November 21, 2024
New Delhi, India
Stock Market Today
Indian equity markets ended lower on Thursday as allegations of bribery and fraud against Adani Group’s chairman shook investor confidence. The BSE Sensex fell 422.59 points (0.54%) to close at 77,155.79, while the NSE Nifty50 dropped 168.60 points (0.72%) to settle at 23,349.90.
Key Highlights
- Adani Stocks Take a Hit
- Adani Enterprises: Down by 23.44%.
- Adani Ports: Significant losses.
- The drop followed U.S. prosecutors accusing Gautam Adani and others of bribing Indian officials for $250 million.
- Major Losers
- Nifty Losers: Adani Enterprises, Adani Ports, SBI Life, Britannia Industries, SBI.
- Sectoral Impact: PSU Banks, Energy, FMCG, Oil & Gas, and Media sectors fell 1–2%.
- Gainers Amid the Decline
- Top Gainers: Power Grid Corp, UltraTech Cement, Hindalco, Tata Steel, Grasim Industries.
- Sectoral Gains: Realty index rose 1%, IT index up 0.5%.
- Broader Market Performance
- BSE Midcap index declined 0.3%, Smallcap index fell 0.6%.
Market Outlook
The allegations against Adani Group have intensified selling pressure, especially in the PSU bank and energy sectors, given their exposure to the conglomerate. Investors remain cautious as further developments in the case could impact market sentiments.
For now, market participants are advised to stay vigilant, monitor global cues, and adopt a risk-averse approach amidst heightened volatility.
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