Sensex, Nifty50 end a tad higher amidst volatility ahead of Budget 2023

• Sensex and Nifty50 ended in the green on Tuesday ahead of the US Fed meeting outcome and the Union Budget 2023.
• Sensex ended 49 points or 0.08% up at 59,550 while the 50-stock Nifty50 closed 13 points or 0.07% higher at 17,662.
• Most Adani Group stocks recovered from their losses with six out of nine ending with gains as the Adani Enterprises FPO sailed through on the last day.

India’s benchmark indices Sensex and Nifty50 ended in the green on Tuesday ahead of the US Fed meeting outcome and Union Budget 2023. Most Adani Group stocks recovered from their losses with six out of nine ending with gains as the Adani Enterprises FPO sailed through on the last day.

Sensex ended 49 points or 0.08% up at 59,550 while the 50-stock Nifty50 closed 13 points or 0.07% higher at 17,662.

“The Indian equity market started the day on a promising note, taking cues from the SGX Nifty, but failed to capitalize on the initial gains, and the index plunged to lower levels. The hustle continued for the entire session as we witnessed an intense tug of war between bulls and bears. Ahead of the mega event, the Nifty50 index saw a muted close with a mere gain of 0.07 percent and settled the day at 17662 levels,” said Osho Krishan, senior analyst - technical & derivative research at Angel One.

Top gainers and losers on the Nifty500 index

Adani Group stocks stage a recovery
After continuing to be under pressure since January 24, Adani Group stocks staged a recovery today with shares of the flagship Adani Enterprises gaining 2.8%.

In addition to this, the Adani Enterprises FPO also sailed through, thanks to rapid acceleration in demand from qualified institutional buyers and non-institutional investors who subscribed the offer 3.32 times and 1.26 times, respectively.
Source: NSE, as of 3:30 p.m., January 31, 2023

The Abu Dhabi-based International Holding Company had announced an investment of $400 million (approx. ₹3,244 crore) in the FPO.

The rupee depreciated against the US dollar on Tuesday, falling to 81.91 against the greenback, from 81.55 on Monday. Crude oil prices edged lower, too, with the Brent crude oil price falling to $83.47 per barrel.

US markets decline ahead of Fed outcome
Markets around the world were mixed ahead of the release of crucial economic data that will shape the way forward in terms of central bank action on rate hikes. Ahead of the US Fed outcome this week, analysts said they expect the US Fed to deliver a rate hike of 25 basis points.

Investors in the US remained cautious ahead of the Fed outcome, with the S&P 500 registering a decline of 1.3%, while the Dow Jones Industrial Average fell 0.77%. The tech-heavy Nasdaq closed 1.96% in the red on Monday.

Markets in Asia, too, ended in the red on Tuesday despite China reporting above estimated PMI data. The Taiwan Weighted index fell the most at 1.48%, followed by the Hang Seng index which was down 1.04%. Shanghai Composite was down 0.42%, while Korea’s KOSPI index was down 1.04%.

SEE ALSO: L&T reports ₹2,553 crore Q3 net profit, sees boost from major private capex investments
Tech Mahindra’s Q3 net profit slips 5.2% on year to ₹1,297 crore