Some issues raised in the Hindenburg report point to concerns similar to what the regulator had regarding movement of funds between parties related to the Adani Group through offshore funds back into local companies, sources said. READ MORE
Bank stocks: The selloff in Adani Group shares due to concerns of inflated valuations triggered crash across banking and financial services stocks. In the past two trading sessions, the Nifty Bank plummeted over 3 per cent to hit a low of 40,191 levels, last seen in October, 2022. The Nifty PSU bank index, meanwhile, shed over 7 per cent in two days.
Deceline in heavyweights: Apart from banking stocks, other index heavyweights like Reliance Industries, Infosys, TCS, and L&T came under heavy selling pressure on Friday.
Among them, shares of Reliance Industries (RIL) fell 3 per cent to hit 10-month low of Rs 2,312 in Friday’s intra-day trade, on the back of heavy volumes, as the sharp sell-off was seen across equities. The stock of country’s largest company in terms of market capitalisation traded its lowest level since March 2022. READ MORE
Technical levels: With today's decline, the Nifty50 index has breached below the lower end of the Bollinger Band, placed at 17,695, on the daily charts. If the index closes below this level, it may extend the decline till 17,289-odd level, its 200-day moving average. The 20, 50, 100, and 200-DMAs have given negative crossovers, indicating more pain ahead.
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