The indexes have slid more than 1.7% each in the truncated week, with most of it caused by U.S. short-seller Hindenburg Research’s report on Wednesday that flagged concerns about the Adani Group’s debt levels and use of tax havens.
Stocks of the seven listed Adani companies tumbled between 2% and 17% on the day, adding to their 1.5%-9% drop on Wednesday after Hindenburg also said it held short positions in the group.
“The particular situation is alarming and proves that derivatives are indeed weapons of mass destruction in financial markets,” said Deven Choksey.
He said the hammering of Adani Group stocks has upset investor sentiment and created a crisis of confidence.
Adani Ports and Adani Enterprises were the top losers on the Nifty 50 on Friday, ahead of the latter’s $2.45 billion follow-on public offering (FPO).
The heavyweight financials sector again led the slide, falling more than 2% even though brokerages said banks’ exposure to the Adani Group was within manageable limits.
The drop in Indian stocks was in contrast to their Asian peers, which hit a near nine-month-high after strong U.S. economic growth data eased recession worries.
Auto stocks were among the few bright spots domestically, rising over 2%.
Index heavyweight Tata Motors surged 8% after its first quarterly profit in two years due to strong demand and as its luxury car unit, Jaguar Land Rover (JLR), turned profitable.
!1 New UpdateClick here for latest updates
Check out worst Sensex losers as index cracks 900 points
Adani Enterprises share price fall below FPO floor price
Perspective on the T+1 settlement cycle by Mr. Ajay Menon, MD & CEO of Broking & Distribution at Motilal Oswal Financial Services.
With the shorter trade settlement cycle in the Indian equity market set to be implemented, we will be the the first country in the world to have a T+1 settlement cycle. It augurs well for the Indian equity markets from a liquidity perspective and it shows how well we have grown on the digital journey to ensure seamless settlements within 24 hours. This will also help the investor in reducing the overall capital requirements with the margins getting released on T+1 day and getting the funds in the bank account within 24 hours of sale of shares. The shift will boost the operational efficiency as the rolling of funds and stocks will be faster.
Dr Reddy’s Laboratories announces launch of Difluprednate Ophthalmic Emulsion 0.05% in US market
Price as on 27 Jan, 2023 11:54 AM, Click on company names for their live prices.
SENSEX TANKS 800 POINTS
These auto stocks in fast lane even as market bleeds
Price as on 27 Jan, 2023 11:46 AM, Click on company names for their live prices.
Anand Rathi on Chennai Petro
#StocksToWatch | Anand Rathi on Chennai Petro -Initiates coverage with Buy rating; target of Rs 355/sh -Strong cor… https://t.co/eqBgJMsQbl
— ET NOW (@ETNOWlive) 1674795954000
Bears remained at the helm as the benchmark index Nifty shed more than 200 points on Wednesday. On the daily timeframe, the index remained below the 50-day exponential moving average. Besides, the index remained below the 50-day exponential moving average, which confirms the bearish trend. On the lower end, however, the correction was limited to the upper band of the falling wedge pattern on the daily chart. The sentiment looks very weak, with the RSI in a bearish crossover. However, a further correction may occur if the price falls below 17,840. On the higher end, resistance is placed at 18,000.
– Rupak De, Senior Technical Analyst at LKP Securities
Pakistani rupee fluctuating against dollar in inter-bank
The Pakistani rupee was fluctuating against the U.S. dollar in the inter-bank on Friday, according to trade data, a day after falling over 9%. The rupee was trading down 0.2% after dropping 1.8% in the opening session. On Thursday, the Pakistani rupee fell 9.6% against the dollar, the biggest one-day drop in over two decades, a day after foreign exchange companies removed a cap on the exchange rate.
Realty major DLF Ltd plans to launch a luxury housing project in Gurugram next month with an estimated sales revenue of around Rs 7,500 crore as it seeks to tap strong demand for high-end apartments. The company plans to develop around 1,100 apartments in this residential project, DLF Group Executive Director and Chief Business Officer Aakash Ohri told PTI.
Price as on 27 Jan, 2023 11:09 AM, Click on company names for their live prices.
Pharma stocks in pink of health! Check out the top gainers
Price as on 27 Jan, 2023 11:08 AM, Click on company names for their live prices.
Anupam Rasayan earnings
- Profit at Rs 42.91 crore vs Rs 37.9 crore
- Revenue at Rs 383 crore vs Rs 266 crore
Stock Market LIVE: Taking Stock | How Adani group stocks are faring in morning trade
Price as on 27 Jan, 2023 10:35 AM, Click on company names for their live prices.
Solara Active Pharma Sciences completed inspection carried out by World Health Organization (Who) at its Cuddalore facility
Price as on 27 Jan, 2023 10:22 AM, Click on company names for their live prices.
Pharma major Dr Reddy’s Laboratories beat Street estimates by reporting a 77% on-year jump in December quarter profit after tax at Rs 1,247 crore. Its revenue jumped 27% YoY to Rs 6,770 crore. According to an ET Now poll, analysts were expecting PAT at Rs 910 crore and revenue at Rs 5,830 crore.
