Adani Stocks Remain Under Pressure As Sensex Opens Green In Early Trade

Adani Stocks Remain Under Pressure As Sensex Opens Green In Early Trade

Indian stock market on Friday opened in green as Sensex rose 481.94 points to touch 60,414.18 in early trade and Nifty climbed 118.05 points higher to reach 17,728.45 level. Adani Enterprises shares continued to hit a lower circuit after falling 10 per cent and Ambuja Cements lost 2.43 per cent after the National Stock Exchange (NSE) put Adani Enterprises and Ambuja Cements under additional surveillance measure (ASM) framework effective Friday.

The stock of Adani Enterprises hit an intraday low of Rs 1,408 on BSE in the opening trade. The stock further lost 547 points to touch 1,017 at 10.44 AM. The fall in the share price continued for three consecutive sessions comes after the conglomerate pulled out its Rs 20,000 crore FPO. 

Titan, IndusInd Bank, State Bank of India, Bajaj Finance are among the top performers in BSE while HCL Tech, Tech Mahindra are among the laggards.

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The stocks remained under pressure as S&P Dow Jones said it will remove Adani Group’s flagship firm Adani Enterprises from sustainability indices with effect from February 7 following a media and stakeholder analysis triggered by allegations of accounting fraud.

Meanwhile, Foreign portfolio investors (FPIs) sold shares worth Rs 3,065.35 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,371.36 crore in the Indian equity market on 2 February, provisional data showed.

Globally, Asian shares were trading lower as the dollar regained its strength on Friday as disappointing earnings from US tech giants undermined sentiment ahead of a key US non-farm payrolls report, according to the news agency Reuters.

Overnight, markets sensed the end of the massive global tightening cycle, after policymakers in Britain and Europe signalled their intention to pause, sending local bonds rallying and currencies lower.

China’s service sector showed a rebound in the first month of 2023, according to the Caixin/S&P Global services purchasing managers’ index (PMI). The reading rose to 52.9 in January, from the business activity index of 48 seen in December.

The au Jibun Bank Japan services purchasing managers’ index came in at 52.3 for the month of January, ticking higher than the previous reading of 51.1 seen in December.

US stocks ended mixed on Thursday, as investors turned their focus to a handful of key earnings reports due from mega-cap tech firms after the closing bell.

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