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Sensex, Nifty End Volatile Session Mixed
(RTTNews) - Indian shares ended a highly volatile session mixed Thursday despite positive global cues.
Sharp falls in Adani Group stocks offset gains resulting from the government's pragmatic Budget 2023 and expectations that the Federal Reserve would soon end its rate hiking cycles.
The benchmark S&P/BSE Sensex swung between gains and losses before ending the session up 224.16 points, or 0.38 percent, at 59,932.34.
The broader NSE Nifty index slipped 5.90 points, or 0.03 percent, to close at 17,610.40.
Adani Group stocks extended recent losses on concerns about high debt and the valuations.
Adani Enterprises plummeted 26.7 percent after it decided to withdraw its Rs 20,000 crore follow-on public offering (FPO), saying that going ahead with the issue would not be morally correct and the interest of the investors is paramount.
The company said it would refund proceeds it had received as part of its FPO and would review capital market strategy once the market stabilizes.
Group firm Adani Ports tumbled 7.2 percent, Adani Power lost 5 percent and Adani Green Energy plunged 10 percent.
Eicher Motors, HDFC Life and UPL gave up 3-6 percent while FMCG stocks posted strong gains on defensive buying. Hindustan Unilever, ITC and Britannia Industries rallied 2-5 percent.
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Japanese Market Significantly Lower
