Indian stock market on last Friday after a one day public holiday market was bearish and National Stock Exchange (NSE) main index Nifty 50 down 287.6 points which 1.61% and weekly down 423.3 points which is around 2.35% down due to negative sentiment expecting towards budget on February 1 and Hindenburg Research about Adani group of stocks.
Adani group stocks:-
Adani Enterprises down 18.31% closed prices is 2768.5. From 52 week high 4190 this is almost 34% was down because of its over value and scam in that entire group of stocks.
Adani ports down 15.24% and Last closing price is 604.5.
Adani green energy, Adani total gas and Adani transmission down 20% respectively.
Adani power and Adani Wilmar down 5% respectively as per data available on NSE website.
Nifty 50:
In the shorter term Nifty 50 looking like bearish signal which is broken the crucial support of 17800 and next level crucial support is 17500 touched and from there it's get reversal on Friday intraday trading. If it's broken further next level we could expect 17200 and 17000 respectively.
FII and DII activity:
On Friday in the Cash market FII net sell value of 5977 crores and DII net bought value is 4252 crores. Overall January 2023 month Net sell value is around 29232 crores in the cash market.
Till budget session market will be highly volatile and will be wait and watch mode. New traders avoid the trading and protect your capitals till market to stabilize.
Coming Week:
The coming week is crucial for the market as there are lot of events lined up, including the Union Budget, the US Federal Reserve commentary, monthly auto sales numbers, and corporate earnings, all of which will give a direction to the market.
UnionBudget 2023:
The Union Budget 2023 is scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1. This will be critical not only for the financial markets but also for the economy, as several policy measures likely to be announced in the federal Budget will set the tone for the markets as well as several sectors.
First and foremost, this is expected to be a balanced Budget with consistent focus on the fiscal consolidation roadmap with the aim to reduce deficit to 4.5 percent by FY26 from 6.4 percent in FY23, and economic growth, experts said, adding with the likely stronger tax collections for the current financial year, the capital expenditure for FY24 is expected to be higher than in FY23.
FOMC Meet:
The outcome of the two-day US Federal Reserve meeting (January 31-February 1) will be the second major event that will be keenly watched by global investors.
Given the hawkish commentary by Fed officials in the recent past, keeping inflation as a priority, though concerns of higher inflation have already eased, most experts expect another 25 basis points (bps) hike in the federal funds rate taking the range to 4.50-4.75 percent in February, and another 25 bps hike in the March meeting with the aim of bringing inflation back to 2 percent from the current level of 6.5 percent in December 2022.
The Fed is trying hard for a soft landing for the US economy and to avoid recession, while focussing on the inflation target.
Apart from that, investors will also watch out for the interest rate decision by the Bank of England (BoE) and European Central Bank (ECB) along with their commentaries.
Corporate Results:
With the corporate earnings season gaining pace, more than 600 companies are lined up to announce quarterly numbers next week, including State Bank of India, Larsen & Toubro, ITC, HDFC, Bajaj Finserv, BPCL, GAIL, Tech Mahindra, ACC, Coal India, Indian Oil Corporation, Power Grid Corporation, Sun Pharma, UPL, Britannia Industries, Titan Company, and Divi’s Labs.
Besides, Punjab National Bank, Bank of Baroda, CSB Bank, One97 Communications (Paytm), Exide Industries, Mazagon Dock Shipbuilders, REC, Godrej Consumer Products, Indian Hotels, Jindal Steel & Power, Ashok Leyland, Jubilant FoodWorks, Tata Chemicals, Apollo Tyres, Bajaj Electricals, Dabur, Godrej Properties, Tata Consumer Products, Emami, InterGlobe Aviation, M&M Financial Services, Manappuram Finance, Marico, Tata Power, Zydus Lifesciences, MCX India, and Sun TV Network will also release their numbers next week.
So far, nearly half of Nifty50 companies have announced their quarterly earnings, which have been in line with analysts' expectations despite an uncertain global environment. While banks have posted robust results, auto, large-cap IT and FMCG companies have registered decent performance, experts said
Disclaimer: I am not SEBI register analyst. Please consult your financial adviser before taking any positions.
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