The Indian market has been fairly turbulent this week, with the Adani-Hindenburg dispute taking on new dimensions on a daily basis and investors keeping a close eye on the Budget 2023 and US Fed rate action.
In terms of providing indications for investors, one major event, the Budget 2023, concluded yesterday. Most experts and observers have praised the budget, calling it growth-oriented while providing some assistance to lower-income earners through tax cuts.
The Federal Reserve reduced the pace of interest rate increases on Wednesday, easing its aggressive push to reign in prices as inflation cools, but warning that the struggle is far from over.
According to Reuters, the US Federal Reserve announced a quarter-point increase in the benchmark lending rate at the close of its two-day policy meeting, bringing the rate to a target range of 4.50 to 4.75 percent.
Despite the two incidents, the Sensex opened lower in the morning but quickly reclaimed ground. It has also failed to hold gains and has been trading flat to negative for the most of the day.
Because of the Adani debacle, the market mood is a little shaky.
On the BSE, 134 stocks reached a 52-week low, including well-known names like Adani Green, Adani Ports, Adani Transmission, Godrej Properties, HDFC Life, ICICI Pru Life, Mindspace, and Sanofi, among others.