Sensex, Nifty Extend Decline As Energy Basket, Adani Group Stocks Drag
The Indian benchmark indices opened marginally lower and extended declines with pressure across energy, banking and financial sectors clubbed with the weakness in Adani group stocks.
On the other hand, the Asian stocks advanced for a sixth-straight day and the Europe equity futures also climbed.
U.S. equities ended higher on Thursday after a rally in technology shares helped investors shake off mixed economic data, but recession fears remained.
As of 12:18 pm, the S&P BSE Sensex was down 910 points or 1.51% at 59.295.29 while the NSE Nifty 50 was 277 points or 1.55% lower at 17,614.65.
Bajaj Auto Ltd., Tata Motors Ltd., Dr. Reddy’s Laboratories Ltd., ITC Ltd. and Cipla Ltd. were the top gainers in the gauge.
Whereas, Adani Ports and SEZ Ltd., Adani Enterprises Ltd., State Bank of India, BPCL Ltd., ICICI Bank Ltd., Axis Bank Ltd., ONGC Ltd., Coal India Ltd., Reliance Industries Ltd. and Asian Paints Ltd. and were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices mirrored their larger peers and traded lower; S&P BSE MidCap was down 1.59%, whereas S&P BSE SmallCap was lower by 1.91%.
Eighteen out of the 19 sectors compiled by BSE declined, while two advanced, namely; S&P BSE Healthcare and S&P BSE Auto.
The market breadth was skewed in favour of the bears. About 755 rose, 2,619 declined, 117 remained unchanged on the BSE.
