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The domestic equity barometers extended losses and hit fresh intraday low in morning trade. The Nifty traded below the 17,700 level. Bank stocks declined for third consecutive session.
The barometer index, the S&P BSE Sensex, was down 688.26 points or 1.14% to 59,516.80. The Nifty 50 index lost 194.15 points or 1.09% to 17,697.80.
Concurrently, The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 10.96% to 16.26.
In the broader market, the S&P BSE Mid-Cap index fell 1.02% while the S&P BSE Small-Cap index declined 1.40%.
The market breadth was negative. On the BSE, 824 shares rose, and 2355 shares fell. A total of 134 shares were unchanged.
Meanwhile, shares of Adani Group stocks continued to witnessed steep selling pressure for second trading session after US-based Hindenburg Research LLC said it shorted Adani Group companies due to brazen market manipulation and accounting fraud.
Adani Total Gas (down 16.60%), Adani Green Energy (down 12.69%), Adani Transmission (down 12.45%), Adani Wilmar (down 5%), Adani Power (down 5%), Adani Ports and Special Economic Zone (down 4.48%) and Adani Enterprises (down 3.65%) slumped.
Hindenburg, an US-based investment research firm that specializes in activist short-selling, made wide-ranging allegations of corporate malpractice following a two-year investigation into the Adani group companies.
The Ahmedabad-headquarter group said 21 of the questions raised were responded in the public disclosures made in its 2015 Adani Portfolio presentation. The accounting or fraud assertions investigation made by Hindenburg. It added that as far as accounting or fraud assertions investigation made by Hindenburg, it is devoid of facts.
Results Today:
Vedanta (down 0.75%), Bajaj Finance (up 0.57%), AIA Engineerings (down 0.98%), Godfrey Phillips India (down 3.10%), Aditya Birla Sun Life AMC (down 1.46%) and TAJGVK Hotels & Resorts (down 0.27%) are some of the companies that will announce their quarterly earnings today.
Buzzing Index:
The Nifty Bank index fell 2.19% to 40,736.75. The index has declined 4.87% in three sessions.
Bandhan Bank (down 2.96%), ICICI Bank (down 2.85%), Punjab National Bank (down 2.61%), Bank Of Baroda (down 2.39%), HDFC Bank (down 2.33%), SBI (down 2.23%), Axis Bank (down 2.01%), IDFC First Bank (down 1.93%), Kotak Mahindra Bank (down 1.31%), Federal Bank (down 1.17%), IndusInd Bank (down 0.99%), AU Small Finance Bank (down 0.04%) declined.
Stocks in Spotlight:
LTIMindtree shed 0.56%. The company announced that it has partnered with Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) insurance, and Microsoft to build a solution that will enable insurers to migrate their onpremises core systems to the cloud in a quick and efficient manner.
DLF rose 0.47%. The real estate developer reported a consolidated net profit of Rs 517.94 crore in Q3 FY23 as against a net profit of Rs 379.49 crore in Q3 FY22. Total income increased to Rs 1,559.66 crore from Rs 1,686.92 crore.
Blue Dart Express fell 2.95%. The company reported a consolidated net profit of Rs 88.70 crore in Q3 FY23 as against a net profit of Rs 123.4 crore in Q3 FY22. Revenue from operations increased to Rs 1337.1 crore from Rs 1254.8 crore.
SJVN slipped 1.88%. The company has sold its entire stake in the Bhutanese Joint Venture Company i.e, Kholongchhu Hydro Energy Limited (KHEL) as per the directions received from the Ministry of Power, Government of India. Consideration received from such sale / disposal is Rs 354.71 crore.
