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The counter is in a classical uptrend, as it has higher highs & higher lows. On the daily chart, it also saw the breakout of a long consolidation formation with declining volume.The structure of the counter is very bullish, as it trades above all important moving averages. It has broken a neckline at around Rs 360–363 levels on the daily chart.

“MSCI has sent out questionnaires to some of its clients on the Adani pack of stocks and depending on the kind of information flow that they get from the investors, there could be a little bit of overhang whether the stock continues to remain in the MSCI list of recommendations of portfolios.”

Adani index constituents within the FTSE Russell indices will continue to remain eligible in accordance with the underlying index methodologies," it said in a notice published on its website.

Despite strong buying support from domestic institutional investors, Nifty is still down 2.5% this month with several bluechips like SBI, Asian Paints and Titan left bleeding in double-digits. Stocks in the broader market and banks have been among the worst hit.

"The government had introduced new tax regime and we will talk about that, but the problem is that tax rates have not reduced and for higher income brackets, tax rates have only gone up with surcharges etc. Some deductions and exemptions have become largely irrelevant because of inflation over the years where the limits have not changed."

“Let us see how the FPO works for Adani tomorrow. There is an issue that will happen as soon as tomorrow. After that, people can take positions on different stocks. As for the new age stocks, we have invested in one. We are tracking all. We like their business models but that does not mean that the valuation is on the right side.”

"The Budget tomorrow and the Fed decision on interest rates by evening tomorrow will have a big impact on markets. A positive, as we go into the Budget, is that instead of the usual pre-Budget rally on expectations, this time we had a market correction triggered by the Adani crisis," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

State Bank of India, incorporated in the year 1955, is a banking company (having a market cap of Rs 480322.60 Crore).

While IDBI Bank is in the process of divestment, with the government having already invited bids for strategic sale, the completion of the same in the current fiscal year remains doubtful.

"There is some need to rationalise LTCG but the key question again is two-fold; one is how much does it help the government in improving their tax collections because the government would certainly look at whether the change will impact the stock market because you do not want a big impact on the sentiments of the retail investor."