Price as on 27 Jan, 2023 10:02 AM, Click on company names for their live prices.
Traders will now gear up for the next 2-big catalysts; interest-rate decision from the Federal Reserve to trickle in on February 1, and the Union Budget for 2023-24 to be presented in the Lok Sabha on the same day. The technical landscape suggests that dark storm clouds hover over Dalal Street. The downpour could drag the Nifty towards the 17721 mark.
– Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd
Bill Ackman says Hindenburg’s report on Adani Group ‘highly credible’
Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after Hindenburg released the report, which accused the conglomerate of improper use of offshore tax havens and also said it held short positions in the company through its U.S.-traded bonds and non-Indian-traded derivative instruments.
Glenmark Pharmaceuticals gets allowance from US FDA to supply Atovaquone Oral Suspension USP 750mg/5 to the US market.
Price as on 27 Jan, 2023 09:40 AM, Click on company names for their live prices.
Rupee rises by 9 paise to 81.52 against US dollar in early trade.
Adani kicks off $2.45 billion share sale while under short-seller attack
Adani Group firms lost $11 billion in market capitalisation on Wednesday after New York-based Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens. Adani Group dismissed the report as baseless.
Adani Enterprises, the flagship company of a conglomerate led by world’s fourth-richest man, Gautam Adani, aims to use the share sale proceeds for capital expenditure and to pay debt. The anchor portion of the sale saw participation from investors including the Abu Dhabi Investment Authority on Wednesday.
Bidding for retail investors started on Friday and will close on Jan. 31. The firm has set a floor price of 3,112 rupees ($38.22) a share and a cap of 3,276 rupees.
Top gainers & losers in morning trade
Price as on 27 Jan, 2023 09:35 AM, Click on company names for their live prices.
Market LIVE updates: Sensex tanks over 500 pts
Stock Market LIVE: Shares of Indian Tata Motors Ltd rose as much as 6% on Monday after the carmaker reported its first quarterly profit in two years on the back of strong demand and as its luxury car unit, Jaguar Land Rover (JLR), turned profitable.
Price as on 27 Jan, 2023 09:23 AM, Click on company names for their live prices.
Long liquidation spree on Wednesday eased off without threatening 17800, retaining hopes of revival. Such hopes will be strengthened, if 18000 is reclaimed early in the day. This should put Nifty back into a neutral territory, with intermittent upswings, but expect distribution to reemerge, if we get back to the 18120 region right away. We will look for a rise above 18200 consolidation in the sun 17940 region to back upsides.
– Anand James – Chief Market Strategist at Geojit Financial Services.
Stock Market LIVE: Adani stocks in freefall, tank up to 16%
Price as on 27 Jan, 2023 09:21 AM, Click on company names for their live prices.
Opening Bell: Sensex slides over 250 pts, Nifty tests 17,850; Adani Enterprises down 3%, Tata Motors jumps 6%
India remains best long-term story in India: Chris Wood
#MarketsWithETNOW | "Little pushback on the positive view for Asia and Emerging Markets," says Chris Wood of… https://t.co/VbQbDl94zq
— ET NOW (@ETNOWlive) 1674788311000
SGX Nifty signals a positive
Nifty futures on the Singapore Exchange traded 82.50 points or 0.46% higher at 18,036, signalling a positive start for Dalal Street.
Asian stocks rise
- Japan’s Topix index was little changed
- South Korea’s Kospi index rose 0.6%
- Hong Kong’s Hang Seng Index rose 0.2%
- Australia’s S&P/ASX 200 rose 0.3%
US stocks end in the green
- Dow Jones Industrial Average rose 0.61%
- S&P 500 gained 1.10%
- Nasdaq Composite added 1.76%
Adani Enterprises FPO to open today
Adani Enterprises’ Rs 20,000 crore follow-on public offer (FPO) will open for subscription on Friday. The price band for the FPO is Rs 3,112-3,276 a share. The company on Wednesday raised close to Rs 6,000 crore from over 30 institutional investors, including prominent names such as Abu Dhabi Investment Authority (ADIA), Al Mehwar Investments, Citigroup Global, Morgan Stanley, Goldman Sachs, LIC, HDFC Life Insurance, and SBI Pension Fund.
Earnings Today
70 companies to detail December quarter earnings. Bajaj Finance, Aditya Birla Sun Life AMC, and Vedanta among the major ones.
FII/DII action
Foreign portfolio investors (FPIs) on Wednesday net sold Indian shares worth a whopping Rs 2,394 crore, provisional data showed. DIIs on the other hand, net bought shares to the tune of Rs 1,378.5 crore.
Rupee Close
The Indian unit ended higher against the dollar on Wednesday, but pared most of the intraday gains.The rupee settled at 81.59 a dollar compared with 81.72 in the previous session. It had touched a high of 81.48 a dollar intraday.
Sensex Today: Sensex, Nifty bleed in Wednesday’s trade
Indian equity indices ended in the red on Wednesday with the BSE Sensex ending 774 points or 1.27% lower at 60,205, and Nifty 50 closing 226 points or 1.25% lower at 17,891. Selling was seen across all sectors.