Indices Trade Higher Amid Volatility; Sensex Jumps 200 Points Upon Opening, PSU Banks And Metals Shine
Indices have been trading higher in a strongly volatile session. NSE Nifty 50 index has jumped half a per cent to trade above 17,600 level while S&P BSE Sensex has soared over 200 points. Stocks specific action is seen across the broader market.
Adani stocks are trading in green amid strong short covering rally. PSU Banks and metal sector are the top performers
Pre-market update: The domestic market witnessed one of the worst sell-off past week as sentiment turned sour amid upcoming budget and Hindenburg allegations on Adani. The Asian markets have opened cautiously in what can be said as a strongly volatile week with the upcoming US Fed rate decision and US jobs data. Trends on SGX Nifty indicate a minor gain of 15 points.
In its response, the Adani group has issued a 413-page statement on Hindenburg allegations of fraud.
Bajaj Finance results: The NBFC major reported a jump of 40 per cent YoY in net profit to Rs 2973 crore which is in line with market expectations. The stock is likely to be in focus along with L&T, Tech Mahindra, Bajaj Finserv which are set to declare results today.
Equity mutual funds are set to adopt T+2 redemption cycle from February 1.
FIIs have pulled out over Rs 17000 crore ahead of the budget and it has become a major concern for the Indian equity market.
Nifty is expected to open around 17,600 and first hour of price action shall be keenly watched to anticipate the trend.