MARKET UPDATE: Sensex at 59,700 level, down 6 points while the Nifty50 at 17,590

Published On: Thursday, February 2, 2023 | By:

MARKET UPDATE: Sensex  at 59,700 level, down 6 points while the Nifty50 at 17,590

Indian benchmark indices were volatile today(2 February 2023), after falling nearly 1 percent in opening deals, as news flow around Adani group weighed on the sentiment, while positive reaction to the Union Budget capped losses. The S&P BSE Sensex was quoting at 59,700 level, down 6 points, while the Nifty50 was at 17,590. UPL, Adani Enterprises, Adani Ports, HDFC Life, Apollo Hospitals, Bajaj Finance, ONGC, and HDFC were off lows, and are now down up to 5 percent.

Within the Adani Group, Adani Ports trimmed losses to 5 per cent after tanking 9.5 per cent in early deals. Moreover, Adani Enterprises fell 10 per cent, Adani Ports 9.5 per cent, Adani Power 5 per cent, Adani Green Energy 10 per cent, Adani Total Gas 10 per cent, and Adani Wilmar 5 per cent in intra-day trade.

This comes after Adani Enterprises decided to call-off its fully subscribed FPO late on Wednesday. Further, reports suggested that Citi Group's Wealth Unit has halted mrgin loans on Adani Securities.

SBI Life, Infosys, ITC, Tech M, and HCL Tech, meanwhile, made strides with up to 1.5 per cent gains.

In the broader markets, the BSE MidCap and SmallCap indices declined up to 0.7 per cent. Among sectors, the Nifty IT gained over 1 per cent, on the back of 2-per cent gain in tech-heavy Nasdaq Composite index overnight. On the downside, the Nifty Metal index slipped 1.3 per cent.

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