Maruti was the top loser in the Sensex pack. (file)
Equity benchmark Sensex fell nearly 115 points in early trade on Thursday tracking losses in index heavyweights Maruti, Tata Motors and Reliance Industries amid mixed global cues.
Traders said apart from weakness in the rupee against key peers and persistent foreign fund outflows weighed on sentiment in the domestic equity market.
In volatile trade, the 30-share BSE index was trading 113.77 points, or 0.19 per cent, lower at 60,550.02 in early deals. Similarly, the broader NSE Nifty slipped 63.70 points, or 0.36 per cent, to 17,808.
Maruti was the top loser in the Sensex pack, falling up to 1.31 per cent, followed by Tata Motors, Bajaj Finserv, SBI, Bharti Airtel, Kotak Bank, Axis Bank and Reliance Industries.
On the other hand, L&T, Bajaj Finance, Infosys, PowerGrid and TCS were major gainers.
Meanwhile, Adani Power shares fell 5 per cent to ₹172.90 in early deals on the BSE after the company on Wednesday reported a 96 per cent decline in consolidated net profit at Rs 8.77 crore for the December quarter.
Edible oil major Adani Wilmar Ltd closed 1.79 per cent lower at Rs 411.85 per share, despite the company reporting a 16 per cent rise in consolidated profit at Rs 246.16 crore for the third quarter ended December 2022.
Adani Group flagship Adani Enterprises was trading at Rs 2038.55, down 5.56 per cent, on the BSE.
According to the RBI, the exposure of domestic banks to the Adani group is “not very significant”, and the system is robust and large enough not to be affected by a single case.
Meanwhile, France’s TotalEnergies has put on hold a planned investment in Adani Group’s $50 billion hydrogen project pending the outcome of an audit launched following allegations of a US short-seller, Chief Executive Officer Patrick Poyne said on Wednesday.
On Wednesday, the 30-share BSE Sensex closed 377.75 points or 0.63 per cent higher at 60,663.79 and the NSE Nifty advanced 150.20 points or 0.85 per cent to close at 17,871.70. Repo rate increased by 25 basis points.
Elsewhere in Asia, Hong Kong, Shanghai and Seoul were trading with gains in mid-session deals, while the Tokyo market closed in the negative territory.
Equities on Wall Street declined significantly in overnight trading.
Meanwhile, international oil benchmark Brent slipped 0.11 per cent to $85 a barrel.
Foreign institutional investors (FIIs) were net sellers in the capital market, selling shares worth Rs 736.82 crore on Wednesday, according to exchange data.
The RBI has projected India’s economic growth for 2023-24 at 6.4 per cent, broadly in line with the Economic Survey’s estimate tabled in Parliament last week.
It is also estimated that retail inflation will ease to 5.3 per cent from 6.5 per cent in the next fiscal on the assumptions of lower imported inflation, even as core inflation remains stable.
Bankers said on Wednesday that the RBI’s decision to hike the repo rate by 25 basis points was in line with expectations, but the policy remains more focused on inflation despite the recent contraction in numbers.
Analysts expect the central bank to pause after giving a seventh aggressive policy move on Wednesday, giving a possible 25 basis points hike in the April review.
featured video of the day
Stock exchanges put short-term watch on 3 Adani group companies