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29 January 2023
Sunday
Adani Group led selling in markets
Markets dipped sharply after sentiments got hit post a report by U.S based short seller highlighting various issues with one of India’s top conglomerates- Adani Group. After spending lot of time in a defined range of 17800 to 18200, Nifty has given a breakdown below key support of 17800 and now trading near immediate support of 17500 level. The Research firm said it shorted Adani Group companies due to "brazen" market manipulation and accounting fraud. Selling continued inspite of positive global market cues amidst persistent selling by the FIIs. Markets also looked forward to the Union Budget where participants are hoping the government will continue with its infrastructure spending and announce measures to attract more funds from the private sector. Global markets ended the week in the positive as U.S data showed that initial jobless claims declined last week, indicating the U.S. labour market remains strong. Besides, a raft of data showed that the U.S. economy fared better in the fourth quarter.
For the week, the Nifty ended lower by 2.4 pct to 17,604 levels and the Nifty Midcap 100 and Nifty Smallcap 100 fell by about 3 pct each. On the sectoral front, the Nifty Auto index outperformed and gained 3.1 pct followed by 1.3 pct gain in Nifty FMCG index and 0.8 pct gain Nifty IT index. On the institutional activity front, FIIs were net sellers to the tune of Rs 93.49 bn and DIIs were net buyers to the tune of Rs 72.08 bn.
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Share Name | Date | Entry Price | Target Price | Exit Price | Return % |
---|---|---|---|---|---|
Tata Motors | 19th Feb, 2019 | 102 | 250 | 242 | +237.25 |
L&T | 30th Mar, 2020 | 798 | 1500 | 1500 | +87.96 |
Titan | 30th Mar, 2020 | 850 | 1400 | 1400 | +64.7 |
Britannia | 30th Mar, 2020 | 2213 | 3600 | 3635 | +64 |
Hero Motocorp | 30th Mar, 2020 | 1588 | 2800 | 2557 | +61 |
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