Sensex Today Trades Lower | Nifty Below 25,350 | Bharti Hexacom Jumps 8%

Fri, 13 Sep 10:30 am

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Asian markets traded mixed on Friday. Japan's Nikkei 225 declined 0.43%, while the Topix fell 0.58%. South Korea's Kospi traded flat, while the Kosdaq was marginally lower.

US stock market ended higher on Thursday after the latest inflation data reinforced hopes for a 25-basis point rate cut by the Federal Reserve.

Here's a table showing how US stocks performed on Thursday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	155.54	3.39	2.23%	155.61	153.5	193.3	121.46
Apple	222.77	0.11	0.05%	223.55	219.82	237.23	164.08
Meta	525.6	13.77	2.69%	526.71	515.22	544.21	279.4
Tesla	229.81	1.68	0.74%	231.45	223.83	278.98	138.8
Netflix	686.8	5.33	0.78%	694.88	682.2	711.33	344.73
Amazon	187	2.48	1.34%	187.41	183.54	201.2	118.35
Microsoft	427	3.96	0.94%	427.37	419.75	468.35	309.45
Dow Jones	41096.77	235.06	0.58%	41107.35	40665.53	41585.21	32327.2
Nasdaq	19423.07	185.76	0.97%	19456.41	19166.8	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 201 points lower and NSE Nifty is trading 65 points lower.

Tata Steel, Tata motors and Hindalco among the top gainers today.

M&M, Asian Paints and Adani Enterprises the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading on positive. The BSE Midcap index is trading 0.4% higher and the BSE Smallcap index is trading 0.7% higher.

Sectoral indices are trading mixed today with stocks in metal sector and realty sector witnessing buying. Meanwhile the stocks in IT sector and FMCG sector witnessing selling pressure.

The rupee is trading at Rs 83.93 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 73,182 per 10 grams 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...

Speaking of the stock market, Rahul Shah, Co-head of research at Equitymatser talks about the surprising downfall of a legendary investor.

Learn why even the greatest can falter when faced with market volatility. And find out how you can avoid making the same mistakes.

Watch now

Yes Bank's Stake Sale Stuck

The proposed stake sale of Yes Bank is stuck as the Reserve Bank of India (RBI) is not comfortable with ceding majority control to a foreign financial institution.

SMBC is showing a lot of interest in the bank, but talks have currently hit a roadblock because the Japanese group are very firm on acquiring 51%.

This is expected to delay the stake sale in Yes Bank, which was earlier expected to be completed by the fourth quarter of the current financial year.

After the initial discussions with the regulator, potential bidders have been asked to review their stance on certain important deal terms.

The investors have made two key requests, according to the people cited on 1 August.

First, investors want to hold a 51% stake in the bank perpetually.

However, bank licensing norms require promoters to reduce their stake to 26% within 15 years of starting operations.

To address this, the RBI has proposed a gradual glide path for investors to reduce their stake in YES Bank over time, indicating that maintaining a perpetual 51% holding may not be possible.

Adani Group Rejects Allegations

As the Adani-Hindenburg saga continues to simmer, the US short seller claimed late Thursday that Swiss authorities have frozen more than US$ 310 m in funds across Swiss bank accounts as part of an investigation into allegations of money laundering and securities forgery linked to the Adani Group, dating back as early as 2021, citing newly released Swiss criminal court records.

However, the Adani Group has firmly rejected and denied the baseless allegations presented in the Hindenburg post.

In their response, the Adani Group reiterated that their overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws.

They also clarified that they are not involved in any Swiss court proceedings, emphasizing that neither their group companies were mentioned in any such court documents nor have they received any requests for clarification.

In a post on X on Thursday, the US short-seller said that the probe, which dates back to 2021, has shed light on financial practices involving opaque offshore entities tied to the Indian conglomerate.

Swiss criminal court records show in detail how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stock, the U.S.-based short seller said in a post on X, formerly Twitter, citing a Swiss media outlet.

As per a report by Swiss media, the Geneva Public Prosecutor's Office was investigating alleged wrongdoing by the Indian conglomerate Adani well before activist investors from Hindenburg Research made the first accusations.

The report added that more than US$ 310 million belonging to an alleged frontman for billionaire Gautam Adani is sequestered in five Swiss banks.

Adani Group vehemently rejected the allegations saying, "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority."

HAL Eyes Maharatna Upgrade

State-run Hindustan Aeronautics Limited (HAL) is likely to be upgraded to the category of Maharatna from its current status of Navratna among the Central Public Sector Enterprises (CPSEs) by the end of this calendar year.

This would impart greater operational and financial autonomy to the HAL's board, allowing it to make project investments up to Rs 5,000 crore without seeking government approval.

A Navratna, on the other hand, is permitted to make autonomous project investments up to Rs 10 bn only.

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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