From the 30-share Sensex pack, State Bank of India, ICICI Bank, IndusInd Bank, Tata Motors, Power Grid, Bajaj Finance, Bajaj Finserv and Tech Mahindra were the biggest gainers.
| Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty bounced back in early trade on Friday (November 22, 2024) after falling sharply in the previous session driven by value buying at lower levels and a rally in blue-chip bank stocks.

Buying by domestic institutional investors and firm trends in U.S. markets also added to the recovery in domestic equities. The BSE benchmark Sensex jumped 506.58 points to 77,662.37 in early trade. The NSE Nifty climbed 162.9 points to 23,512.80.

From the 30-share Sensex pack, State Bank of India, ICICI Bank, IndusInd Bank, Tata Motors, Power Grid, Bajaj Finance, Bajaj Finserv and Tech Mahindra were the biggest gainers.

U.S. charges Gautam Adani with defrauding investors, hiding plan to bribe Indian officials

Adani Ports, Axis Bank, Mahindra & Mahindra, Titan and Sun Pharma were the major laggards. Eight of the ten listed Adani group firms were trading lower during the morning trade, extending their previous day’s fall, after billionaire industrialist Gautam Adani was charged in the US for alleged bribery and fraud.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,320.68 crore on Thursday (November 21, 2024), while Domestic Institutional Investors (DIIs) bought shares worth ₹4,200.16 crore, according to exchange data.

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In Asian markets, Seoul and Tokyo were trading in the positive territory while Shanghai and Hong Kong quoted lower. The U.S. markets ended higher on Thursday (November 21, 2024.) Global oil benchmark Brent crude climbed 0.26% to $74.42 a barrel.

On Thursday (November 21, 2024), the BSE benchmark tanked 422.59 points or 0.54% to settle at 77,155.79 points. The Nifty slumped 168.60 points or 0.72% to 23,349.90.

The logo of the Adani Group.
| Photo Credit: Reuters

Stocks of Gautam Adani’s seven listed companies on the bourses crashed on opening after the New York Eastern district court indicted Gautam Adani, Sagar Adani, Vineet S. Jain and their associates for bribery and securities fraud on Thursday (November 21, 2024).

Adani Energy Solutions fell 20% to ₹687.5 apiece the most on Thursday’s open. Adani Enterprises crashed 10% opening at ₹2539.35 a share on Thursday. Adani Ports and Special Economic Zones crashed 10% to ₹1670 per stock. Adani Power Limited stocks fell nealry 11% to ₹467.4 apiece.

Follow Gautam Adani U.S. indictment LIVE updates on November 21

Adani Green Energy fell 16% to ₹1184.25 a share and Adani Total Gas dipped 12% to ₹589.9 per share.

The apple to airports conglomerate’s FMCG stock Adani Wilmar too took a beating opening ₹310, 8% below previous close.

Sensex, Nifty tumble in early trade

Equity benchmark indices Sensex and Nifty tumbled in early trade on Thursday amid sharp fall in Adani group stocks and unabated foreign fund outflows. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75.

From the 30-share Sensex pack, Adani Ports tumbled 10% as billionaire Gautam Adani has been charged by U.S. prosecutors over his role in an alleged years-long scheme to pay $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

Adani group stocks’ combined mcap erodes by ₹2.45 lakh crore

Adani group stocks faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore.

The stock of the group’s flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE.

Some of the group firms also hit their lowest trading permissible limit for the day.

(With inputs from PTI, Reuters)