Domestic indices opened in the red territory on Wednesday amid negative sentiment in the global markets. The markets fell on rate hike fears after Fed chair Jerome Powell’s hawkish statement. The BSE Sensex fell 160.64 pts or 0.27% to 60,063.82 and NSE Nifty 50 dipped 50.85 pts or 0.29% to 17,660.60. Bank Nifty plunged 118.70 pts or 0.29% to 41,231.70. The top gainers on Nifty 50 were Adani Enterprises (up 2.27%), Larsen & Toubro (up 1.91%), Bajaj Auto (up 1.05%), NTPC (up 0.99%) and Adani Ports (up 0.89%) while Hindalco (down 2.40%), Tech Mahindra (down 1.58%), Infosys (down 1.47%), HCL Tech (down 1.46%) and Bajaj Finance (down 1.45%).
Adani Group stocks in focus today
All Adani Group stocks were trading in the green territory on Wednesday after the Gautam Adani-led group informed that it has prepaid share-backed financing of Rs 7,374 crore ahead of maturity in April 2025. The Gautam Adani-led group has now prepaid over $2 billion of share-backed financing, including the repayments done in February. Now the shares of Adani Ports & Special Economic Zone, Adani Enterprises, Adani Transmission and Adani Green Energy will be released as follows:
Adani Ports & Special Economic Zone Ltd – 155 million shares, representing 11.8% of the promoters’ holding
Adani Enterprises Ltd – 31 million shares, representing 4.0% of promoters’ holding
Adani Transmission Ltd – 36 million shares, representing 4.5% of promoters’ holding
Adani Green Energy Ltd – 11 million shares, representing 1.2% of promoters’ holding
Sectoral Indices
All the sectoral indices were trading in the red. Bank Nifty fell 0.29%, PSU Bank dropped 0.57%, Nifty IT was down 1.25%, Nifty Realty down 1.01%, Nifty Pharma down 0.66% and Nifty Auto down 0.11%.
Asian and US stock markets
Asian markets were trading mostly lower with China’s Shanghai Composite index falling 0.17%, Hong Kong’s Hang Seng dropping 2.01% and South Korea’s KOSPI dipping 1.31% while Japan’s Nikkei 225 rose 0.18%.
The US market ended the overnight session in the red territory falling over one and a half percent. The Dow Jones Industrial Average fell 1.72%, S&P 500 dropped 1.53% and the tech-heavy Nasdaq dipped 1.25%.
FII and DII data
Foreign institutional investors (FII) bought shares worth Rs 721.37 crore, while domestic institutional investors (DII) acquired equities worth Rs 757.23 crore on 6 March, according to the provisional data available on the NSE.
NSE F&O Ban
The National Stock Exchange has put no stock/security in its F&O ban list for Wednesday, 8 March. According to the NSE, stocks are prohibited in the F&O sector once they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.