Adani Group companies extended the selloff to the sixth day after a report by Hindenburg warned of high leverage and fraudulent practices in group companies. Global bankers Citigroup and Credit Suisse stopped accepting securities of Adani companies as collateral for margin loans

Britannia delivered yet another stellar quarter. Traction on sales front continued to be strong, but importantly, the business has now already recouped all the margins that were lost during the recent hyperinflationary phase. We expect the stock to react positively to the result but reckon that the easier part of the stock’s upmove would then be mostly done with

If we look at the data from past 15 Budgets, compiled by Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, Nifty has bounced back with stellar gains one week after the presentation of the budget whenever the fall in previous week of the budget presentation is more than 1.5%.

“Powell’s comments, along with the robust release of ADP Employment Data, make the markets believe that the committee may remain too dovish regarding how high rates will go and how long they will stay there,” said Heena Naik, research analyst - currency at Angel One.

Hindenburg's report last week alleged an improper use of offshore tax havens and stock manipulation by the Adani group. It also raised concerns about high debt and the valuations of seven listed Adani companies.

For ITC, cigarettes constitute more than 80% of the company’s net profit and about 45% of its topline. Therefore, tinkering in taxes has an impact on the company’s financials.

Second, state governments have been lagging considerably on capex. Third, the revival in private capex remains elusive and given the risks to future demand situations and falling profitability, Indian companies may still be in a wait-and-watch mode.

Hindenburg's report last week alleged an improper use of offshore tax havens and stock manipulation by the Adani group. It also raised concerns about high debt and the valuations of seven listed Adani companies.

"The sharp increase in capital spending in a year of global uncertainty, a credible fiscal consolidation, no change in the capital gains tax regime, and lower-than-expected market borrowings augur well for stocks," Morgan Stanley's Ridham Desai said. Following the Budget, he and his team are overweight on three sectors - financials, discretionary consumption and industrials.

From an auto major which has underperformed due to multiple reasons to a healthcare provider which has outperformed its sectoral counterparts. These companies have shown an improvement in their score at a time when analysts are revisiting their estimate as local and global issues are hitting stock markets and are witnessing a reset. ET screener powered by Refinitiv’s Stock Report Plus applies different algorithms & filters to all BSE and NSE stocks, and lists down stocks which fulfill the various criteria as specified into the algorithms & filters.

Billionaire Gautam Adani, who is in the middle of a storm following allegations made in the Hindenburg report, today said he had to withdraw Adani Enterprises NSE -28.2 %' Rs 20,000 crore FPO to protect investors from potential losses.

Following allegations made in the Hindenburg report against the Adani-led conglomerate, ACC shares had hit a record low of Rs 1,733.30 last week. Ambuja Cements, on the other hand, has already fallen 41% from its 52-week high.

Hindenburg's report last week alleged an improper use of offshore tax havens and stock manipulation by the Adani group. It also raised concerns about high debt and the valuations of seven listed Adani companies.

The Reserve Bank of India did not immediately respond to a request for comment. The sources were speaking to Reuters and declined to be named because they were not authorised to speak to the media. Shares in Adani group of companies plunged on Thursday after the tycoon Gautam Adani-led conglomerate shelved a $2.5 billion share sale amid a turbulent market, citing the need to insulate investors from potential losses.

Sun Pharma is the world’s fourth largest generics/specialty pharma company with 43 manufacturing sites at its disposal addressing segments like specialty products, branded generics, complex generics, pure generics and APIs.

As the stock rout deepened, Adani was forced to withdraw the FPO last night in a surprise announcement. This morning, it was reported that Citi's wealth unit has also decided to cut the loan-to-value ratio for credit against Adani securities to zero.

Recent macro numbers including Core Infra, GST collections, IIP, Inflation etc show that the economy is on the path to accelerated growth. The new savings scheme and enhanced limit of the Senior Citizen savings scheme affords more avenues for savers to invest their monies safely and productively.

Data suggests that from the past four trading sessions prices are taking support near 200 DMA, which is placed at 17,550 levels on the daily scale. For the bulls to regain control Nifty50 must reclaim 18,888 levels, suggest experts.

In the Sensex pack, SBI and ICICI Bank were the top laggards, down 2-3%. Axis Bank, Bajaj Finance, UltraTech Cement, HDFC, HDFC Bank, L&T and NTPC also opened with losses.

Opening Bell: Sensex falls 300 pts, Nifty below 17,500; Adani Enterprises zooms 10%, Max Financial slips 4%.

VIP Industries has announced a dividend of Rs 2 per share. In the past 12 months, the company has declared an equity dividend amounting to Rs 5 per share. At the current share price levels, it results in a dividend yield of 0.73%. The company is engaged in the business of luggage and travel accessories and is one of the largest luggage maker in India.

As the stock rout deepened, Adani was forced to withdraw the FPO last night in a surprise announcement. This morning, it was reported that Citi's wealth unit has also decided to cut the loan-to-value ratio for credit against Adani securities to zero.

The budget day saw the markets swinging sharply with the NIFTY closing the day in the red. The auto sector appears to be improving its momentum.

ET Now spoke to various experts, and here's what they have to recommend for today's trading session. Nooresh Merani has a buy/sell recommendation on M&M Fin and Ashok Leyland, while Kunal Bothra has a buy/sell recommendation on HDFC and ICICI Bank for today's trading session. Check out the targets and stop loss.

