Markets End Lower After Three-Day Rally; Adani Stocks Cushion Fall

Indian share markets closed in the red on Friday, halting a three-session winning run.

Selling pressure in major IT and banking counters weighed on the indices. However, strong gains in Adani group companies, following SEBI’s clearance of allegations raised by US short-seller Hindenburg, limited the overall fall.

The Sensex finished at 82,626.23, down 387.73 points or 0.47 per cent. The index had opened slightly weaker at 82,946.04 against the previous close of 83,013.96 and slipped further during the day, hitting an intraday low of 82,485.92.

The Nifty closed at 25,327.05, a decline of 96.55 points or 0.38 per cent.

Among the Adani counters:

• Adani Total Gas jumped 7.55 per cent to Rs 652.80,
• Adani Power surged 13.42 per cent,
• Adani Enterprises advanced 5.25 per cent to Rs 2,528, and
• Adani Ports & SEZ edged up 1.15 per cent to Rs 1,429

On the losing side, HCL Tech, ICICI Bank, Trent, Titan, Mahindra & Mahindra, HDFC Bank, Kotak Bank, PowerGrid, Ultratech Cement, Hindustan Unilever, Tata Motors, and ITC dragged the Sensex.

In contrast, Adani Ports, SBI, NTPC, Bharti Airtel, Asian Paints, Axis Bank, and Maruti Suzuki managed to post gains.

Most sectoral indices ended in negative territory as investor appetite remained muted.

Nifty Financial Services dropped 171 points or 0.64 per cent, while Nifty Bank shed 268.60 points or 0.48 per cent. Nifty Auto lost 109 points or 0.40 per cent, Nifty FMCG slipped 249 points or 0.44 per cent, and Nifty IT weakened by 172 points or 0.47 per cent.

The broader market showed relative resilience, with small-cap stocks providing support.

Nifty Small Cap 100 rose 27.60 points or 0.15 per cent, Nifty Midcap 100 added 21 points, while Nifty 100 declined 56 points or 0.21 per cent.

Meanwhile, the Indian rupee ended marginally stronger at 88.10 against the US dollar, compared with the previous close of 88.13.

Also Read: Adani Group Stocks Rally After SEBI Clears Allegations