FIRST TRADE: Indicators open higher; Sensex up 185 pts, Nifty near 23,400
Indian stocks on the last trading day of the week started. At the open, the Sensex was up 0.24 percent or 185.47 points at 77,341.26, while the Nifty was up 0.17 percent or 41 points at 23,390.75. The Bank Nifty remained in the green after heavy pressure in the previous day, while broader markets also showed strength, with the Nify Smallcap 100 index up 0.3 percent.
Shares of Adani, which has been struggling in a US court yesterday, continued to lose hope amid recent reports suggesting that the Kenyan government has withdrawn agreements worth $2.6 billion with the company.
However, the market dynamics bring hope as out of 30 stocks of BSE, 28 stocks are seen to improve and only 2 are in the red.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services highlighted that, “The market can recover from current levels as yesterday’s sell-off was due to the collapse of the Adani issue. The strength of the broader market should not be confused with the strength of the broader market, especially midcaps, due to income and not fundamentals. “
Prashanth Tapse, Senior VP (Research), Mehta Equities said, Adani Group has seen a steep decline since the Hindenburg scandal, with a loss of Rs 2.2 lakh crore in the market. Adani Enterprises fell 23%, while Adani Ports fell 14%. GQG Partners, which holds between 1.5% and 2% stake in six Adani companies from September 2024, is under scrutiny.
On the technical side, Tapse indicated that the Nifty is poised to continue its decline as FIIs continue their selling, which pulled out £39,669 crore in November.
Asian markets
Most Asian markets traded in the green with Japan’s Nikkei leading the gainers up as much as 1 percent at the last count. The key MSCI Asia ex Japan index rose 0.31 percent.
