Sensex, Nifty Modestly Lower As Adani Group Stocks Tumble
(RTTNews) - Indian shares traded lower on Monday, though the downside remained capped after Chinese industrial output and retail sales data beat expectations.
The benchmark S&P BSE Sensex dipped 177 points, or 0.2 percent, to 72,465 in early trade while the broader NSE Nifty index was down 59 points, or 0.3 percent, at 21,964.
Adani Group stocks tumbled on news that U.S. prosecutors have widened their probe on the Group, with focus on potential bribery and the actions of its billionaire founder, Gautam Adani.
Adani Enterprises was down 3.7 percent, Adani Ports lost 3.5 percent and Adani Power dropped 1.4 percent.
Asian Paints, Power Grid Corp and UPL fell 1-2 percent while Apollo Hospitals Enterprise, Tata Steel, JSW Steel and Mahindra & Mahindra rallied 1-3 percent.
Zee Entertainment Enterprises advanced 1.5 percent on reports the company is restructuring its operations following a failed merger with Sony.
NHPC climbed 1.2 percent after winning a contract for a 200 MW solar power project in Gujarat.
RailTel Corp gained 1.6 percent on securing a work order worth Rs. 130 crores from the State Project Director (SPD) of the Bihar Education Project Council (BEPC).
DroneAcharya Aerial Innovations surged 4.5 percent on winning a contract to supply IT hardware for the Indian Army's Drone Lab in Jammu and Kashmir.
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