Sensex drops 400 points; Nifty 23,400 as Adani stocks weigh

Indian equity markets ended sharply little connected Thursday arsenic the Sensex declined by implicit 450 points to adjacent astatine 78,423, portion the Nifty 50 slid beneath the 23,400 mark, closing astatine 23,356. The descent was fueled by a sell-off successful Adani Group stocks and broader weakness crossed sectors.
Key contributors to the declineThe sell-off followed the indictment of Gautam Adani and elder executives successful New York implicit bribery and fraud charges, starring to a important interaction connected Adani stocks. Adani Energy Solutions fell by 20 per cent, closing astatine Rs 697.70, portion Adani Wilmar dropped 10 percent to Rs 294.40, hitting their respective 52-week lows.

Shares of different BSE200 constituents, including Avenue Supermarts (DMart), Tata Consumer Products, and Asian Paints, besides deed their 52-week lows, each declining by astir 4 per cent successful intraday trade.

Sectoral performance

The PSU Bank scale emerged arsenic the apical sectoral loser, down astir 2 per cent, arsenic hazard sentiment weakened. Indices tracking IT and fiscal stocks besides posted important losses, reflecting cautious capitalist sentiment amid planetary headwinds.

Market outlook

The Adani indictment, coupled with an mean firm net play and sustained overseas outflows, added to concerns for marketplace participants. Analysts warned that planetary factors, including geopolitical tensions and ostentation concerns, could support markets volatile successful the adjacent term.

Highlights astatine closing

• Sensex: Down 450 points (-0.57%) astatine 78,423
• Nifty 50: Down 141 points (-0.60%) astatine 23,356
• Top losers: Adani Energy Solutions, Adani Wilmar, DMart, Asian Paints
• Sectoral drag: PSU Banks (-2%), IT (-1.5%), Financials (-1.2%)