Indian shares struggled for direction in a volatile session on Monday, ahead of the Union budget, as select Adani stocks arrested the slide after a short-seller attack on group companies triggered a sell-off over the previous two sessions
Twenty-nine of the Nifty 50 constituents advanced while 21 declined. Among individual stocks, Bajaj Finance
rose over 4.5% after its third-quarter earnings beat estimates, while Sun Pharma hovered near an eight-year high ahead of third-quarter results.83.72 billion rupees worth of shares over the last two sessions since Hindenburg's report. Investors will shift focus to India's Union budget on Feb. 1, with the government's fiscal consolidation path and borrowing calendar for the financial year 2024 as triggers.
Besides the Union budget, analysts also said rate decisions by global central banks and January automobile sales data would determine the mood in the market. The U.S. Federal Reserve, European Central Bank and the Bank of England are scheduled to announce their rate decisions, later this week.
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