Sensex Plunges 250 Pts, Below 63,000 Mark, Nifty Breaks 18,700; Adani Stocks Slip, All Sectors In Red

Domestic markets plunged on Friday tracking Asian markets and PM Narendra Modi’s meeting with US President Joe Biden. BSE benchmark Sensex slumped 137.80 points or 0.22 per cent to open at 63,101.09, while broader NSE Nifty50 slipped 58.05 points, or 0.31 per cent to 18,713.20.

By 9.30 am, Sensex plunged 252.72 points, or 0.40 per cent to 62,986.17, and Nifty50 was down 97.25 points, or 0.52 per cent to trade at 18,674.

IT stocks were among the biggest drag in the opening after weaker-than-expected Q2 results of global tech giant Accenture. Tech Mahindra plunged 1.30 per cent in the opening session, while Infosys tanked 0.70 per cent, and HCLTech fell 0.63 per cent.

Adani Group stocks were among the top losers in the morning trade, after a report said US authorities are looking into what representations Adani Group made to its American investors following the Hindenburg Research report. Adani Enterprises plunged 2.50 per cent, to trade at Rs 2,338.10 on NSE, while Adani Ports fell 1.74 per cent to trade at Rs 732.60.

All sectors were trading in red in the opening session, as Nifty Metal plunged 1.20 per cent, Nifty Media fell 1.09 per cent, Nifty Consumer Durables fell 0.89 per cent, and the IT index slumped 0.87 per cent.

Broader markets also extended the losses as Nifty Midcap Select fell 1 per cent, Nifty Midcap 50 plunged 0.92 per cent, Nifty Midcap 100 slumped 0.80 per cent, and Nifty Midcap 150 tanked 0.75 per cent.

Adani Enterprises, Adani Ports, Tech Mahindra, Hindalco, BPCL, ONGC, Eicher Motors, Bajaj Finserv, Grasim, Tata Steel, Bajaj Finance, Tata Consumer, UPL, and UltraTech Cement were the top losers in the morning trade.

On the other, stocks tht held the gains were Asian Paints, Dr Reddy, Bharti Airtel, L&T, ICICI Bank, TCS, Bajaj Auto, Nestle India, Coal India, Hero MotoCorp, Maruti Suzuki, and Sun Pharma.