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Stock Market Highlights: Adani Enterprises Could Be on its Way Out From Nifty
Most of the group firms of Adani tanked after the company pulled out its Rs 20,000-crore Follow-on Public Offer (FPO).
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On Thursday, equity markets showed mixed trends, with the Sensex rising by more than 224 points while the NSE Nifty fell by about 6 points in a choppy session.
The benchmark 30-share BSE Sensex rose 224.16 points, or 0.38 percent, to close at 59,932.24. It reached a high of 60,076.77 and a low of 59,215.62 throughout the day. However, due to persistent selling in Adani group equities, the larger NSE Nifty fell 5.90 points, or 0.03 percent, to close at 17,610.40.
ITC increased by 4.74% to lead the Sensex gainers' chart for the second day in a row. IndusInd Bank, Hindustan Unilever, Infosys, Wipro, HCL Technologies, Tata Consultancy Services, and ICICI Bank were among the other notable winners. NTPC, HDFC, Titan, Tata Steel, Power Grid, and Bajaj, nevertheless were the prominent laggards. Titan slipped 1.80 per cent were the prominent laggards. Titan slipped 1.80 per cent.
Adani Enterprises tumbled 26.50 per cent. Most of the group firms also ended in the negative territory, including Adani Transmission which tanked 10 per cent, Adani Green Energy slumped 10 per cent, Adani Total Gas (10 per cent) and Adani Ports (6.13 per cent) a day after the conglomerate late on Wednesday pulled out its Rs 20,000-crore Follow-on Public Offer (FPO).
Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities said, "Another major impact that could be seen in the next few quarters is that Adani Enterprises could be on its way out from the Nifty given the sharp fall in market capitalisation. So if the stock drags lower from here then there are high chances that it may be on its way out from Nifty."
Sensex ups 224 points; Nifty ends lower
Stock Market Live Updates: Adani Enterprises Could Be on its Way Out From Nifty
Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities told Zee Media that in the midst of the sharp fall in market capitalisation Adani Enterprises could be on its way out from the Nifty
Another major impact that could be seen in the next few quarters is that Adani Enterprises could be on its way out from the Nifty given the sharp fall in market capitalisation. So if the stock drags lower from here then there are high chances that it may be on its way out from Nifty.
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Stock Market Live Updates: Adani FPO Recall Face Saver For the Group
"Adani group had limited options after the stock price crashed by 35% yesterday. Withdrawing of FPO acts as a face saver and adds to the reputation of the group. It was in the best interest of the investors to withdraw FPO as they would have suffered a loss of Rs 1,000 per share in a day. Now that FPO is out of the way and stock price is trading far below recent highs the group can think of buyback to boost investor confidence. However, there is limited scope for this given the high promoter holding and limited cash on books," said Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Cholamandalam Invest. & Finance
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Target Price: Rs 840
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Stock Market Live Updates: Adani FPO Recall Face Saver For the Group
Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities commenting on Adani FPO recall has said that withdrawing of FPO acts as a face saver and adds to the reputation of the group
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B Gopkumar, MD & CEO, Axis Securities has appreciated FM Sitharaman for presenting a well-balanced Budget.
"We expect the markets to move higher on the back of pro-growth measures announced in the budget and less fear of the government crowding out private investments due to fiscal prudence shown by the government," he said
Stock Market Live Updates: Yes Securities Gives Buy Recommendation to Whirlpool of India Ltd
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