Sensex Today Falls 326 Points | Adani Enterprises Zooms 15% on Loan Prepayment | Reliance, Tata Steel Shed 2%

Tue, 28 Feb Closing

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After opening the day on a flat note, Indian share markets fell as the session progressed and ended lower.

Benchmark indices swung between gains and losses in early trading but saw a sharp fall in the second half as investors decided to opt for caution ahead of the domestic GDP data for the December 2022 quarter.

At the closing bell, the BSE Sensex stood lower by 326 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 88 points (down 0.5%).

Adani Enterprises, Adani Ports, and Asian Paints were among the top gainers today.

Cipla, Hindalco, and ONGC were among the top losers today.

The SGX Nifty was trading at 17,392, down by 96 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index rose 0.6% while the BSE SmallCap index gained 0.4%.

Sectoral indices ended on a mixed note with stocks in realty sector, and power sector witnessing buying.

On the other hand, stocks from the healthcare sector, IT sector and metal sector witnessed heavy selling pressure.

Shares of Supreme Industries, and Triveni Turbine hit their 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended on mixed note. The Hang Seng ended lower by 0.8% while the Shanghai Composite index rose 0.6%. The Nikkei ended 0.1% higher.

US stock futures are trading on a negative note. Dow futures are trading flat while Nasdaq futures are trading up by 0.1%.

The rupee is trading at 82.66 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.4% at Rs 55,250 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.7% at Rs 643,477 per kg.

Speaking of stock markets, just like everything else in the world, stock markets are also filed with the good and the bad. It is filled with sin stocks and saint stocks.

Sin stocks are shares of companies that some people consider "unethical" but what exactly is the definition of a "sin stock?"

The idea that avoiding "unethical" stocks makes the world a better place is even more questionable.

Can a hospital stock be termed a sin stock, and should investors look at this high growth sector? This sector has consistently outperformed the Sensex and it looks set to continue its momentum over the coming years.

Tune in to the video below to know more:

Why Paytm shares are under pressure again

In news from the fintech sector, share price of Paytm tanked 6% today.

After winning over many bears with double-digit gains on the back of its focus towards profitability, shares of One 97 Communications, which runs Paytm, today crashed up to 8.8%.

Today's selling pressure comes after Bharti Enterprises chairman Sunil Mittal confirmed that it is not in talks with Paytm to buy a stake in the company.

On the other hand, Japan's SoftBank and China's Alibaba Group are in the mood to pare stake in the digital payments major through a secondary stock deal.

According to a media report, Ant and SoftBank are likely to offload shares gradually in the market as part of their plan to exit Paytm.

Paytm is India's leading financial services company that offers payments and financial solutions to consumers.

For more, check out why Paytm share price is falling.

SBI raises US$1 billion from overseas market

Moving on to news from the PSU bank sector, State Bank of India on Tuesday, raised US$ 1 billion (bn) via a syndicated social loan from global banks for further lending to certain kinds of socially impactful businesses in India.

The funds will be used to further lend to microfinance institutions and self-help groups.

The loan facility was arranged through Japan-based MUFG Bank and Taiwan-based Taipei Fubon Commercial Bank.

This is the largest overseas loan linked to environmental, social and governance (ESG) norms raised by a commercial bank in the Asia Pacific region and the second-largest social loan globally.

The loan could rev up the bank's push towards adopting ESG practices at a time when the federal government and the Reserve Bank of India are shaping up the country's green financing guidelines.

State Bank of India is an Indian multinational public sector banking and financial services institution.

SBI's share price has taken a beating in 2023 so far. Shares of SBI have dropped nearly 15% in 2023 and more than 5% over the past one month.

To know what is dragging India's most profitable company down, check out why the SBI share price is falling.

Adani group to repay US$790 million debt

Moving on, the Adani group is planning to prepay share-backed loans worth US$ 690 million (m) to $790 m by March-end, as the conglomerate seeks to burnish its credit profile after a short-seller attack.

The plan comes even as the group holds a fixed-income roadshow this week in Singapore and Hong Kong to shore up investor confidence amid share price falls and a regulatory probe.

Adani Green Energy also plans to refinance its 2024 bonds via a US$ 800 m, three-year credit line.

The group presented both plans to bondholders in Hong Kong on Tuesday. The three-day roadshow is scheduled to end on Wednesday.

This move is in line with the Adani group's several attempts for the comeback to address concerns around debt.

For more on the Adani group, check out Equitymaster's Indian stock screener which shows all the companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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