Sensex Today Falls 423 Points | Nifty Ends Near 23,350 | Adani Enterprises Cracks 23%

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On Thursday, Indian share markets traded lower throughout the trading session and ended on a weak note.

Benchmark indices were impacted by declines in global stock markets and Adani group stocks following the indictment of Gautam Adani. He is accused of being involved in a multibillion-dollar bribery and fraud scheme.

Meanwhile, weak corporate earnings and sustained FII outflows also dampened sentiment.

At the closing bell, the BSE Sensex stood lower by 423 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 169 points (down 0.7%).

Power Grid, UltraTech Cement and HCL Tech were among the top gainers today.

Adani Ports, SBI and NTPC, on the other hand, were among the top losers today.

The BSE MidCap index and the BSE SmallCap index ended lower by 0.4% and 0.7%, respectively.

Sectoral indices ended mixed with stocks in the power sector, utilities sector and FMCG sector witnessing most of the selling.

While IT and realty stocks bucked the trend and registered gains.

Shares of Sky Gold, Jindal Poly Investment, Supriya Lifesciences and Indian Hotels hit their respective 52-week highs today.

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Signature Global Targets More Bookings amid Strong Demand

In latest developments from the realty space, Signature Global is likely to exceed its sales bookings target of Rs 10,000 crore on strong housing demand in Gurugram property market, the company's Chairman Pradeep Aggarwal said.

In an interview, he highlighted that the company has achieved Rs 5,900 crore worth sales bookings in the first half of this fiscal.

Considering the strong performance for the first half, the company has now upped its guidance for the full year.

The company, which has a significant presence in the Gurugram market, clocked sale bookings of Rs 7,270 crore in FY24.

Earlier this month, the company reported a consolidated net profit of Rs 41.5 million for the quarter ended September 2024.

The company had posted a net loss of Rs 199 million in the year-ago period.

For more information, check out Signature Global's financial factsheet.

Vietnamese Carmaker Looks for Partner in India

Moving on to news from the electric vehicle space, Vietnamese electric vehicle (EV) manufacturer VinFast is in talks with Indian companies Megha Engineering (MEIL) and Adani Group to explore a potential partnership for its electric car venture in India.

The company is considering its options before committing to the Indian government's new EV policy.

At the moment, VinFast is setting up a manufacturing plant in Tamil Nadu and aims to launch its electric cars in 2025.

According to reports, the company is now seeking a local partner to navigate India's regulatory landscape, manage labor relations, and establish a reliable supply chain for components.

Megha Engineering has already confirmed that discussions have taken place while the Adani group has not commented anything.

Why PSU Banks are Falling

Moving on to news from the banking sector, PSU banks in India came under pressure today following a sharp decline in Adani group stocks.

SBI has the largest exposure to Adani group companies. The PSU bank has not publicly commented on its exposure to Adani stocks but whenever Adani stocks suffer a big fall, SBI follows suit.

Today, SBI share price declined over 4%.

The other big loser was Bank of Baroda.

Bank of Baroda had disclosed an exposure of Rs 53.8 bn to the Adani group back in January 2023. Back in 2023, BOB's CEO and MD had said that it is willing to consider lending additional money to the Adani Group.

It had said BOB will extend loans to the conglomerate if it meets the lender's underwriting standards, adding that they're not concerned about the market volatility around Adani stocks.

After the steep decline in Adani stocks today, investors have one question on their minds - should they look at Adani stocks after the fall or are they falling knifes to be avoided?

If you look at the valuations, there is no rationality in the numbers of most of these companies.

While we agree that Adani group is plagued with slew of negative news flows, the group has exciting plans for the future.

Recently, the Adani Group has ventured into shipbuilding at Mundra Port, a strategic move that aligns with India's broader maritime goals.

Additionally, the group's commitment to reducing the cost of green hydrogen reflects its dedication to large-scale sustainability efforts.

The Adani Group recently also decided to invest US$ 5 bn in India's metal industry, targeting copper, iron, and steel production.

The group has set an ambitious target to achieve an EBITDA of Rs 900 bn in the next 2-3 years.

While the current issues may appear to be a big setback, thorough research is needed before making investment decisions.

For more on Adani's future in green hydrogen, airports, and data centres, read out our editorial Is Adani the New Reliance? Decoding the Rise of Adani Enterprises.

Also, you could quickly refer to both fundamentals and valuations of Adani group stocks on Equitymaster's Indian stock screener.

NALCO Shares at Record High. What Next?

In news from the metal sector, National Aluminium Company (NALCO) shares continued their upward movement, hitting a new high in an otherwise weak market.

With today's rally, the stock price has rallied almost 170% in a year.

The rise comes after reports emerged suggesting China will be cancelling export tax rebates for aluminium and copper products, which will be effective from 1 December 2024.

This has also led to a surge in LME aluminium prices, which have reached $2,730 per tonne.

NALCO is one of the largest producers of bauxite, alumina and aluminum in India.

Looking ahead, NALCO and other metal companies are likely to benefit from strong domestic fundamentals. As India's infrastructure development and industrial activities continue to grow, demand for metals is expected to remain robust.

Additionally, decreasing input costs, such as raw materials and energy prices, provide further support for profitability. Steel companies, in particular, are in a strong position to capitalise on the domestic price premiums.

Investors have also placed NALCO as a prime beneficiary of India's lithium mining megatrend.

NALCO's foray into lithium mining and battery manufacturing leverages their extensive industrial infrastructure and metallurgical expertise.

This vertical integration positions the company as a major player in the entire lithium value chain, from resource extraction to finished battery production.

For more information on NALCO, check out our latest research here.

And 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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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