Profit-booking causes Sensex and Nifty to drop, while Adani Group equities decline
Monday’s opening saw a decline in benchmark stock market indexes due to persistent profit booking in the small and midcap sectors. Adani Group shares also fell sharply in early trading.
Around 10:15 a.m., the NSE Nifty50 fell 50.20 points to 21,973.15, while the S&P BSE Sensex fell 109.78 points to 72,533.65.
Wider market indexes suffered more than benchmarks due to the dramatic increase in volatility.
The leading sector indexes, Nifty Bank, Nifty IT, and Nifty Financial Services, as well as Nifty FMCG and Nifty Realty, were all trading negatively. Nifty Metal, Nifty Auto, and Nifty Media, on the other hand, were all trading up.
On the Nifty50, M&M, Tata Steel, JSW Steel, Coal India, and ONGC were the top five gainers. Conversely, Adani Ports, Adani Enterprises, UPL, Titan, and PowerGrid were the biggest losers.
It should be mentioned that worries regarding overvalued equities in the small- and mid-cap groups kept the domestic markets seeing significant levels of profit booking. This has caused today’s volatility to spike sharply.
The Reserve Bank of India’s March 15 deadline for Paytm Payments Bank Limited to cease essential services did not significantly affect the individual stock market performance of digital payment company Paytm, whose shares increased 5% in early trading. Additionally, Yes Securities has upgraded the stock.
In order to prevent any disruptions to the company’s primary online payment services, Paytm has also been given authorization by the NPCI to function as a third-party UPI app. This has also increased investors’ confidence.
