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Sensex tanks over 850 pts, Adani group stocks slide up to 7%


Last Updated: January 25, 2023, 12:14 IST

Stock Market Crash: Fronltine indices sharply slumped on Wednesday as the monthly F&O expiry jolted market sentiment. The S&P BSE Sensex fell over 850 points to the day’s low, while the Nifty index broke below 17,900. Weak economic data from the United States that hinted at a possible recession and downbeat growth outlook from companies also weighed on sentiments. Selling was seen across all sectors barring auto stocks.

Maruti Suzuki, HUL, Hindalco, Bajaj Auto and Tata Steel were the handful of index gainers, while Adani Ports, Ultratech Cement, Adani Enterprises, SBI, IndusInd Bank remained top laggards.

In the broader markets, the BSE MidCap and SmallCap indices dropped 0.7 per cent and 0.4 per cent, respectively.

Sectorally, only the Nifty Auto and Metal indices were in the green, up 0.09 per cent and 0.14 per cent, respectively. On the downside, the Nifty PSU bank index fell 1.15 per cent, followd by the Nifty Bank and Pharma indices (down 0.75 per cent each).

Why is Market Falling Today?

Adani Stocks Drop

Adani Ports and Adani Enterprises were among the top losers in Nifty pack. The slide comes after short-seller Hindenburg Research said it holds short positions in the Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments, and flagged risks to the financials of key companies.

All 10 Adani Group stocks were in the red this morning with Adani Ports dropping the most at 5% to hit day’s low at Rs 723. Other top losers in the pack included Adani Power, Adani Wilmar and Ambuja Cement – all of them lost 4% each.

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