Sensex down 400 pts; Nifty below 24,650; YES Bank, Ola fall up to 7%

Stock markets in India were volatile on Tuesday as they continued to remain in a consolidation phase. The BSE Sensex was quoting at 81,034, down 339 points or 0.42 per cent.

The Nifty50 index, meanwhile, was at 24,652, down 63 points or 0.26 per cent.

Adani Enterprises, Adani Ports, Bajaj Finserv, L&T, ICICI Bank and Maruti Suzuki were the top Sensex losers.

On the flipside, M&M, HDFC Bank, Reliance Industries, Tata Steel, and Eternal (Zomato) were the top gainers.

In the broader markets, the Nifty MidCap and the Nifty SmallCap indices were up 0.11 per cent and 0.51 per cent, respectively.

Among sectors, the Nifty Bank index hit a record high in early deals, touching an all-time high of 56,161. The index surpassed its previous high of 56,098.70. It, later, turned negative amid profit booking.

That apart, the Nifty Metal, Nifty Realty, and Nifty PSU Bank indices were up in the range of 0.3 per cent to 0.5 per cent. On the downside, the Nifty Private Bank index was down 0.4 per cent.

Buzzing Stocks

Adani Enterprises share price was down over 2 per cent. This follows a report by Wall Street Journal that the Gautam Adani-led group is under investigation by US prosecutors. The authorities, as per the report, are probing whether Adani’s firms used Mundra port, which his company operates, to bring Iranian liquefied petroleum gas (LPG) into India. Other Adani Group stocks — Adani Ports, Adani Power, Adani Energy, and Adani Total Gas — were bleeding too.

Jindal Stainless share price was up 1 per cent after the company said it has acquired a special purpose vehicle (SPV) to generate 282 megawatt (Mw) of hybrid renewable energy for the supply of clean energy to its manufacturing plants.