Sensex, Nifty End Volatile Session Mixed As Adani Group Shares Slump
(RTTNews) - Indian shares ended a highly volatile session mixed on Wednesday as investors cheered the Union Budget proposals.
The capex push aimed at promoting growth and increasing job opportunities and income tax bonanza for the salaried class with a considerable degree of fiscal prudence emerged as the key highlights of the Budget.
The successful completion of the Adani Enterprises FPO and strong manufacturing data for January also boosted sentiment, but the market gains quickly evaporated after reports suggested that Credit Suisse Group stopped accepting bonds of Adani group of companies as collateral for margin loans to its private banking clients.
The benchmark S&P/BSE Sensex jumped over 1,200 points before slipping into the red and again recovering to close 158.18 points, or 0.27 percent, higher at 59,708.08, led by metal and IT stocks.
The broader NSE Nifty index slipped 45.85 points, or 0.26 percent, to settle at 17,616.30.
Adani Group shares led losses, with Adani Enterprises plunging nearly 27 percent and Adani Ports tumbling almost 18 percent.
HDFC Life lost 10.8 percent, SBI Life slumped 8.6 percent and Bajaj FinServ declined 5.5 percent.
On the positive side, Britannia Industries, Tata Steel, ITC, JSW Steel and ICICI Bank all rose around 2 percent.
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