Financials lead Indian shares lower; Adani stocks, econ survey in focus

India's annual pre-budget economic survey is due later in the day, in which the government is likely to peg GDP growth at 6-6.8% for 2023-24, the slowest in three years, Reuters reported.That will put added focus on the government's fiscal consolidation path and borrowing calendar for fiscal 2024 at the Union budget on Feb. 1.

Traders will also watch the budget for any incentives to entice foreign investors, who have piled out of the market, especially since the report on Adani Group on Wednesday. Foreign institutional investors have sold 151.65 billion rupees worth of shares on a net basis in the past three sessions. Later that day, the focus will shift to the U.S. Federal Reserve's decision on future monetary policy, which is key for Indian firms, especially IT companies, that have major exposure to the United States.jumped over 4% and was the top Nifty 50 gainer after reporting third-quarter results.

Adani story touted heavily to catalyse broader shift from India to China. Two-fold objectives are to: (a) get weak investors to hand over bid-offer spread to market makers, and (b) to increase circulation for the financial press. Suckers will fall for it. Guaranteed.

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