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The dollar has fallen because aggressive interest rate hikes by the U.S. Federal Reserve are no longer expected, whereas other major economies are continuing with bigger rate increases even as inflation has eased.
The sell-off in Adani group companies intensified, with most stocks hitting the lower circuit. ITC, Britannia Industries, IndusInd Bank, HUL and Infosys were among the biggest gainers on the Nifty
Policymakers lifted the Fed’s target for its benchmark rate by a quarter percentage point to a range of 4.5% to 4.75%. The smaller move followed a half-point increase in December and four jumbo-sized 75 basis-point hikes prior to that.
The Adani group on January 29 gave a detailed response to the Hindenburg report, refuting the allegations and stating that most of the observations relate to matters that have been duly disclosed by the conglomerate in the past
ITC, ICICI Bank, JSW Steel, Tata Steel and Tata Consumer Products were among the top gainers on the Nifty, while losers were Adani Enterprises, Adani Ports, HDFC Life, SBI Life Insurance and Bajaj Finserv.
On the BSE, auto, capital goods, power, metal and realty added 1-1.8 percent, while selling was seen in the healthcare, information technology and oil gas names
The panel is expected to recommend keeping the oil producer group’s current output policy unchanged when it meets this week, five OPEC+ delegates told Reuters on Monday. OPEC+ agreed in October to cut its production target by 2 million barrels per day (bpd), about 2% of world demand, from November until the end of 2023.
China’s fiscal revenue rose 0.6% in 2022 from a year earlier, slowing sharply from a 10.7% increase in 2021 due to huge tax rebates for businesses to support the COVID-ravaged economy, data from the finance ministry showed on Monday.