New Delhi: The Sensex on Thursday tanked 11.59 points to 79.074.35 at 2:47 pm, while the Nifty was down 355.35 points to 23,919.55 as IT, banking and consumer durables stocks acted as major drags on the key indices despite an upward rally in the shares of Adani Group’s listed companies.
On the 30-share Sensex, 29 stocks were in red with Infosys, Mahindra and Mahindra, and HCL Tech being the top drags. State Bank of India (SBI) was the only gainer on the Sensex. Infosys, HDFC Bank and Reliance Industries were the top contributors to the Sensex’ decline, according to exchange data. Adani Group, Axis Bank and SBI were the volume toppers.
Nifty IT index tanks
The Nifty IT index was down 2.3 per cent at the time of writing with Infosys and L&T Technology Services being the top drags. This resulted from US President-elect Donald Trump’s statement that he will hike tariffs on imports from China, Mexico and Canada. The strengthening dollar has also directly impacted IT companies’ stocks.
Mahindra and Mahindra’s shares were in red a day after unveiling its EV SUV BE 6e and XEV 9e. Emkay Global Financial Services in a report stated that while the offerings were impressive the EV SUV category continued to witness slow uptake even after multiple launches. This was related to customer anxiety around charging infrastructure and car resale values. The brokerage gave a ‘reduce’ rating on M&M with a target price of Rs 2,700 apiece.
Consumer stocks were in red owing to better-than-expected US GDP growth in July-September 2024, indicating that the US Federal Reserve’s rate cuts may not be having their due effects just yet. Inflation may continue to remain a pain point in the global economy, driving down consumer stocks.
Adani Group stocks outperform
Adani Ports’ stock was down 2.72 per cent, while Adani Enterprises’ share price was up 1.53 per cent. Shares of Adani Power surged 7.59 per cent, while Adani Energy Solutions’ stock jumped 10 per cent. Adani Green Energy’s stock was up 10 per cent. Adani Total Gas’s share price surged 16 per cent on Thursday. Adani Wilmar’s stock slipped 0.02 per cent. Shares of NDTV slipped 1.61 per cent. Cement maker ACC’s share price slipped 0.95 per cent while Ambuja Cements’ stock slipped 0.37 per cent.
Adani group stocks gained significantly on Thursday. However, the stock market witnessed a bloodbath. Know reasons why Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
