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Equity benchmark Sensex fell nearly 115 points in early trade on February 9, dragged by losses in index heavyweights Maruti, Tata Motors and Reliance Industries amid mixed global cues.
Besides, “weak rupee against key rivals and persistent foreign capital outflows weighed on the domestic stock market sentiments,” traders said.
In volatile trade, the 30-share BSE index was trading 113.77 points, or 0.19%, down at 60,550.02 in early deals. Similarly, the broader NSE Nifty slipped 63.70 points, or 0.36%, to 17,808.
Maruti was the top loser in the Sensex pack, shedding 1.31%, followed by Tata Motors, Bajaj Finserv, SBI, Bharti Airtel, Kotak Bank, Axis Bank and Reliance Industries. On the other hand, L&T, Bajaj Finance, Infosys, PowerGrid and TCS were major gainers.
During this, Adani shares Electricity fell 5% to ₹172.90 on BSE in early deals on Wednesday after the company 96% decline in consolidated net profit recorded at ₹8.77 crore for the December quarter.
Edible oil major Adani Wilmar Ltd closed 1.79% lower at ₹411.85 per share, despite reporting a 16% rise in its consolidated profit at ₹246.16 crore for the third quarter ended December 2022.
Adani Group flagship Adani Enterprises was trading at ₹2038.55, down 5.56% on the BSE. According to the RBI, the exposure of domestic banks to the Adani group is “not very significant”, and the system is robust and large enough not to be affected by a single case.
Meanwhile, France’s TotalEnergies has halted a planned investment in Adani Group’s $50 billion hydrogen project pending the results of an audit launched after allegations from a US short-seller, Chief Executive Officer Patrick Poyne said on February 9. Said to
On Wednesday, the 30-share BSE Sensex advanced 377.75 points or 0.63% to close at 60,663.79 and the NSE Nifty advanced 150.20 points or 0.85% to 17,871.70. Repo rate cut by 25 basis points.
Elsewhere in Asia, Hong Kong, Shanghai and Seoul were trading with gains in mid-session deals, while the Tokyo market closed in the negative territory. Equities on Wall Street declined significantly in overnight trading. Meanwhile, international oil benchmark Brent slipped 0.11% to $85 a barrel.
Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth ₹736.82 crore on Wednesday, according to exchange data.
The RBI has projected India’s economic growth for 2023-24 at 6.4%, broadly in line with the Economic Survey’s estimate tabled in Parliament last week.
It is also projected that retail inflation will decline to 5.3% from 6.5% in the next fiscal on assumptions of lower imported inflation, even as core inflation remains stable.
Bankers said on Wednesday that the RBI’s decision to hike the repo rate by 25 basis points was in line with expectations, but the policy remains more focused on inflation despite the recent contraction in numbers.
Analysts expect the central bank to pause after giving a seventh hawkish policy hike on Wednesday, a possible 25 basis points in the April review.