IT stocks drag Sensex, Nifty in morning session; Adani Group firms gain

Mumbai (Maharashtra) [India], March 2 (ANI): The key indices in the domestic market — Sensex and Nifty — were trading in losses when the markets opened on Thursday. On Wednesday, Sensex and Nifty ended in the green after trading in the negative territory for seven sessions.

BSE IT index was down 0.86 per cent around noon on Thursday with stocks such as Tanla, Coforge, Infy and Tech Mahindra trading in the negative territory. Today, most of the Adani Group firms were trading in the green. The Supreme Court has set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies.

On Thursday, Adani Enterprises’ shares surged 1.74 per cent to Rs 1,589.90 apiece on BSE. It had gone up 15.90 per cent in a span of five days. Adani Green was trading 5 per cent up at Rs 535 apiece on BSE. In a span of five days, it had touched almost 10 per cent. Adani Transmission went up 5 per cent to Rs 708.75 apiece on BSE. It declined 0.50 per cent in a span of five days.

On Thursday, shares of Adani Wilmar were up 5 per cent to Rs 398 apiece on BSE. In five days, it went up 5.50 per cent on BSE. Shares of Adani Power rose 5 per cent to Rs 161.25 apiece and in a period of five days, it went up 5.53 per cent.
Asian markets’ indices — Nikkei, Hang Seng and Shanghai — were trading in the negative territory. In American markets, Dow Jones, Nasdaq and NYSE were all trading in the green. In European markets, Amsterdam Exchange, BEL-20, CAC 40, Deutsche Borse and FTSE 100 were in the positive territory when Asian markets opened on Thursday.

The Supreme Court expert committee on the issue arising from the Hindenburg Research report on Adani Group companies will consist of six members, headed by former apex court judge Justice AM Sapre. In addition to this, SC has directed SEBI to investigate whether there has been a violation of Section 19 of SEBI rules, whether there was any manipulation of stock prices. The apex court was hearing petitions pertaining to the Hindenburg report, including on the constitution of a committee relating to regulatory mechanisms to protect the investors’ interest.

Over the past one month, share prices of companies in the Adani Group have dropped significantly. The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate.