The battered market, especially, Nifty appears to open on a weak note, despite bullish sentiment prevailing all around following the expected US Federal Reserve move.

Though signalling the inflation battle is not over, the US Fed on Wednesday increased the rate by 25 basis points, as widely expected. Following this, the Nasdaq jumped and the Dow recovered sharply.

However, SGX Nifty at 17,620 indicates a downward bias for domestic markets which are still reeling under the Adani stock shock. Despite, a reasonably well Budget, the markets caved in due to the Adani saga.

Navneet Munot MD & CEO, HDFC AMC, said, balancing the expectations of an aspirational country like ours with fiscal prudence is no mean task.

“The first budget of ‘Amritkaal’ did a fine job of balancing the two, especially against a challenging global backdrop. This budget builds upon the reforms initiated over the past few years with a focus on improving India’s growth potential and quality of life,” he said.

Continued focus on capex, job creation, and special mention of financial sector reforms are encouraging. Now with the event behind us, markets’ focus shifts back to global cues, monetary policy, and incoming data points, he added.

Though in a late-night announcement, Adani Enterprises announced the withdrawal of ₹20,000 crore follow-on public offer, the damage has already been done. The controversies surrounding not only pulled the group down stocks but the whole market as well.

Analysts fear the margin call may keep the market under downward pressure. However, Indian ADRs are mixed and not cracked as in domestic markets, signalling some support around current levels.