The index is heading towards the level of 17,800, which holds the key for further course of action from a short-term perspective. If the index manages to surpass 17,800, it will be poised for a larger up move. Till then a consolidation in the range of 17,400-17,800 is possible.

From the Sensex pack, SBI, M&M, UltraTech Cement and Power Grid Corp were the top gainers

Sensex rebounds over 400 pts from day's low, ends flat, Nifty tops 17,650; SBI rises 3%, Adani Power tanks 5%; IIFL Finance, Trident, Asahi India Glass are some of the top gainers in closing trade.

Shares of billionaire Gautam Adani's flagship company Adani Enterprises were trading below the Rs 3,000 mark, while the FPO was priced at Rs 3,112-3,276 per share.

Companies announce stock split to increase the liquidity of the stock in the market. Investors who are holding the stock until the record date will receive the new shares in demat accounts and the stock price will be adjusted according to the split ratio.

The Indian rupee weakened to 82 versus the U.S. currency in late afternoon trade, with traders citing stop losses being triggered as the dollar index jumped.

Along with the FY24 Budget, the government will announce revised Budget estimates for FY23, which will include capital expenditure, planned expenditure, unplanned expenditure, fiscal deficit, GDP estimate, market borrowing, among others.

Defence sector, as every year before the Budget has a wishlist, out of which the important one is the outlay for emphasis on indigenisation, which means an emphasis on local production. This year we expect them to announce a significant budget for the space and research, electronic equipment and advancement on further localization," Ashwin Patil, Senior Research Analyst at LKP Securities, said.

Shares of billionaire Gautam Adani's flagship company Adani Enterprises were trading below the Rs 3,000 mark, while the FPO was priced at Rs 3,112-3,276 per share.

So far, the 413 companies listed on the BSE SME platform raised Rs 4,580 crore from the market and the total market capitalisation of these companies as on January 30th, 2023 is Rs 64,000 crore.

The Indian rupee weakened to 82 versus the U.S. currency in late afternoon trade, with traders citing stop losses being triggered as the dollar index jumped.

A few measures can cause volatility in the equity markets. A full-fledged populist budget or a significant increase in subsidies that impact the fiscal consolidation roadmap can lead to a market correction.

Along with promoting investments, even domestic consumption needs to be supported as rural demand has been lacklustre due to rising prices and limited non-farm opportunities for quite some time.

Shares of billionaire Gautam Adani's flagship company Adani Enterprises were trading below the Rs 3,000 mark, while the FPO was priced at Rs 3,112-3,276 per share.

"Sharp correction in international diesel prices to ~$115 from the recent peak of USD 170/bbl has improved the marketing segment profitability outlook. Also, ban on the import of Russian oil products from Feb-23 will likely support refining product spreads. Global recessionary pressure along with high-interest rates will keep oil prices range-bound, despite increased demand from China," he said.

The stock has been in an uptrend since then. It rose more than 18% in a month, and over 20% in the last three months. The stock rallied over 30% in the last 6 months.The momentum pushed the stock closer to overbought levels; hence, some consolidation could be on the cards.

Data from stock exchanges shows that out of the 4,55,06,791 fresh shares on offer under the FPO, bids were received for only about 20% or 93,16,212 shares so far.

Flourishing Trade and Investments Ltd. encumbered 0.56% more shares of Adani Ports & Special Economic Zone Ltd. to Catalyst Trusteeship Ltd., according to an exchange filing Tuesday. Catalyst, which is acting as a security trustee on behalf of lenders, now holds 5.11% shares of the port operator under pledge, it said.

In constant currency terms, sales grew 0.2% sequentially and were largely on expected lines. Operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), rose 8% sequentially and 4% YoY to Rs 2,144 crore, the company said.

Morgan Stanley maintained an equal-weight rating on PNB post the December quarter results with a target price of Rs 60. The global investment bank expects continued gradual improvement. PAT missed MSE, given higher NPA provisions although gradual recovery remains on track, said the note.

Data from stock exchanges shows that out of the 4,55,06,791 fresh shares on offer under the FPO, bids were received for only about 20% or 93,16,212 shares so far.

Adani Group has ambitious plans to double the combined capacity of ACC and Ambuja Cements to 140 MTPA in the next five years. Ambuja Cements has a cash equivalent of Rs 3,479 crore as of September 2022.

The Rs 20,000-crore secondary share sale of shares by Adani Enterprises NSE 2.56 % is struggling even as the stock managed to recoup partial losses.The FPO was subscribed 3% on the Day 2, with the company receiving bids for 13,98,516 shares against the total issue size of 4,55,06,791 shares. Despite rebounding in trade on Monday after the massive sell-off last week, shares of Adani Enterprises are trading below the floor price of the FPO

A successful completion of the share sale will show investors still believe in the group's prospects and that it can weather the unprecedented short-seller challenge and its aftermath. Adani Enterprises stock opened at 2,932 rupees, still below the lower end of the share sale's price band of 3,112 rupees.

