Stock Market: Sensex Sheds 580 Points, Nifty Trades Below 17,800. Tata Motors Rises 7 Per Cent, Adani Stocks Slump

Stock update: On the 30-share Sensex platform, ICICI Bank, HDFC twins, Asian Paints, Axis Bank, SBI, Reliance were trading in the negative territory

The two key equity benchmarks, Sensex and Nifty, on Friday started trade in the red after over a per cent decline on Wednesday.

At 9.45 am, the S&P BSE Sensex declined 580 points to 59,625. On the other hand, the NSE Nifty50 was trading at 17,732, down 159 points.

On the 30-share Sensex platform, ICICI Bank, HDFC twins, Asian Paints, Axis Bank, SBI, Reliance were trading in the negative territory. On the flip side, Tata Motors, ITC, M&M, Bajaj twins, Tata Steel, Maruti emerged winners.

Among individual stocks, Tata Motors surged over 6 per cent as the company posted a consolidated net profit of Rs 3,043 crore in Q3FY23, after clocking losses for seven straight quarters. This came on the back of a strong order book, better semiconductor chip supply, tempered commodity prices, and a better product mix.

Shares of Adani Enterprises plunged 5 per cent amid the ongoing controversy with Hindenburg Research. For now, the US-based activist investor has said it stands by its report and shall demand company documents in the US courts. The said statement came after Adani Group said it was examining legal action against Hindenburg. Other group stocks like Adani Ports, Adani Wilmar, and Adani Total Gas tanked up to 17 per cent.

In the broader markets, the BSE MidCap and SmallCap indices lost 0.01 per cent and 0.02 per cent, respectively.

In the previous session on Wednesday, the S&P BSE Sensex tanked 774 points (1.3 per cent) to close at 60,205 after it recovered from its intra-day low of 60,081. On the other hand, the NSE Nifty lost 226 points to close at 17,892.

Stock markets remained closed on Thursday (January 26) on account of Republic Day.

Meanwhile, the rupee appreciated by 9 paise to 81.52 against the US currency in early trade on Friday as crude oil prices were little changed ahead of the oil cartel OPEC's meeting.

Expectations of FII inflows into Rs 20,000 crore FPO of Adani Enterprises also bolstered the local currency.

At the interbank foreign exchange market, the rupee opened higher at 81.51 against the previous close of 81.61 on Wednesday. The money markets were closed on Thursday for the Republic Day holiday. The rupee moved in a range of 81.50 to 81.58 in early trade. It was trading at 81.52 to a dollar at 0940 hours.

Brent crude was trading 0.34 per cent higher at $87.77 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they sold shares worth Rs 2,393.94 crore, according to exchange data.