Sensex, Nifty50 to open on a tepid note amid mixed global cues: Adani Enterprises, Vedanta, L&T, Tech Mahindra among stocks in focus
- Indian benchmark indices are likely to open slightly higher today amid cues from the US markets.
SGX Nifty, an early indicator of markets, was up 0.10% on Monday morning. Adani Enterprises, Vedanta, L&T, Tech Mahindra are amongst stocks in focus today.
Indian benchmark indices are likely to open slightly higher today amid cues from the US markets and SGX
Last week, markets closed on a weak note amid corporate earnings release and as investors started gearing up for the US Fed meeting on Thursday.
Apart from this, markets are also factoring in expectations from the upcoming Union budget 2023 to be conducted on February 1.
Analysts believe that the market will take cues from movement in Adani stocks amid Hindenburg allegations and
“Today the market will be completely dominated by the movements in Adani stocks. The statement from Adani Enterprises that the FPO is on schedule and that there is no change in the price band is hugely important. This can be interpreted as a reflection of the confidence of the management in the success of the FPO,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services.
“It is important to note that during the last 3 days while Nifty declined by 3.2%, Bank Nifty declined by 6.3% on concerns of the Adani crisis impacting the banks. The correction in high quality private sector banks is a buying opportunity. Investors may wait for the dust to settle,” Vijayakumar added.
Asian markets open mixed on Monday
Asian stocks were mixed on Monday as investors awaited the US Fed’s decision on interest rates and commentary on inflation this week.
Taiwan TSEC 50 Index surges 2.94%, Shanghai SE Composite Index was up 0.53% and Nikkei 225 up 0.33%. Meanwhile, Hang Seng was down 1.39% and Kospi slid 1.21%.
Markets in the US closed higher on Friday with tech heavy Nasdaq gaining 0.95%, S&P 500 up 0.25% and Dow Jones up 0.08%.
Stocks to watch
Vedanta: The multinational mining conglomerate reported flat revenue growth year-on-year at ₹33,691 crore in Q3, while its net profit fell 40.83% to ₹2,464 crore. It declared a dividend of ₹12.5 per share.
Bajaj Finance: The non-banking finance company reported a 24% YoY increase in its net interest income to ₹7,435 crore, while net profit rose 40% to ₹2,973 crore during the period.
Earnings today: L&T, Tech Mahindra, Bharat Petroleum, Bajaj Finserv, Emkay Global, GAIL India, Inox Leisure, Mazagon Dock, Punjab National Bank, Trident, among others.
Adani Group companies lose ₹3.22 lakh crore in market value amidst tussle with Hindenburg Research
Adani Enterprises’ ₹20,000 crore FPO now open, analysts maintain cautious optimism
Tata Motors In Top Gear: Reports net profit of ₹2,958 crore in Q3, its first after seven quarters
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