Indian stocks fluctuated on Monday morning, while some shares of Adani Group halted their decline after short selling activity on the group’s companies sold off in the previous two trades.
The Nifty 50 fell 0.36% to 17,540.65 in India this morning, while the S&P BSE Sensex lost 0.29% to 59,156.62.
Both indices were between a 0.6% rise and a 0.9% fall in line with the intraday performance of important financial indicators, which is as of today.
Indian stocks hit a three-month low on the back of short selling in the Adani group, which caused a sell-off in banks.
The company is going through an aggressive session today, as the secondary sale of shares of leading company Adani Enterprises showed only a 1% subscription on Friday.
Shares of Adani Enterprises rose 10% before cutting back to 2.64% and entering the top 50 of the Nifty 50, while Adani Ports began to fall. ACC and Ambuja Cements reduced their early session gains and edged up marginally.
Twenty-one of the Nifty 50 companies were up and 29 were down. Shares of Bajaj Finance added nearly 5% after its third-quarter earnings beat estimates.
Foreign institutional investors have sold $1.03 billion worth of shares in the past two sessions since the Hindenburg report.
Traders and investors are now awaiting information on the budget of the Union of India on February 1, with a particular focus on the course of the government’s fiscal consolidation and the borrowing calendar for Fiscal Year 2024.
In addition to the Union’s budget, the direction of the markets will be determined by the interest rate decisions of the world’s central banks and car sales data for January.
The US Federal Reserve, the European Central Bank, and the Bank of England will announce their rate decisions this week.
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