Stock Market Update: The Sensex and Nifty, the two primary equity indexes, fell dramatically for a second session in afternoon trade on Friday, as investors remained apprehensive ahead of the Union Budget 2023.
The S&P BSE Sensex fell almost 1,000 points to 59,194 at 1.15 p.m. The NSE Nifty50, on the other hand, was trading at 17,561, down 331 points.
Stock Market Update: Gainers and laggards
ICICI Bank, SBI, Axis Bank, Asian Paints, IndusInd Bank, HDFC twins, and Reliance fell dramatically and were trading in the red on the 30-share Sensex platform. On the other hand, only four equities were trading in the green: Tata Motors, ITC, Sun Pharma, and Tata Steel.
Individual stocks rose 7% after Tata Motors reported a consolidated net profit of Rs 3,043 crore in Q3FY23, following seven consecutive quarters of losses.
Stock Market Update: Adani Group shares fell
Adani Group shares fell further as the dispute between Gautam Adani-led group firms and US activist investor Hindenburg Research escalated. Adani group stocks fell up to 20% in morning trade on Friday, after devastating charges were made by the US-based investment research firm Hindenburg Research.
Adani Ports and Special Economic Zone decreased
On the BSE, Adani Total Gas shares fell 19.65%, Adani Transmission shares fell 19%, Adani Green Energy shares fell 15.50%, and Adani Enterprises shares fell 6.19%. Adani Ports and Special Economic Zone decreased 5.31 percent, Adani Wilmar down 5%, and Adani Power sank 4.99 percent.
Causes from previous session
The BSE MidCap and SmallCap indices fell 0.6% and 0.9%, respectively, in the broader markets. Sectorally, the auto, FMCG, and pharma indexes were the only ones that held steady increases despite the market fall. The oil and gas sector suffered the most, down 5%. The S&P BSE Sensex fell 774 points (1.3 percent) to settle at 60,205 on Wednesday after recovering from an intra-day low of 60,081. The NSE Nifty, on the other hand, fell 226 points to settle at 17,892.
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