"For me, the interest of my investors is paramount and everything is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO," Adani said in a message to shareholders.

Billionaire Gautam Adani, who is in the middle of a storm following allegations made in the Hindenburg report, today said he had to withdraw Adani Enterprises NSE -28.2 %' Rs 20,000 crore FPO to protect investors from potential losses.

The group's flagship firm Adani Enterprises called off its $2.5 billion share sale in a dramatic reversal on Wednesday as a rout sparked by the U.S. short-seller's criticisms wiped billions more off the value of the Indian tycoon's stocks.

The U.S. central bank announced an expected 25 basis points interest rate increase after a year of larger hikes and said it had turned a key corner in the fight against a high inflation rate. But policymakers projected "ongoing increases" in borrowing costs would still be needed.

Apar Industries stock rose 18% during Wednesday's trading session, continuing its previous day's gains after the company reported a 210% increase in its consolidated profit after tax to Rs 170 crore in the December quarter.

The Federal Reserve slowed its drive to rein in inflation and said further interest-rate hikes are in store as officials debate when to end their most aggressive tightening of credit in four decades. Policymakers lifted the Fed’s target for its benchmark rate by a quarter percentage point to a range of 4.5% to 4.75%. The smaller move followed a half-point increase in December and four jumbo-sized 75 basis-point hikes prior to that.

"For me, the interest of my investors is paramount and everything is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO," Adani said in a message to shareholders.

Hindustan Unilever’s daily trend is sideways. RSI for monthly, weekly, and daily is indicating a sideways trend. Based on option chain analysis, the range is between 2500 and 2600. Let’s plan a trade around this.

Investors were mostly focused on the Fed's path forward, as the size of increase for its first policy meeting of the year was in line with expectations after rapid increases in 2022 including a December rate hike of 50 basis points.

The February futures contract of Nifty 50 traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 17,634.50, down 65.5 points or 0.37% from the previous close.

Thus far, the steps taken by the government continue to support growth momentum and focus on bringing down the fiscal deficit. At the same time, giving support to the middle classes is likely to result in a continuation of the growth in a meaningful way.

Fiscal consolidation for FY24 continues to adhere to the projected glide path with a sub-4.5% target by FY26. While the tax buoyancy levels appear reasonable, expenditure assumptions on multiple heads are projected conservatively, especially in a pre-election year and will be monitored closely.

The new tax regime will result in significant savings for taxpayers opting for the new regime and will provide a modest stimulus to consumption. Also, the government's decision to leave LTCG on equities unchanged will allay the market's concerns.

The increase in the tax rebate limit to ₹7 lakh will help low-income earners, especially given the increase in the cost of living. The reduction in the number of income slabs to five simplifies taxation. Overall, you can see a progressive move towards rationalising the taxation structure across the board.

“Income from the redemption of MLDs will be deemed to be short-term gains irrespective of the holding period and will be taxed at the highest rate which can be 30% for resident individuals and 40% for foreign companies,” said Rajesh Gandhi, partner at Deloitte India. Gandhi said this step will remove a key advantage and significantly increase the tax burden.

The Sensex, which fell below the 59,000-mark in the closing stages of Wednesday's trading, ended at 59,708, up 158 points, or 0.27%, from its previous close. The index made an intraday high of 60,773.

The focus has been to maintain growth momentum with a clear push on infrastructure. Capital expenditure is budgeted to rise 33% to ₹10 lakh crore in FY24 to a record 3.3% of GDP (versus 2.2-2.4% on average during the past few years). Just to put it in perspective, FY19 capex was ₹3 lakh crore.

Analysts anticipate infrastructure-led companies to see the benefits of the budget proposals in the second half of the next financial year and drive the re-rating of these companies. The government proposed to raise capital expenditure by 33% for FY24 to ₹10 lakh crore.

Another reason for calling this budget a solid one is that there is minimum tinkering with taxes and tax rates, both direct and indirect. Despite this being the last full budget before the 2024 Lok Sabha elections, the finance minister very wisely chose not to play to the gallery.

"For investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease, an integrated IT portal will be established," said finance minister Nirmala Sitharaman in the budget speech.

"Due to SCRA limitations, branches of foreign banks were unable to issue p-notes from IFSC and were therefore unable to move their trading desks to IFSC," said Suresh Swamy, partner, Price Waterhouse & Co LLP. "With this proposed change, GIFT IFSC will be able to compete with other leading financial jurisdictions."

The stock hit a record high of Rs 919.50 on December 15, 2022, but failed to hold on to the momentum

Policymakers lifted the Fed’s target for its benchmark rate by a quarter percentage point to a range of 4.5% to 4.75%. The smaller move followed a half-point increase in December and four jumbo-sized 75 basis-point hikes prior to that.

At 10:26 a.m. ET, the Dow Jones Industrial Average was down 219.55 points, or 0.64%, at 33,866.49, the S&P 500 was down 10.80 points, or 0.26%, at 4,065.80, and the Nasdaq Composite was down 17.20 points, or 0.15%, at 11,567.35.

The Adani group on January 29 gave a detailed response to the Hindenburg report, refuting the allegations and stating that most of the observations relate to matters that have been duly disclosed by the conglomerate in the past

The source told Reuters the Indian market regulator is also looking into any possible price manipulation of Adani group stocks, as well as examining possible irregularities in the $2.5 billion share sale of the flagship firm Adani Enterprises , which concluded on Tuesday.