Finance Minister Nirmala Sitharaman delivered the Narendra Modi 2.0 government's final complete Budget before the 2024 Lok Sabha elections on February 1, 2023
Sensex zoomed over 1200 points after Budget 2023 as a couple of announcements related to income tax, infrastructure spending and capital expenditure lifted the market mood
However, the euphoria fizzled out and Sensex was down over 700 points at one point in time
From a day's high of 60,773.44, the 30-pack Sensex hit a low of 58,816.84, down 1,956.60 points
Shares of Adani group crashed up to 35% amid a report that Credit Suisse has stopped accepting bonds of Adani companies as collateral for margin loans
Adani Enterprises tanked up to 35% and Adani Ports and SEZ crashed 25% during the session on February 1, 2023
Ambuja Cements and Adani Total Gas tanked 10-17%, whereas ACC, Adani Transmission, Adani Green Energy, Adani Power, NDTV and Adani Wilmar dropped 2-5% each
Benchmark indices ended on a mixed note in the highly volatile session. Sensex ended 158 points higher at 59,708.08 and Nifty tanked 45 points to end at 17,616 on February 1
“Markets originally greeted this budget with enthusiasm, but Adani Group stole the show later on when its stocks plummeted, causing market sentiment to deteriorate once further,” said Santosh Meena, Head of Research, Swastika Investmart
Swastika Investmart’s Santosh Meena said, “The FOMC meeting is important tonight, but the Adani saga is the most important factor that the market will be watching.”
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