Share Market Movement on Economic Survey 2023 Highlights: Domestic indices recovered losses on Tuesday and closed in the green territory, reacting positively to the Economic Survey 2023. Adani Enterprises follow-on public offer (FPO) was subscribed 1.10 times on the last day of subscription. The BSE Sensex rose 49.49 pts or 0.08% to close at 59,549.90 and the Nifty 50 climbed 13.20 pts or 0.07% to 17,662.15. The top gainers on the Nifty were State Bank of India, Mahindra & Mahindra, Power Grid, UltraTech Cement and Adani Ports while Bajaj Finance, TCS, Tech Mahindra, Britannia and HDFC Life were the top losers.
Share Market on Economic Survey 2023 Highlights Tuesday January 31
In the sectoral indices, Bank Nifty rose 0.66%, Nifty Auto advanced 1.89%, Nifty Metal rose 1.52% and Nifty IT fell 1.82%, Nifty Pharma fell 0.99%.
The top gainers on the Nifty were State Bank of India, Mahindra & Mahindra, Power Grid, UltraTech Cement and Adani Ports while Bajaj Finance, TCS, Tech Mahindra, Britannia and HDFC Life were the top losers.
Adani Enterprises' follow-on public offer (FPO) was subscribed 1.10 times on the last day of subscription.
The BSE Sensex rose 49.49 pts or 0.08% to close at 59,549.90 and the Nifty 50 climbed 13.20 pts or 0.07% to 17,662.15.
Adani Enterprises’ follow-on public offer was fully subscribed on the last day of subscription, ie, Tuesday, January 31, 2023, with bidding still open. Qualified Institutional Buyers (QIBs) subscribed 0.97 times, Non-Institutional Investors(NIIS) subscribed 3.26 times, Retail Individual Investors (RIIs) subscribed 0.11 times, shares reserved for employees subscribed 0.52 times and in total out of 4,55,06,791 shares, 4,63,97,960 were subscribed. The FPO was subscribed 1.02 times.
The BSE Sensex rose 54.43 pts or 0.09% to 59,554.84 and NSE Nifty 50 climbed 17.90 pts 0.10% to 17,666.85 after FM Sitharaman tabled the Economic Survey 2023 in Parliament. The Survey has pegged GDP growth for the current financial year at 7%. But the economy will grow 6% to 6.8% in FY24, down from 7% projected for the current financial year.
Adani Enterprises shares rose 3% to Rs 2,965.05. It touched an intraday high of Rs 3045.00 and a low of Rs 2918.60. According to media reports, Abu Dhabi's International Holding Co., controlled by a member of the U.A.E royal family, has invested $400 million or Rs 3,260 crore in Adani Enterprises Ltd.'s ongoing record share sale. The amount equates to 16% of Adani Enterprises’ Rs 20,000 crore follow-on public offering, the country's largest so far.
Astec LifeSciences, Yuken India, Mangalore Chemicals & Fertilizers, Heranba Industries, ADF Foods, Orient Electric are the top volume gainers of the day on NSE. SBI, Tata Steel, Asian Paints, Bajaj Finance, HDFC Bank are among the volume toppers on the BSE Sensex-30 index.
Alternatively, 79 stocks including Pfizer, Hester Biosciences, Adani Transmission, Zydus Wellness, Gland Pharma, GlaxoSmithKline Pharmaceuticals, Indigo Paints, Adani Green Energy, Aarti Surfactants, Thyrocare Technologies, Century Plyboards (India), Aurobindo Pharma, Dollar Industries, Oriental Aromatics, Quess Corp, Laurus Labs, Heranba Industries, Aarti Pharmalabs, Kiri Industries are at 52 week lows.
On the NSE Nifty, 17 stocks hit their 52 week highs including Fourth Dimension Solutions, Aegis Logistics, Automotive Axles, Indo Thai Securities, Kirloskar Ferrous Industries, Vinny Overseas, Servotech Power Systems, Ratnamani Metals & Tubes, Jindal Saw among others.
On the flip side, 175 stocks fell to their 52 week lows.Shubham Polyspin, Music Broadcast, Quint Digital Media, Quess Corp, Shilpa Medicare, Stanrose Mafatlal Investments and Finance, Tierra Agrotech, Venus Remedies, Zydus Wellness, Thyrocare Technologies, Pfizer, Nahar Spinning Mills, Oriental Aromatics, Adani Green Energy, Adani Transmission, Aurobindo Pharma and others were among these scrips.
On the BSE Sensex, 69 stocks rose to hit fresh 52 week highs. EFC (I), Haryana Leather Chemicals, Gravita India, Captain Pipes, Carborundum Universal, Aegis Logistics, Automotive Axles, Jindal Saw, JSL Industries, Indo Thai Securities, Lotus Chocolate, Mkventures Capital, Mercury Metals and many others were among those to hit these highs.
On the NSE Nifty index, the top winners are Power Grid, Adani Enterprises, SBI, Adani Ports, BPCL with Power Grid up by 3.21%. The biggest laggards are TechM, Britannia, Bajaj Finance, HDFC Life and TCS, with TechM down by 2.90%.
