Indian stocks settle in green after see-saw trading session
Indian stock indices settled Monday's closed marginally in the green after having been through high volatility.
ANI
Jan 30, 2023 18:33 IST
New Delhi [India], January 30 (ANI): Indian stock indices settled Monday marginally in the green after having been through high volatility throughout the session.
Sensex closed at 59,500.41 points, up 169.51 points or 0.29 per cent, whereas Nifty closed at 17,648.95 points, up 44.60 points or 0.25 per cent.
A majority of Adani Group firms suffered heavy losses today after a US-based firm Hindenburg Research report last week raised concerns about the conglomerate's businesses.
"The Indian market witnessed a roller coaster ride before the budget session. Investors still remained adamant about the market's corrective direction. Index recovered in the opening hour and has managed to close above the previous session," said Om Mehra, equity research analyst at Choice Broking.
Among the Nifty 50 shares, Bajaj Finance, Adani Enterprises, Ultratech Cement, Bajaj Finserv, and Asian Paints were the top five gainers, whereas Power Grid Corporation of India, Bajaj Auto, Indusind Bank, L&T, and JSW Steel were the top five losers.
"Markets ended marginally higher amid volatility, taking a breather after Friday's fall. After the initial downtick, the Nifty index oscillated violently within the 17400-17700 zone and finally settled closer to the upper band of the range at 17648.95 levels," said Ajit Mishra, VP - Technical Research, Religare Broking Ltd.
"However, only a handful of index majors contributed to the rebound while the broader indices continue to reel under pressure," Mishra added.
Going ahead, investors' focus would be on the Economic Survey and the Union Budget slated to be presented on Tuesday and Wednesday, respectively.
"Now the focus of the market will be on the budget and Fed policy," said Vinod Nair, Head of Research at Geojit Financial Services.
The US monetary policy meeting is scheduled for January 31 and February 1.
"The response by Adani (group) 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," Nair added. (ANI)
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