Mid-market session: Benchmark indices sink in deep red; Adani group stocks fall upto 20%

Indian equity benchmarks continued to trade lower in morning deals amid weak global cues. Gold prices edged higher amid a rise in geopolitical tensions led by the Russia-Ukraine war. Market participants remained cautious about the Reserve Bank of India's State of the Economy report, which stated that the rise in headline inflation can damage the real economy if not checked. However, festive consumption demand and farm sector recovery have helped the Indian economy overcome a lull in the second quarter and get back on track.

Adani group stocks were the biggest losers on Tuesday largely due to allegations levelled by a US court over alleged bribery. Adani Enterprises (-19.5%), Adani Ports (-17%), Adani Power (-11%) and Adani Wilmar (-11%) were the major losers.

The SENSEX traded at 77,150.70, down by 486.68 points or 0.75% after trading in a range of 76802.73 and 77711.11. Seven stocks advanced on the index, while 23 stocks declined.

The broader indices were trading in red; the BSE mid-cap index fell 0.99%, while the small-cap index was down 1.26%.

Sectorally, NIFTY Realty (+0.9%) and NIFTY Private Bank (+0.33%) are the sectoral gainers on Thursday. While NIFTY PSU Bank (-2.9%) and NIFTY Media (-1.9%) are the top sectoral losers for The NIFTY50 traded at 23349.30, down by 167 points or 0.86% after trading between 23263.15 and 23507.30. The index had 15 stocks advancing and 35 stocks declining.

Asian markets are trading mixed; Nikkei 225 slipped 330.68 points or 0.86% to 38,021.66, Taiwan Weighted lost 85.14 points or 0.38% to 22,603.22, Hang Seng declined 24.78 points or 0.13% to 19,680.23 and Shanghai Composite weakened 3.35 points or 0.1% to 3,364.64.

On the flip side, KOSPI increased 10.06 points or 0.41% to 2,492.35, Straits Times rose 4.34 points or 0.12% to 3,747.98 and Jakarta Composite gained 23.21 points or 0.32% to 7,203.55.