Punjab National Bank (PNB) shares rose 4.34% to Rs 52.90 after the public sector lender’s net profit fell 44% on-year in the December quarter due to a rise in provisions. The bank posted a bottom line of Rs 629 crore in October-December, up 53.04% on a sequential basis.
Bharat Petroleum Corporation Ltd (BPCL) shares rose 2.76% to Rs 344.30 after the company reported a consolidated net profit of Rs 1,747 crore for Q3FY22, down 36% from Rs 2,579 crore reported a year ago. The net profit is supported by a reduction in crude oil prices. BPCL’s revenue from operations rose 13% to Rs 1.33 lakh crore during the quart
Tech Mahindra shares fell 3.27% to Rs 1002.30 after the IT company’s net profit for the third quarter ended December declined 5.3% on-year to Rs 1,297 crore due to high inflation and cost impact due to supply-side pressures. The company’s revenues for the December quarter rose to Rs 13,735 crore.
“The Budget session of Parliament will start today, with the release of the Economic Survey showing an analysis of the economy and projections for economic growth, giving some clues to the market ahead of the Union Budget announcement tomorrow. The current technical setup suggests the range of 18200-18300 on the upside, while on the lower side, it stands at 17300-17400. As this is the last full-fledged budget of the current government, there is a high probability of the budget being more poise in terms of market movement. India's VIX indicator of market volatility is trading at 17.71% currently, which is above the previous two months' high but still below the crucial 23-24 resistance zone, again hinting that the market is likely to trade in the range mentioned above. On the options front, as per the 23rd Feb monthly expiry, Nifty has a high OI concentration on the call side at 18,000 – 18, 200 – 18,500, indicating likely resistance, while on the put side high OI stands at 17,500 – 17,000 suggesting a monthly range of 18,500 to 17,000 as per current data. The market sentiment might be a bit wary as the US Fed meeting outcome is also scheduled on the same day as the Union Budget, wherein expectations are of a slowdown in rate hikes.” – Rajesh Palviya, VP – Technical and Derivative Research, Axis Securities.
Bank Nifty gains 56 pts or 0.14% to 40,444.20. The top gainers of the index were Bank of Baroda, Punjab National Bank (PNB), State Bank of India (SBIN), IDFC First Bank and AU Bank while the top losers were Bandhan Bank, IndusInd Bank, Federal Bank, Kotak Bank and Axis Bank.
The top gainers on the Sensex were UltraTech Cement, Power Grid, Bharti Airtel, Mahindra & Mahindra and Reliance Industries Ltd (RIL) while Tech Mahindra, Larsen & Toubro, Bajaj Finance, Bajaj Finserv and IndusInd Bank were the top losers.
The BSE Sensex rose 130.51 points or 0.22% to 59,630.92 and NSE Nifty 50 climbed 25.25 pts or 0.14% to 17,674.20.
Domestic equity indices ended the pre-opening session in green. The NSE Nifty 50 rose 82.50 points or 0.47% to 17,731.45 and BSE Sensex climbed 270.42 pts or 0.45% to 59,770.83.
Ambuja Cements is the stock/security placed on the National Stock Exchange’s futures and options (F&O) ban for trade on Tuesday, January 31.
Finance Minister Nirmala Sitharaman will present her fifth Budget Speech tomorrow (February 1). She is expected to announce tax relief measures for salaried taxpayers, Middle Class and Senior Citizens while balancing growth and fiscal deficit. Meanwhile, the Budget Session of the Parliament begins today.
Finance Minister Nirmala Sitharaman will table India’s annual pre-budget economic survey in Parliament today. The release will be followed by a press conference held by the Chief Economic Advisor V Anantha Nageswaran along with other senior officials of the finance minister. The Economic Survey is likely to peg India’s GDP growth at 6.5% for 2023-24 under the baseline scenario, according to a Reuters report.
“The response by Adani had a mixed effect on the stock group and market. The saga is likely to continue as a hanging risk in the minds of investors in the medium term. To expect a scientific assessment report either by a strong independent third party or government is dim in the short term. Now the focus of the market will be on a budget and fed policy.” – Vinod Nair, Head of Research at Geojit Financial Services.
The US stock market ended in red on Monday. The Dow Jones Industrial Average fell 260.99 points or 0.77% to 33,717.09, S&P 500 dropped 52.79 pts or 1.30% to 4,017.77 and the tech-heavy Nasdaq slipped 227.90 pts or 1.96% to 11,393.81.
Asian markets were trading lower in the early morning trade on Tuesday. China’s Shanghai Composite index fell marginally by 1.73 pts or 0.05% to 3,267.59, Japan’s Nikkei slipped 20.96 pts or 0.08% to 27,412.44, South Korea’s KOSPI dipped 12.93 pts or 0.53% to 2,437.54 while Hong Kong’s Hang Seng rose 61.98 pts or 0.28% to 22,131.71.