Sensex, Nifty Follow Global Peers Lower; Adani Group Stocks Jump After SC Verdict
(RTTNews) - Indian shares fell notably on Wednesday, even as Adani Group stocks rose sharply post the Supreme Court's dismissal of SIT investigations into allegations raised by Hindenburg Research.
The benchmark S&P BSE Sensex ended the session down 535.88 points, or 0.75 percent, at 71,356.60, tracking weak cues from global markets. The broader NSE Nifty index dropped 148.45 points, or 0.69 percent, to 21,517.35.
Risk-off sentiment prevailed in global financial markets, yields rebounded, and the dollar held gains as doubts emerged over just when the Fed plan to begin trimming rates in 2024.
Traders awaited U.S. reports on manufacturing activity and job openings as well as the release of minutes of the Federal Reserve's latest monetary policy meeting later in the day for additional clarity on the outlook for interest rates.
IT and metal stocks led losses, with Tech Mahindra, LTIMindTree, Tata Steel, JSW Steel and Hindalco tumbling 3-4 percent.
Bajaj Auto jumped 4.6 percent on share buyback news, while ITC and Cipla both rose about 1.5 percent.
Adani Group's flagship firm Adani Enterprises rallied 2.5 percent and Adani Ports added 1.6 percent.
Adani Energy Solutions soared 11.4 percent, Adani Total Gas jumped 10 percent, Adani Power surged 5 percent, NDTV advanced 3.8 percent and Ambuja Cements rose about 1 percent.
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