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Indian shares were trading at a premium last year and that premium is now at risk as investors realise maybe the underlying fundamentals are not as strong as many thought. Adani may have started a confidence crisis in Indian shares and that could have broader market implications

Shares of life insurance companies fell sharply in trade on Wednesday following the announcements and extended the losses on Thursday. Shares of SBI Life Insurance, Life Insurance Corporation of India (LIC), Max Financial Services, and HDFC Life Insurance Co declined 0.5-6%.

In its revised large-cap model portfolio, the brokerage firm included ABB (150 bps) and increased the weight on Bharti Airtel (80 bps). "ABB used to be in our mid-cap portfolio until six months back and the stock has largely stagnated around the same level over this period, leading to meaningful derating in multiples," the brokerage said.

Since the Jan. 24 Hindenburg report which alleged improper use by the Adani Group of offshore tax havens and stock manipulation and also raised concerns about high debt, the market capitalisation of seven listed Adani Group companies has fallen by half or nearly $100 billion. Its dollar bonds have tumbled

“Our operating leverage, post the pay down and debt will be in the range of about 1.4 net debt to EBITDA. So, a very healthy balance sheet, strong cash generation and we are set up well, in spite of the fact that interest rates have climbed.”

Investor attention is now on European Central Bank (ECB) and Bank of England (BOE) interest rate decisions later in the day, with expectations of a 50-basis-point rate hike from each.

The US Federal Reserve on Wednesday scaled back to raise interest rates by an expected 25 basis points after a year of larger hikes. >> For more such web stories click on the ET icon below

The revenue crossed the Rs 3,000-crore mark for the time in a quarter, the company says

Promoters held 0.0 per cent stake in the company as of 31-Dec-2022, while FII and DII ownership stood at 19.65 per cent and 6.76 per cent, respectively.

According to the 1-hour time frame analysis, the BTC/USDT spot market appears to be in a bullish state, with a price of $23,900 and support levels at $23,900 and $23,300. The resistance level is at $25,200 and the Relative Strength Index (RSI) is at 70, signaling an overbought market. The moving average is also above the 200-day moving average, further indicating a positive outlook," Rajagopal Menon, Vice President at WazirX, said.