Closing Bell: Sensex, Nifty slip 1%; Nifty Bank down 2%; SEBI probing some Adani Group cos

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The Sensex plunged 586 points to close at 52,553 and Nifty50 lost 171 points to settle at 15,752. Broader markets ended mixed, with small-caps closing flat and mid-caps plunging nearly 1 percent. The market breadth mildly favours declines as the advance-decline ratio rests at 1:1. 

Closing Bell: Sensex, Nifty slip 1%; Nifty Bank down 2%; SEBI probing some Adani Group cos
Indian benchmark indices, Sensex and Nifty closed a percent lower Monday, recording the biggest fall in nearly three months as financials and metals dragged the indices. The concerns that the spread of the Delta variant of coronavirus could dampen global economic recovery weighed on investor sentiment.
The Sensex plunged 586 points to close at 52,553 and Nifty50 lost 171 points to settle at 15,752. Broader markets ended mixed, with small-caps closing flat and mid-caps plunging nearly 1 percent. The market breadth mildly favours declines as the advance-decline ratio rests at 1:1.
On the Nifty50 index, NTPC, BPCL, Divi's Lab, Nestle India, and Tata Consumer were the top gainers in a weak trading session. And forty two stocks closed the day in the red, as HDFC Bank, HDFC Life, IndusInd Bank, Hindalco, and HDFC led the losses.
HDFC Bank dragged Nifty and Nifty Bank the most as it fell nearly 3.5 percent due to lower-than-expected quarter 1 results. The effect rubbed off on other banking stocks, as all the Nifty Bank constituents slipped, resulting in the index losing 171 points.
Of the indices, Nifty Bank closed nearly 2 percent lower, followed by Nifty Metal that fell 1.5 percent. Nifty Auto fell nearly 1 percent, while Nifty IT and Media fell half a percent. Nifty FMCG also ended the day in the red.
On the contrary, Nifty Pharma and Realty closed in the green, surging nearly 0.3 percent.
Shares of Adani Group companies declined more than 2-5 percent each on Monday after the government informed the Parliament that the Securities & Exchange Board of India (Sebi) and customs authorities are investigating some Adani Group companies for non-compliance with rules.
The Supreme Court (SC) is currently hearing the adjusted gross revenues (AGR) case. Last September, the apex court had reaffirmed dues payable by the telecom companies, particularly, Bharti Airtel and Vodafone Idea (VI). As the hearing went on, shares of VI and Bharti Airtel remained volatile.
Global economic growth is beginning to show signs of fatigue as many countries, particularly in Asia, struggle to curb the highly contagious Delta variant of the novel coronavirus and have been forced into some form of lockdown. Investors are also worried about the spectre of elevated inflation, which the market has long feared.
India's strong fundamentals and market size will continue to attract market-seeking greenfield investments, Finance Minister Nirmala Sitharaman said in a written reply to Lok Sabha on Monday. Quoting the World Investment Report 2021, Sitharaman said FDI inflows in India rose by 25.4 percent to $64 billion in 2020, from $51 billion in 2019.
On the IPO front, the public offering of speciality chemical company Tatva Chintan Pharma Chem was subscribed 10.79 times at 15:10. It received bids for 3.52 crore equity shares against the IPO size of 32.61 lakh shares, according to data available on the exchanges till 15:10 pm.

Market Movers

CompanyPriceChng%Chng
Hindalco417.35 17.30 4.32
SBI Life Insura1,105.15 28.50 2.65
Tata Steel1,330.65 32.70 2.52
Bajaj Finserv13,807.85 282.80 2.09
SBI429.95 6.65 1.57
CompanyPriceChng%Chng
Tata Steel1,330.50 32.40 2.50
Bajaj Finserv13,801.20 275.85 2.04
SBI429.45 6.15 1.45
Bajaj Finance6,231.20 69.05 1.12
Nestle18,238.40 160.85 0.89
CompanyPriceChng%Chng
Hindalco417.35 17.30 4.32
SBI Life Insura1,105.15 28.50 2.65
Tata Steel1,330.65 32.70 2.52
Bajaj Finserv13,807.85 282.80 2.09
SBI429.95 6.65 1.57
CompanyPriceChng%Chng
Tata Steel1,330.50 32.40 2.50
Bajaj Finserv13,801.20 275.85 2.04
SBI429.45 6.15 1.45
Bajaj Finance6,231.20 69.05 1.12
Nestle18,238.40 160.85 0.89

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.46000.04250.06
Euro-Rupee88.14600.44400.51
Pound-Rupee103.38800.70900.69
Rupee-100 Yen0.67900.00490.71