ADANI group stocks continue its rout as indices manage to recovery from early loss. NSE placed ADANI group stocks in ASM category.
DJSI – removes ADANI group stocks from sustainability index.
Wall Street rallied – META announce strategy and make 2023 as “Year of Efficiency” and announced $40 billion buy back.
APPLE next quarterly result miss estimates, AMAZON disappoints and provided weak guidance.
VIX @ 15.73: below 16, continue to trade around critical zone.
Approach on Indices: Indices may attempt another round of bounce to level on Nifty @ 17775 & Banknifty @ 41597. Currently indices are in correction zone and any bounce will be opportunity to reduce exposure.
Market View: SGX Nifty indicating around 60 points gap-up opening, market has lots of news to digest going into today’s trade. Concern on ADANI group stocks will continue, NASDAQ is near to around 20% up from its December 2022 lows. APPLE & AMAZON disappoints as economic outlook remains weak.
SGX Nifty @ 17710 up 71 points at 8:00 AM.