Financial service space is a big opportunity, but like all other opportunities, it comes with its own risks. The “stock broking” part of the industry comes with more than its share of challenges. Changes in the regulatory environment and technology is bringing new challenges every day. There are two completely different sets of companies in this space, discount brokers and full-fledged brokers which provide more than a trading platform for transactions.

The brokerage advises to hedge one's existing long position by buying Protective Puts or initiate Bear Put Spread in weekly or monthly expiries. It is also advised to reduce the cost of position in delivery by writing higher strike calls in selective F&O stocks (covered call) as upside seems to be capped for time being.

In constant currency terms, sales grew 0.2% sequentially and were largely on expected lines. Operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), rose 8% sequentially and 4% YoY to Rs 2,144 crore, the company said.

As NIFTY gets more volatile in an earning season more due to other factors than any surprise or disappointment on the earnings front. There are select midcaps which are witnessing an improvement in their scores. A score improvement coming in an earning season at a time the market is waiting for a major event in form of budget and also the fact that valuations are still very high on an over basis is something worth looking into. 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.

Morgan Stanley maintained an Equal-Weight rating on PNB post December quarter results with a target price of Rs 60. The global investment bank expects continued gradual improvement. PAT missed MSE, given higher NPA provisions. Gradual recovery remains on track, said the note.

Fed chairman Jerome Powell had in December said that no officials are projecting rate cuts in 2023. Further, policy makers were unlikely to consider lowering interest rates until they are confident that inflation is moving down to the Fed’s 2% goal in a sustained fashion.

This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India, Adani said.

​​Bloomberg Billionaires Index shows that the Ahmedabad-based Adani is now in the 11th slot with a wealth of $84.4 billion.

Fear of exposure to Adani group companies sent shivers in the banking sector stocks. However analysts are bullish on select stocks. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks. This predefined screener is only available to ET Prime users.

​​Bloomberg Billionaires Index shows that the Ahmedabad-based Adani is now in the 11th slot with a wealth of $84.4 billion.

Given this is a thematic opportunity, any allocation should be done only after a thorough assessment of one’s risk appetite, and financial goals and a cautious evaluation of the investment opportunity, and typically, the allocation may not be more than 5-10% of one’s equity allocation, Shami said.

​​Bloomberg Billionaires Index shows that the Ahmedabad-based Adani is now in the 11th slot with a wealth of $84.4 billion.

Opening Bell: Sensex rises 250 pts, Nifty above 17,700; BPCL gains 3%, Adani Gas tanks 10%

While IDBI Bank is in the process of divestment, with the government having already invited bids for strategic sale, the completion of the same in the current fiscal year remains doubtful.

On the options front, the weekly maximum Call OI is placed at 18000 and then towards 18200 strikes while the weekly maximum Put OI is placed at 17000 and then towards 17500 strikes.

The stock hit a 52-week high of Rs 484 on January 30, 2023

"The Budget tomorrow and the Fed decision on interest rates by evening tomorrow will have a big impact on markets. A positive, as we go into the Budget, is that instead of the usual pre-Budget rally on expectations, this time we had a market correction triggered by the Adani crisis," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

Markets will also grapple with a flood of U.S. economic data, culminating in Friday's payrolls report for January. Investors see signs of weakening in the labour market as a key factor in bringing down high inflation.

Despite strong buying support from domestic institutional investors, Nifty is still down 2.5% this month with several bluechips like SBI, Asian Paints and Titan left bleeding in double-digits. Stocks in the broader market and banks have been among the worst hit.

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 SBI and Axis Bank while Kunal Bothra has a buy/sell recommendation on TCS and Maruti Suzuki for today's trading session. Check out the targets and stoploss.

Adani index constituents within the FTSE Russell indices will continue to remain eligible in accordance with the underlying index methodologies," it said in a notice published on its website.

The counter is in a classical uptrend, as it has higher highs & higher lows. On the daily chart, it also saw the breakout of a long consolidation formation with declining volume.The structure of the counter is very bullish, as it trades above all important moving averages. It has broken a neckline at around Rs 360–363 levels on the daily chart.

Its price had made a failed attempt to cross the 52-week peak and has been sliding lower ever since. The price has formed a Doji candlestick which is an indecisive pattern and suggests that overall confidence in the ongoing correction is declining. The Doji is followed up with a rise in price and volume, which increases the reliability of the reversal.

The total valuation of India’s stocks has dropped to $3.2 trillion, or 3.1% of the global share market capitalization. That proportion climbed to as high as 3.6% last year as the Asian nation overtook the UK to become the world’s fifth-largest equity market.

The February futures contract of Nifty 50 traded on the Singapore Exchange indicates positive start for domestic equities today. The contract was trading at 17,768, up 63 points or 0.36% from the previous close.

More than 100 S&P 500 companies are expected to report results this week, which also includes central bank meetings in the United States and Europe and closely watched U.S. employment data.