Indian benchmark indices were volatile today(2 February 2023), after falling nearly 1 percent in opening deals, as news flow around Adani group weighed on the sentiment, while positive reaction to the Union Budget capped losses. The S&P BSE Sensex was quoting at 59,700 level, down 6 points, while the Nifty50 was at 17,590.
UPL, Adani Enterprises, Adani Ports, HDFC Life, Apollo Hospitals, Bajaj Finance, ONGC, and HDFC were off lows, and are now down up to 5 percent. Read more
Shares of Adani Group stocks sank up to 10 percent, with the stock price of the flagship firm Adani Enterprises bearing the brunt of the selling pressure. The Adani Group stocks had been major outperformers so far this calendar year, hence the current selling can be attributed to profit-taking at these counters.
Adani Enterprises was down for the seventh straight trading session, having corrected over 20 percent from its lifetime high to a low of Rs 3,105 today. However, in the past three months, the stock has outperformed the market by surging 48 percent, as against an 8 percent rise in the benchmark index. Read more
