The Indian markets opened lower on Tuesday, as concerns over global tensions have driven investor sentiment low, reducing the optimism around a possible rate cut by the RBI. As of 9:32 am IST, the BSE Sensex had lost 331 points and was down at 81,042 points, while NSE Nifty-50 had lost 42 points and was down at 24,865 points.
If we look at the top losers of the day, Adani Ports, L&T, Bajaj Finance, ICICI Bank, Axis Bank and Bharti Airtel, these stocks almost slipped by 2.6% and dragged the whole market down. On the other if we look at the top gainers who opened with significant gains, including the likes of Eternal, Tata Steel, Tech Mahindra, Mahindra & Mahindra and Tata Motors.
Adani Ports fell by 2.6%, following a Wall Street Journal report. Investigators are investigating whether Gautam Adani’s firm imported Iranian Liquefied Petroleum Gas into India via Gujarat’s Mundra Port. The WSJ reports suggest that the tankers of the Adani firm traveling in the Persian Gulf from Mundra Port in Gujarat are following a pattern to evade these sanctions, while the Adani Group has denied such allegations this has relatively affected their shares, Adani Enterprises fell by 1.7%, Adani power almost declined by 1.6%, Adani energy solutions dipped by 1.5% while Adani gas slipped by 2%.
If we look at the sectoral front, it showed mixed signals, the Nifty Bank and Finance index was down by almost 0.15% other sectors such as realty auto and consumer were all up by almost 0.25%, the reason they’re up anticipating 25% rate cut by the Reserve Bank of India (RBI).
Another reason why the markets were down was because of a decline in FDI. The market has also seen an outflow of Foreign Investors for the second session after Monday; these investors have now shifted to the US as they are giving them better returns. Let’s see how many gains the market can secure by the end of the day
