Markets open with losses, tracking weak global trends

Mumbai (Maharashtra) [India], February 6 (ANI): Monday’s opening session of the domestic equity market saw a downward trend as weak global cues prevailed. Key indices started in the green and then went into the negative territory.

Though the jobs market in the US grew in January, it has failed to lift the American markets. Key indices BSE Sensex was down 314 points to 60,527.50 while Nifty50 dipped 106 points to 17,747.45 at 9.25 am on Monday morning. Some of the most active stocks that went up were Indus Tower, Idea, Mahindra and Mahindra Finance and Zydus Life while Subex, Filatex and Genus Power were some of the laggards on BSE.

Shares of Adani Enterprises were down 4.21 per cent to Rs 1,516.10 apiece, on Monday morning. In a span of five days, the flagship firm declined 50.28 per cent. Adani Ports’ shares were down 0.57 per cent to Rs 496 apiece at 9.31 am on Monday. Its shares dropped more than 17 per cent. Adani Green was trading 5 per cent down to Rs 889.10 when markets opened on Monday. It had lost more than 19 per cent or Rs 212 in a span of five days.

Adani Wilmar’s shares declined 5 per cent to Rs 379.95 apiece on Monday morning. It tanked more than 18 per cent or Rs 86.50 in a period of five days. Last week on Wednesday, Adani Enterprises decided not to go-ahead with its fully subscribed follow-on public offer (FPO), with the Group chairman Gautam Adani stating on Thursday that it would not be “morally correct” to go ahead with the Rs 20,000-crore FPO in that prevailing current market condition.

A report by the New York-based short seller on January 24, accused Adani Group of brazen stock manipulation and accounting fraud among others. The report from the US short seller had also a damaging effect on the group, and its shares had been declining since last week. In Asian markets, Japan’s Nikkei went up 292 points, China’s Shanghai went down 25 points, Hong Kong’s Hang Seng lost 443 while S&P ASX dipped 14 points on Monday morning.

In the US markets, Dow Jones had closed with 127 points down, Nasdaq was also down 193 points, S and P declined 43 points while NYSE Composite dropped 123 points Asian markets opened on Monday morning. In the European markets, CAC was trading in the green, Deutsche Borse was down 32 points, FTSE 250 dropped 81 points while Madrid Se was trading in the green.

India’s foreign exchange reserves rose by USD 3.03 billion to USD 576.761 billion in the week ending on January 27, according to the Reserve Bank of India’s latest data which came out on Friday. The reserves are currently at their multi-month highs with the latest three consecutive weeks’ rise, the RBI’s Weekly Statistical Supplement Bulletin said. During the week that ended on January 20, the reserves rose by USD 1.727 billion to USD 573.727 billion.