2 days ago
Adani Stocks Tumble as HDFC Bank Drags Nifty; Reliance Gains
Indian share prices were under pressure on Monday, August 31.
The Nifty index still stayed above the important 24,000 level.
Shares of Adani Enterprises fell 10%, while Adani Ports fell 7%.
The falls came after changes connected to the MSCI index.
HDFC Bank also fell after initially rising, which pulled down major indexes.
Reliance Industries and ICICI Bank gained and helped reduce the overall decline.
Many auto companies gained before the release of monthly sales numbers.
Sources also said Zomato planned to cut 250 jobs.
The Nifty stayed above the key 24,000 support level despite broad market pressure.
Adani Enterprises fell 10% and Adani Ports and Special Economic Zone declined 7% after the MSCI rejig.
HDFC Bank lost its opening gains and weighed on both the Nifty and Nifty Bank.
Reliance Industries and ICICI Bank gained, helping limit the broader market decline.
Auto stocks mostly rose ahead of monthly sales data, while sources said Zomato would lay off 250 employees.
- Who
- Indian equity benchmark indices, Adani Group companies, HDFC Bank, Reliance Industries, ICICI Bank and other listed companies.
- What
- The Sensex and Nifty remained under pressure, with Adani stocks and HDFC Bank declining while Reliance Industries and select other stocks gained.
- Where
- India’s stock market, including the BSE and NSE.
- When
- Monday, August 31.
- Why
- Selling increased in Adani stocks after the MSCI rejig, while weakness in HDFC Bank weighed on the indexes; gains in Reliance Industries and ICICI Bank provided some support.
Key facts
- Nifty close
- The Nifty held above the crucial 24,000 support level.
- Adani Enterprises
- Ended 10% lower.
- Adani Ports and Special Economic Zone
- Closed 7% lower.
- HDFC Bank
- Failed to hold its opening gains and dragged on the Nifty and Nifty Bank.
- Reliance Industries
- Rose around 1%, including a sharp move in the final trading hour.
- Nifty Bank adjustment
- The index ended around 600 points higher than its 3:15 p.m. level after the closing auction session.
- Reported Zomato layoffs
- Sources said the company planned to lay off 250 employees.
Sources
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