Rout in Adani group shares, banks drag Sensex 874 pts, Nifty ends at 17,600

Closing Bell: Adani Enterprises and Adani Ports were the leading Nifty losers, which ended 18 and 15 per cent lower, respectively. SBI, ICICI Bank, IndusInd Bank were next in line sinking up to 5%

4:10 PM

MARKET COMMENT: Nishit Master, Portfolio Manager, Axis Securities

Indian markets witnessed a fresh bout of selling today on the back of market participants evaluating the impact of the recently released report by US short-seller Hindenburg Research on Adani Group. The corporate houses with heavy leverage and/or expensive valuations were hit the most during this sell-off. We expect markets to stabilize over the next few trading days as we expect bargain hunters to emerge and start picking good quality stocks with history of free cash flow generation and which are available at reasonable valuations. Some part of India’s underperformance vis-à-vis global markets off late can be explained by the huge outperformance by India last year, and thus markets attempting to revert back to the mean. However, we believe that India remains the fastest growing major economy globally and should continue to attract foreign capital in the medium to long term, which should bode well for Indian markets.

4:05 PM

TECHNICAL OUTLOOK: Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

The Nifty started the week on a positive note however witnessed steep selling pressure in the second half of the week. As a result, it broke down from the consolidation range, which it was witnessing for the last one month. It broke the support zone of 17800-17760, which will now act as a resistance as per the principle of role reversal. On the downside, the Nifty has halted near the 61.8% retracement of the Sept – Dec 2022 rise & 200 DEMA, which are near 17550. Today’s low of 17493 will be a key support. If that is breached then the decline can continue till 17300. 

4:00 PM

MARKET COMMENT: Vinod Nair, Head of Research at Geojit Financial Services

The sharp slump in the Indian market was triggered by an unfavourable research report on Asia’s richest promoter group companies. This is also affecting the banking stocks even though the results of the sector are optimistic due to high group lending, indicating potential risk. PSU banks are the most impacted compared to private banks owing to high exposure. The FIIs' cautious stance ahead of the Union Budget and FOMC meetings also fuelled the collapse.

3:56 PM

Over 800 stocks advanced, while 2,666 declined

3:52 PM

Adani Enterprises, Adani Ports, SBI top Nifty50 losers, decline up to 18%

3:48 PM

Tata Motors, Bajaj Auto, Dr Reddy's top Nifty50 gainers, rise up to 6%

3:44 PM

Nifty Auto climbs 1%, while Nifty PSU Bank index slips 5%

3:40 PM

Broader markets bleed; India VIX soars over 18%

3:37 PM

SENSEX HEATMAP: 7 out of 30 index constituents close in green

3:35 PM

CLOSING BELL: Nifty50 closes below 17,650 levels, down 250pts

3:32 PM

CLOSING BELL: Sensex falls over 850pts, slips below 60K-mark

3:25 PM

Anupam Rasayan net profit jumps 43.61% to Rs 54.43 crore in Dec qtr

Chemicals maker Anupam Rasayan India Ltd on Friday posted a 43.61 per cent jump in its consolidated net profit to Rs 54.43 crore in the third quarter of the current fiscal. READ MORE

3:18 PM

Glenmark Life Sciences profit rises 1% in Dec quarter on API strength

The Mumbai-based drug maker's profit rose to 1.05 billion rupees ($12.86 million) in the three months ended Dec. 31, from 1.04 billion rupees a year ago. READ MORE

3:04 PM

Reliance Industries hits 10-month low, stock slips 15% since December

Shares of Reliance Industries (RIL) fell 3 per cent to hit 10-month low of Rs 2,312 in Friday’s intra-day trade, on the back of heavy volumes, as the sharp sell-off was seen across equities. The stock of country’s largest company in terms of market capitalisation traded its lowest level since March 2022. READ MORE

 

2:56 PM

BSE 500:: Dixon Tech, HCL Tech, ACC among volume shockers

Dixon Technologies witnessed unusally high volume of around 2.63 lakh shares so far on the BSE as against its five-day average volume of around 8,150-odd shares. Similarly, Polyplex Corporation, HCL Technologies, ACC and Adani Ports were among the other BSE 500 volume toppers on Friday.

2:48 PM

Hindenburg vs Adani: Short selling not shareholder activism, says InGovern

Short selling is not shareholder activism and such campaigns could be disruptive for management and companies, corporate governance firm InGovern has said in a note. READ MORE

2:41 PM

Global Check:: Asian shares, barring India, log steady gains

Source: Yahoo Finance

2:31 PM

BSE 500:: Bajaj Auto, Tata Motors, Emami among top gainers

Supreme Industries up 5.5 per cent was the top gainer among the BSE 500 stocks so far on Friday. It was followed by Bajaj Auto, Tata Motors, AIA Engineering and Emami, up 3 - 5 per cent each.

2:24 PM

MARKET CHECK: Sensex at lowest level since Oct 18,2022

Sensex dipped to the day's lowof 58,982, the lowest level since Oct 18, 2022

2:11 PM

Sell-off in Adani, bank stocks make investors poorer by Rs 12 trn in 2 days

Investors have turned poorer by over Rs 12 trillion in two days as a broad-based sell-off continued across domestic equities. Panic selling ensued in Adani Group stocks on Wednesday, after US activist investor Hindenburg Research alleged 85 per cent downside in group stocks "purely on fundamental valuations". Read here

2:01 PM

F&O Check: Shorts rise at Adani counters; AEL may hit Rs 2,600 level

Shares of Adani Group companies witnessed a heavy sell-off in the last two trading sessions, after US-based research firm Hindenburg accused the Group of stock manipulation and accounting fraud. Read

1:51 PM

WATCH: What may Budget 2023 announce for the agri sector?

Will the last full Budget before general elections have something special for India's farmers? 

1:40 PM

India-made 4G, 5G technology stacks may go global during G20 meet

India’s plans to successfully offer its indigenously developed 4G and 5G technology (tech) stacks to the world would be discussed at the upcoming Group of 20 (G20) meetings, said officials on Thursday. Read

1:29 PM

Adani Group poses no significant downside risk to Indian banks: CLSA

The Adani Group poses no "significant downside risk" to Indian banks, global broking and research firm CLSA said on Thursday, as reported by the Economic Times (ET). It said that the total exposure of Indian banks is less than 40 per cent of the group's total debt. Read

1:19 PM

Tata Motors, ITC, Sun Pharma only gainers on Sensex at this hour

1:09 PM

Budget 2023-24: Govt set to pay out Rs 4K cr under PLI by March end

The government is set to pay Rs 4,000 crore by March to beneficiaries of the production-linked incentive (PLI) scheme as it lines up its expansion, likely to be announced in the Budget. Read here

12:55 PM

Adani Green, Adani Ports and 31 other BSE500 stocks hit 52-week lows

Shares of Indus Tower, Vodafone Idea, Aurobindo Pharma, TV18 Broadcast, Voltas and Whirlpool of India were among total 33 stocks from the S&P BSE 500 index that hit their respective 52-week lows. Read here

12:44 PM

MARKET CHECK :: Sensex sinks to day's low

12:33 PM

BLOOMBERG: Adani group's market rout now over $45 billion in last 2 sessions

Shares of Adani Group’s companies have lost almost $45 billion in market value in less than two sessions, as a selloff sparked by US short seller Hindenburg Research’s scathing report deepened on Friday, said Bloomberg.

12:26 PM

Adani Enterprises kicks off $2.45 bn share sale amid short-seller attack

Adani Group firms lost $11 billion in market capitalisation on Wednesday after New York-based Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens. Read