Investors wealth increased about Rs 91,742 crore as the total market capitalization of BSE-listed firms surged to Rs 266.64 lakh crore

"The most significant trend in the market so far in 2023 is the big underperformance of India compared to other markets. The Adani crisis impact is slowly diminishing. The ferocious rally of 3.5% in Nasdaq yesterday is an indication that the market expects a soft landing of the U.S. economy. IT stocks look strong. High-quality private sector banking stocks and capital goods stocks also are on a strong wicket," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

From the Sensex pack, ITC, and IndusInd Bank were the top gainers, rising about 3.5-5%. HUL, Infosys, Wipro, HCL Tech, TCS, ICICI Bank, and Kotak Bank also closed with gains. However, HDFC, NTPC, Bajaj Finance, Power Grid, and Tata Steel ended with cuts.

Adani Ent., HDFC Life, UPL, Adani Ports SEZ and Bajaj Finance were among the top losers on NSE.

In the Sensex pack, SBI and ICICI Bank were the top laggards, down 2-3%. Axis Bank, Bajaj Finance, UltraTech Cement, HDFC, HDFC Bank, L&T and NTPC also opened with losses.

The NSE Nifty index was trading 63.2 points down at 17585.75

The NSE Nifty index was trading 90.15 points down at 17558.8

Vinny Overseas, Ascom Leasing & Inve, Bombay Super Hybrid, Servotech Power Syst and Vera Synthetic, hit their fresh 52-week highs at 10:04AM.

"The Budget tomorrow and the Fed decision on interest rates by evening tomorrow will have a big impact on markets. A positive, as we go into the Budget, is that instead of the usual pre-Budget rally on expectations, this time we had a market correction triggered by the Adani crisis," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

“Let us see how the FPO works for Adani tomorrow. There is an issue that will happen as soon as tomorrow. After that, people can take positions on different stocks. As for the new age stocks, we have invested in one. We are tracking all. We like their business models but that does not mean that the valuation is on the right side.”

JSW Steel has given bearish breakout from the Head and Shoulder pattern on the daily chart. It has breached crucial supports of 50 and 100-day EMA. Indicators and oscillators like RSI and MACD have turned bearish on the daily charts.

The NSE Nifty index closed 44.6 points up at 17648.95

Market capitalisation of all listed companies on the BSE declined by Rs 1.07 lakh crore to Rs 268.58 lakh crore

Thats about 30k in premium or about 30% of the account size. It wont even take a 2% gap down open for that option to get halved the next day. Before they even realize, 15k is wiped out and thats 15% of trading capital

While announcing its September quarter earnings, HCL Tech had raised the constant currency revenue growth guidance to 13.5-14.5% for FY23. But 2 months later, it said that growth is likely to be at the lower end of this range.

While TCS reported strong numbers for the December quarter, it wasnt good enough to entice investors as risks to earnings growth persists amid the macroeconomic slowdown in Europe and US.

“The 18200 Nifty has become a major resistance level which is keeping the Nifty in the narrow band of 17800-18200. Now, it appears that a major trigger is necessary to break this range either on the upside or the downside,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

The NSE Nifty index closed 0.25 points down at 18118.3

Axis Bank, Dr. Reddys, Hindalco, Power Grid and Grasim Inds. were among the top losers on NSE in today's trade.

RBM Infracon Ltd., Radhika Jeweltech, Nitiraj Engineers, Gravita India and Mahickra Chemicals, hit their fresh 52-week highs during the day.

The BSE Sensex index ended 37 points or 0.06% higher at 60,979, while Nifty50 closed at 18,118

The NSE Nifty index was trading 40.25 points up at 18158.8

​The multiples are close to their growth rates, about anywhere between 16 to 20 times. So the downside is not that and any hint that an inflation is slowing down, the economy is reviving in the US will take these stocks up so I think this is the time to actually buy the stocks.

IOC has broken out on the weekly chart from the downward sloping trendline adjoining the highs of April 22, 2022 and December 16, 2022. Trend of the stock is positive as stock price is trading above its important moving averages.

The BSE Sensex index ended 320 points or 0.53% higher at 60,941, while Nifty50 rose 91 points or 0.50% to settle at 18,118

We feel participants should maintain their focus on stock selection amid the prevailing consolidation phase in the index and wait for a decisive breakout on either side. Going ahead, the upcoming earnings announcement of index majors might provide the needed trigger. Besides, global cues, especially the performance of the US indices, will remain in focus.

This time around, metal stocks have generally been on the positive side in the last month. So, there is a 60% chance that we are going to see a positive move post the Union Budget. The power sector has been witnessing profit booking since September, pulled down majorly by institutional activity. Institutions have been net sellers to the tune of Rs.1463 crore in the last four months.

Further, the government is also widely expected to extend tax sops and incentives to more sectors and sub-sectors under the production-linked incentive scheme. In order to play on this theme, investors lapped up shares of the engineering behemoth, which is often viewed as Indias proxy to infrastructure development.

Om Mehra, Equity Research Analyst at Choice Broking said, we expect Indian markets range bound today with stock specific actions as big companies like Reliance, JSW Steel & HDFC Life will declare their quarterly results.

​So it is our base case that this sector will continue to do well and it is amply reflected in our model portfolio where PSU banks have been the single largest overweight for us for more than a year running now.

“Indias current underperformance is likely to be temporary since India has the best growth and earnings prospects among large economies. However, concerns of a global slowdown this year and the possibility of FIIs again turning sellers at higher levels will cap the upside to the market in the near-term,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

A sharp slowdown in net hiring, muted growth outlook in 4Q and a potentially slower conversion of bookings to revenues points to a sharp growth moderation for Indian IT firms. However, falling attrition and ongoing improvement in the employee pyramid should support margin recovery

At the lower level stock made a double bottom and gave some pullback to make a high around 1151 levels. In the last 4-6 weeks price moved in the consolidation phase taking support of multiple bottoms and facing the resistance of multiple tops in the last two weeks with high volume price has breached the pattern and closing above indicate further upside rally.

SBI, Bajaj Finserv, IndusInd Bank, Wipro and Tata Steel were among the top losers on NSE in today's trade.

Homesfy Realty Ltd., Maan Aluminium, Speciality Rest, Indiabulls Enterprises Ltd. and Shriram EPC, hit their fresh 52-week highs during the day.

From the Sensex pack, L&T was the top gainer, rising over 3.5%. HUL, HCL Tech, HDFC Bank, HDFC, Reliance, UltraTech Cement and TCS also closed with gains.

The NSE Nifty index closed 158.45 points up at 18053.3

We believe the slowdown impact would be more broad-based, and could be more in the hi-tech segment where clients may not opt for upgrades and rather continue with the current processes,” said Mitul Shah, head of research at Reliance Securities.

The NSE Nifty index was trading 91.9 points up at 17986.75

Homesfy Realty Ltd., Maan Aluminium, Speciality Rest, Indiabulls Enterprises Ltd. and Jash Engineering, hit their fresh 52-week highs at 11:06AM.