Indian equity indices extended the previous session’s losses and opened in red on Monday, January 30. In the opening trade, NSE Nifty 50 fell 55.45 pts 0.31% to 17,548.90 and BSE Sensex slipped 531.62 0.90% to 58,799.28 but after a few minutes, indices turned green with Nifty 50 trading above 17,700 and Sensex rising 300 pts. The top gainers of Sensex were Bajaj Finance (up 3.36%), State Bank of India (up 2%), NTPC (up 1.98%), Bajaj Finserv (up 1.96%) and UltraTech Cement (up 1.63%) while Power Grid (down 1.98%), Hindustan Unilever (down 1.71%), Bharti Airtel (down 0.91%), Titan (down 0.38%) and HDFC Bank (down 1.82%).
Adani Group Stocks, Bajaj Finance in focus today
Adani group shares fell up to 19% on Monday in the aftermath of the US-based forensic financial research firm Hindenburg Research report, which alleged accounting fraud, stock manipulation and improper use of offshore tax havens by the group. Aside from Adani Enterprises which jumped more than 7% to Rs 2.966 and Adani Ports which rose 4%, all other Adani group company shares were deep in the red.
Bajaj Finance shares rose over 4% to Rs 5,997.50 after the company clocked a 40% on-year growth in consolidated net profit at Rs 2,973 crore for the December FY23 quarter with loan losses and provisions falling 20% on-year to Rs 841 crore. Net interest income increased 24% on-year to Rs 7,435 crore and assets under management (AUM) grew by 27% to Rs 2.3 lakh crore.
The sectoral indices were trading broadly higher. Bank Nifty rose 0.13%, Nifty PSU Bank up 0.70%, Nifty Pharma rose 0.39%, Nifty Metal rose 0.40% and Nifty Realty up 0.59% while Nifty FMCG dropped 0.29% and Nifty Oil & Gas fell 3.49%.
Asian and US stock markets
Asian markets were trading mixed on Monday. China’s Shanghai Composite index rose 24.03 pts or 0.73% at 3,288.84, Japan’s Nikkei 225 rose 86.76 pts or 0.32% at 27,469.32 while Hong Kong’s Hang Seng fell 132.16 pts or 0.58% at 22,556.74 and South Korea’s KOSPI dropped 24.23 pts or 0.98% at 2,459.79. On the other hand, the US equity market ended Friday’s session in green. The Dow Jones Industrial Average (DJIA) rose 28.67 pts or 0.08% at 33,978.08, S&P 500 climbed 10.13 pts or 0.25% to 4,070.56 and Nasdaq advanced 109.30 pts or 0.95% to 11,621.71.
FII and DII data
Foreign institutional investors (FII) sold shares worth a net Rs 5,977.86 crore while domestic institutional investors (DII) bought shares worth a net Rs 4,252.33 crore on Friday, January 27, 2023, according to the data available on NSE. For the month till January 29, FII sold shares worth a net Rs 29,232.29 crore while DII bought shares worth a net Rs 23,392.91 crore.
NSE F&O Ban
Ambuja Cements is the stock/security placed on the National Stock Exchange’s futures and options (F&O) ban for trade on Monday, January 30.