MARKET UPDATE: Sensex rose 100 odd points to eventually turn flat at 59,488 while the Nifty50 was around the 17, 630 mark
Published On: Tuesday, January 31, 2023 | By: Team KnowMyStock
Opening Bell: Indian frontline indices started today's( 31 January 2023) trade on a flat note as investors looked forward to the pre-budget Economic Survey for 2023-24, which will be tabled in the Parliament later today. The BSE Sensex rose 100 odd points to eventually turn flat at 59,488, while the NSE Nifty index was around the 17, 630 mark. The survey is likely to peg the domestic GDP growth at 6-6.8 percent for 2023-24, according to a Reuters report. It could see growth at 6.5 percent for 2023-24 under the baseline scenario, which would be the slowest in three years.
Ultratech Cement, Pwer Grid, M&M, Reliance Industries, SBI, ICICI Bank, Airtel led gains on the Sensex while Adani Enterprises, Adani Ports and BPCL were the additional winners on the Nifty. On the flip side, Tech M, HCL Tech, L&T and Hindalco were among the top losers.
In the broader markets, the BSE Midcap index was also flat while the Smallcap index rose 0.2 per cent.
Sectorally, the Nifty IT index was the worst hit, which slipped 1 per cent. Metal, Auto and PSB pockets were the top performers, rising up to 0.8 per cent.
Among stocks, Adani Transmission hit the revised 10 per cent lower circuit, Adani Green was down 7 per cent, while Adani Enterprises held some strength with a gain of around 2 per cent. Tech M dropped 3 per cent after reporting a fall of 5.3 per cent in net profit for the third quarter of FY23 at Rs 1,297 crore.
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