Sensex slips by 387 points, Nifty holds 25,300; Adani Enterprises, SBI Life, IndusInd Bank lead

The Indian equity markets faced a choppy trading session on Friday, as investors realised their gains after witnessing a steep rally in the past three days. The rally was on the back of the US Federal Reserve announcing a rate cut of 25 bps to 4%, which in return was cheered by global markets as well.

The benchmark indices rebounded from the day’s low, with the BSE Sensex closing at 82,626.23, coming down by 387.73 points, or 0.47%, while the NSE Nifty50 settling at 25,327.07, slipping down by 96.55 points or 0.38%.

Adani Enterprises recorded a steep rally of 5.25%, after Sebi dismissed accusations against Gautam Adani-led Adani Group by the now defunct Hindenburg Research. In distant second is State Bank of India (SBI), which rose by 1.33%, followed by IndusInd Bank, by 1.16%. On the Sensex index, Adani Enterprises, Bharati Airtel and SBI were the top gainers.

HCL Tech, ICICI Bank and Trent were the top laggards in today’s session, each dragging by 1.5%.

Amongst sectoral indices, Nifty PSU Bank emerged as a top gainer, rising by 1.28%, followed by Nifty Energy and Nifty Pharma, which rose by nearly a percent each.

There were mixed sentiments in the broader markets, as the Nifty Midcap 50 ended in the red, while the Nifty Smallcap 50 was in the green, rising by 0.17%.

Amongst individual stocks, Adani Group’s subsidiaries saw a positive momentum, with Adani Power soaring by 13.42%, Adani Total Gas by 7.55%, Adani Green advancing 5.48%, and Adani Energy Solutions added 4.94%.

Vodafone Idea shares too soared by nearly 8%, after the central government informed the Supreme Court that it does not oppose the telecom operator’s plea challenging a fresh Rs 9,4450 crore demand.

India VIX too cooled down by 0.83%, settling at 9.97.