Sensex trades flat to negative, but 134 BSE stocks hit 52-week low

The Indian market has been quite volatile this week with Adani-Hindenburg row taking a new shape everyday and the investors keeping an eye on the Budget 2023 and US Fed rate action.

One big event, Budget 2023, in terms of taking cues for the investors, got over yesterday.

Most experts and analysts have hailed the Budget and called it growth-oriented while giving some relief to the lower income bracket in terms of relaxation in income tax.

The Federal Reserve slowed its pace of interest rate hikes Wednesday, tempering its aggressive campaign to rein in costs as inflation cools, while signaling the battle is not yet over.

The US central bank announced a quarter-point hike to the benchmark lending rate at the end of its two-day policy meeting, taking the rate to a target range of 4.50-4.75 percent, reported Reuters.

Despite the two events, Sensex opened lower in the morning, but soon gained momentum. It further failed to sustain gains and has been trading flat to negative for most of the session so far.

The sentiment in the market is a bit weak due to the Adani fiasco.

On BSE, 134 stocks hit a 52-week low, which include prominent names such as Adani Green, Adani Ports, Adani Transmission, Godrej Properties, HDFC Life, ICICI Pru Life, Mindspace and Sanofi, etc.