SENSEX Slides Over 550 Points Amid Adani Stock Slump
Market Volatility Grips Investors
The Indian stock market faced a sharp downturn, with the SENSEX dropping over 550 points and the NIFTY50 hovering around 23,320. The slide was led by a steep decline in Adani Group stocks following allegations of a $250 million bribery scheme involving its chairman, Gautam Adani.
Adani Stocks in Freefall
Key Adani Group companies, including Adani Enterprises and Adani Ports, witnessed double-digit losses as investor sentiment soured. The group’s troubles added to market uncertainty, with broader indices reflecting the jitters.
IT Stocks Shine Amid Gloom
Amid the overall bearish sentiment, IT stocks emerged as a silver lining. Companies like Infosys, TCS, and Wipro posted gains, benefiting from a weak rupee and strong global demand for IT services. Analysts suggest that the IT sector could provide stability to an otherwise volatile market.
Broader Market Outlook
While short-term volatility is expected to persist, experts advise investors to focus on sectors with strong fundamentals and avoid panic selling. The market’s trajectory will likely hinge on developments in the Adani case and global economic trends.
