Closing Bell: Roller coaster ride for Sensex, Nifty on Budget 2023 day; Adani Group stocks lead debacle

Closing Bell: A roller coaster ride for the stock markets on the Budget 2023 day. Frontline indices S&P BSE Sensex traded in a 2000 point range while broader market NSE Nifty50 in a 620 point range. While Sensex settled at  59,708.08, up 158.18 points or 0.27 per cent, Nifty50 closed at 17,616.30, down by 45.85 points 0.26 per cent. Banking gauge Nifty Bank fell by 142 points or 0.35 per cent at 40,513. India VIX, a measure of volatility was down by 0.56 per cent to 16.78. 

In the 50-stock index, 23 stocks advanced. The top gainers were ICICI Bank, JW Steel, ITC, Tata Steel and Britannia Industries while the top losers were Adani Enterprises, Adani Ports, HDFC Life, SBI Life and Bajaj Finserv. The rout was engineered by heavy selling in the Adani Group stocks. Adani Enterprises shares fell over 26 per cent while Adani Ports shares fell over 17 per cent. 

Source: NSE

Source: NSE

“Rupee was volatile as the budget which was a growth oriented one with Capex going up to 10 lakh crores and an Increase of 33 per cent in the same and had something for everyone was fully digested as FPI sold stocks and bought USD  despite the fact that Asian currencies  were all up and the dollar index was down below 102,” Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said. The range for tomorrow is at 81.70 to 82.20, he said.

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