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“Today the market will be completely dominated by the movements in Adani stocks. The statement from Adani Enterprises that the FPO is on schedule and that there is no change in the price band is hugely important. This can be interpreted as a reflection of the confidence of the management in the success of the FPO,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

Nifty formed a Bearish Engulfing candle on weekly frame and gave a range breakdown. Now, till the index holds below 17777 zones, bounce could be sold for the downside move towards 17500 then 17350 zones whereas hurdles are placed at 17777 and 17850 zones.

The spike in commodity prices following Russia’s invasion of Ukraine, spiralling inflation, and steep rate hikes by central banks hurt consumption significantly and hurt consumer durables and consumer discretionary firms.

Adani Group said that the timing of the report was suspect and seems to be directed at sabotaging the Rs 20,000 crore follow-on public offer (FPO) by Adani Enterprises Ltd (AEL) that ends January 31.

The emphasis will be high on levers to increase margins, especially noting that pricing increase is difficult in the current environment and trade-offs involved given aggressive cost controls. The brokerage expected investor to focus on the reasons for revenue growth underperformance versus peers, underwhelming margins despite multiple measures to improve it from recent lows, deal pipeline, pricing leverage, telecom deal momentum, especially related to 5G networks.

"The market has corrected very sharply, not as much in the indices but certainly the individual sectors and stocks have fallen much more which happens in a rising market also is that rising indices do not rise but individual stocks rise much more. Going forward, assuming that my view on the market remains a subdued or a range-bound kind of market, the clear out performance will come from IT and banking."

The death cross appears on a chart when a stock’s short-term SMA crosses below its long-term moving average on the downside. >> For more such web stories click on the ET icon below

Bharat Forge, incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 40226.86 Crore) operating in Auto Ancillaries sector.

The management’s outlook for orders, particularly from the government side, will be closely tracked by investors. This year will be critical from a government-spend perspective given that general elections are scheduled to take place in 2024.

A total of 534 shares changed hands on the counter till 10:36AM (IST)