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The market succumbed to major selling pressure on January 27, with the benchmark indices falling nearly 2 percent despite a positive trend in global peers, as participants turned cautious ahead of key events next week – Union Budget 2023 and the US Federal Reserve meeting.

Bears took a strong lead for a second consecutive session, which resulted in a loss of Rs 11.75 lakh crore of wealth during 2 sessions, as the BSE market capitalisation fell from Rs 280.39 lakh crore, to 268.64 lakh crore as of 14:46 hours IST.

The mayhem

At the same time, the BSE Sensex plunged 1.93 percent, or 1,160 points, to 59,045, while the Nifty50 tanked 2.1 percent, or 375 points, to 17,517.

All sectors, barring Auto, participated in the correction with Energy, Utilities, Oil & Gas, and Power indices being the major losers, falling 6-7 percent. Bank, Capital Goods and Commodities were down between 2 percent and 3 percent.

Most experts feel this is a general trait of the market wherein it drastically corrects before the Budget, followed by a sharp recovery post Budget. Hence, we need to closely watch the market mood going ahead.

Another event to watch out for would be the outcome of the FOMC meet scheduled on February 1 late night. Fed officials have already warned of aggressive rate hikes to reduce inflation further, though experts feel we are close to the end of the rate hike cycle.

What the Budget 2023-24 entails?

Most experts believe the Budget will take a balanced approach towards fiscal consolidation and economic growth while focusing more on capital expenditure on infrastructure (including defence, railway, roads etc), widening production-linked incentive schemes for more sectors, boosting rural demand and divestment targets.

Any tweak to capital gains tax or its tenure structure would also be keenly watched by the Street.

"Higher allocation to capital expenditure; increase in allocation for PLI scheme to select manufacturing segments; higher MNGREGA allocation given the sluggish rural economy; changes income tax slab to provide relief to the middle class in an inflationary environment; and focus on the monetization of non-core assets of public sector and central government entities to invest in Railways and other logistics infrastructure are likely policy measures in the Budget to boost economic growth," Gaurav Dua, Head of Capital Market Strategy at Sharekhan by BNP Paribas said.

Among stocks, Adani Green Energy, Adani Total Gas, Adani Transmission and Dixon Technologies were the biggest losers in the Nifty500 as all of them were locked in the 20 percent lower circuit. Further, Adani Ports, Ambuja Cements, Adani Enterprises, ACC and Indus Towers cracked 13-18 percent.

In the Nifty50, apart from Adani Ports and Adani Enterprises, State Bank of India, and ICICI Bank were key losers falling more than 4 percent, dragging the Bank Nifty near the psychological 40,000 mark as breaking which can bring more selling pressure in the market.

Among others, BPCL, ONGC, Asian Paints, IndusInd Bank, Hindalco Industries, HDFC, Axis Bank, Coal India, HDFC Bank, and Kotak Mahindra Bank corrected 2-3 percent.

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Share Market Closing Note

Benchmark indices ended lower on January 27 with Nifty around 17,600.

Adani Enterprises, Adani Ports, SBI, ICICI Bank and IndusInd Bank were among the biggest losers on the Nifty, while gainers were Tata Motors, Bajaj Auto, Dr Reddys Laboratories, ITC and Divis Laboratories.

PSU Bank, oil & gas, power and metal indices down 4-6 percent.

The BSE midcap index shed 1.2 percent and smallcap index declined 1.8 percent.

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Topic :- Time:3.00 PM

Market is in the grip of panic and is reacting to Adani group outcomes. No one position to be carried for Monday. 

Nifty spot if holds above 17480 level on closing basis then some pull back can be seen however overall right now trend is sell from rise. So stay cautious.

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Topic :- Time:2.50 PM

Just In:

1. 7 Adani stocks fall up to 23%, lose ₹2.83 L cr in m-cap on Hindenburg report

2. SEBI increases scrutiny of Adani group after report of Hindenburg Research

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 6673.If it manages to trade and sustain above 6705 level then expect some upmove in it and if it breaks and trade below 6640 level then some decline can follow in Crudeoil.

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Topic :- Time:2.00 PM

Its panic and panic allaround. Investors are in panic mode now. Nifty spot if breaks and trade below 17500 level then expect some further decline in the market and if it manages to trade and sustain above 17560 level then some upmove can follow. Still trend will remain sell from rise.

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Topic :- Time:1.40 PM

Just In:

Adani Group stocks take a beating on research firm Hindenburgs report projecting an 85% downside in the groups stocks. 

The group has lost an m-cap worth ₹4 lakh crore over the past 2 days. 

Adani Transmission 20% Down.

Adani Total 20% Down.

Adani Green 20% Down.

Adani Wilmar Low Lower.

Adani Power Low Lower.

Adani Ports 15% Down.

Adani Enterprises 10 % Down.

Adani Take Over Cos.

ACC 10% Down.

Ambuja 15 % Down.

NDTV Low Lower.

Adani group dragging down market

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Topic :- Time:1.30 PM

COPPER Trading View:

COPPER is trading at 788.75. If it holds below 790.50 level then expect some decline in it and it is likely to fall towards 785-783 levels and once it manages to trade and sustain above 790.50 level then it is likely to move up.

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Topic :- Time:1.00 PM

Nifty spot if manages to trade and sustain above 17600 level then expect some upmove in the market and if it breaks and trade below 17540 level then some decline can follow in the Nifty.

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Topic :- Time:12.30 PM

SILVER Trading View:

SILVER is trading at 68670.If it manages to trade and sustain above 68750 level then expect some upmove in it and if it breaks and trade below 68600 level then some decline can follow in Silver.

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Topic :- Time:12.00 PM

Nifty is in deep red and it will not end here. Investors say away its time for day trading more fall expected in coming days. Stay cautious.

Nifty spot if breaks and trade below 17620 level then we will head towards 17200-17000 levels in coming days.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex down 750 pts; auto, pharma stks firm, HDFC sinks 3%

2. Tatas Air India to seal half of jumbo plane order of 495 jets

3.  India-made 4G, 5G technology stacks may go global during G20 meet

4. Adani Enterprises kicks off $2.45 bn share sale amid short-seller attack

5. India to move to T+1 settlement from Friday

6. ITC gains nearly 3%, hits over two-month high in weak market

7. Tata Motors surges 6%, hits over 4-month high on strong Q3 performance

8. US economy shows signs of slowdown after growing 2.9% last quarter

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 27 Jan,2023:

Nifty is likely to turn volatile as the day progresses. Traders are advised to trade with cautious approach.

Nifty spot if manages to trade and sustain above 17960 level then expect some upmove in the market and if it breaks and trade below 17840 level then expect some decline in the market. Please note this is just opening view and should not be considered as the view for the whole day.