Market volatility is predicted to increase on Wednesday, March 20, when the Federal Reserve makes its decision. The next Lok Sabha elections, which are scheduled to take place from April 19 to June 4, are also attracting the interest of investors. Concerns are raised in the meantime by the Mutual Funds stress test findings, which are required by SEBI and point to possible market stress. The Nifty has intraday support around 21861, significant support at 21530, and immediate resistance at 22250. In light of the current uncertainties, a prudent and agile strategy is required, according to Prashanth Tapse, Senior VP (Research), Mehta Equities.
Three occasions that will influence the markets going forward
It’s going to be a very tumultuous week. The conclusion of the US Fed meeting on Wednesday, the rise in the US 10-year bond yield to 4.3%, and potential Sebi directions based on stress tests in mid- and small-cap schemes are just a few of the events that will have an immediate impact on the market.
US Federal Reserve
The mother market and subsequently other markets would suffer if the Fed’s statement took a somewhat hawkish stance in reaction to the current persistent inflation trend.
The US 10-year bond yield’s increase to 4.3% is detrimental to international portfolio flows.
medium, little caps
Even though these categories showed stability last Friday, there is still concern about the high values in the mid and small caps.
Methodology
On declines, investors may choose to purchase large-cap stocks like capital goods, banking, communications, and autos as part of a wait-and-watch strategy.
Opinions expressed by V K Vijayakumar, Geojit Financial Services’ chief investment strategist
Worldwide Cues
As investors tried to negotiate a confusing schedule of central bank meetings this week that might signal the end of Japan’s free money program and a slower glide path for US rate reduction, Asian equities firmed on Monday. Chinese data surprised on the positive for once.
Monday saw a rise in Tokyo equities as investors welcomed the yen’s decline as the Bank of Japan got ready to begin a two-day policy meeting. Early trading saw a 0.83 percent increase, or 319.87 points, in the benchmark Nikkei 225 index to 39,027.51, while the larger Topix index increased by 0.93 percent, or 24.93 points, to 2,695.73.
The technology-related megacaps that have driven this year’s rise in US equities saw a decline on Friday as investors assessed the interest rate outlook in advance of the Federal Reserve meeting next week.
