Market Wrap: SENSEX slips 423 pts, NIFTY50 ends at 23,350 amid Adani Group stocks rout; realty stocks climb

Multiple counts of fraud—which US authorities say involved a firm that was listed in New York and affected American investors—were levelled against Adani, who is one of the world's richest people, as well as seven other defendants.

Reacting to the development, along with weak global cues, the domestic equity market once again witnessed selling pressure. At close, the S&P BSE SENSEX stood at 77,155.79, down 423 points, or 0.54%, while the broader NIFTY50 index was trading at 23,349.90, down 169 points, or 0.72%.

Top gainers and losers

Broader Market

The BSE MidCap index settled at 44,467.99 levels, down 163 points, or 0.37%. The BSE SmallCap index ended at 52,141.15, down 350 points, or 0.67%. 

Buzzing Stocks

Shares of conglomerate Adani Group companies, such as Adani Energy Solutions, Adani Total Gas, Adani Green Energy, Adani Power, Adani Enterprises, Adani Ports, and Adani Wilmar, among others, tumbled up to 23% on Thursday, November 21. 

The Tata Group company announced its comprehensive strategy for 2030. Under the plan, IHCL will expand its brandscape, deliver industry-leading margins, double its consolidated revenue with a 20% return on capital employed, and grow its portfolio to 700+ hotels while building on its world-renowned service ethos. 

On Tuesday, UPL and Alpha Wave Global, a leading global investment firm, announced the signing of definitive agreements under which Alpha Wave Global will invest US$ 350 million to acquire approximately a 12.5% stake in Advanta Enterprises Limited (“Advanta” or “the Company”), a subsidiary of UPL and a leading global seed company that delivers innovative farming solutions and technology to farmers around the world.

Sector Watch

Barring tech, healthcare, and realty, all sectoral indices settled in the red. The BSE REALTY index ended at 7,630.89 levels, up 81 points, or 1.07%. 

Market Statistics

The market breadth was in favour of losers, as of 4,065 stocks traded on the BSE, 2,736 declined and 1,237 advanced, while 92 scrips remained unchanged. 

As many as 165 stocks hit their 52-week high on the BSE, and 184 stocks touched their 52-week lows.

Global Markets

Global stocks eased on Thursday after AI bellwether Nvidia's revenue growth forecast failed to excite investors, while the dollar firmed and bitcoin hit a record high, buoyed by hopes about US President-elect Donald Trump's policies.

Geopolitical concerns following an escalation in the Ukraine-Russia conflict earlier this week dented risk sentiment, lifting safe-haven gold and boosting oil prices.