Stock Market

Market Snapshot: Adani Enterprises Emerges as Top Gainer, Nifty Maintains Neutral Stance with Upward Tilt

In today’s intraday session, the Indian market indices began on a level note and remained stagnant, mirroring the negative trends observed in Asian markets. However, amidst this backdrop, notable players like Adani Enterprises (NS:ADEL) and Cipla (NS:CIPL) provided a boost.

At IST 12:10 (GMT 06:40), the benchmark indices witnessed Nifty50 holding steady with a slight upward inclination, reaching the level of 18,683.9. Conversely, Sensex experienced a minor dip of 1.5 points, settling at 62,977.9. During this session, the India VIX fear gauge surged by 6.14%, reaching 11.92.

Among the sectoral indices within the Nifty umbrella, there was a mixed bag of performance. The pharmaceutical and healthcare sectors led the way with gains, while the automobile sector contributed to the overall strength. However, Nifty Bank remained relatively stable.

Meanwhile, the Nifty PSU Bank faced a slight retreat, experiencing a 0.5% dip at the time of writing.

Looking at the broader market indices, NIFTY Smallcap 100 and NIFTY Midcap 100 showcased impressive performance, each witnessing a rise of up to 0.5% on Monday.

Within the Nifty50 pack, state-owned giants such as NTPC (NS:NTPC), Coal India (NS:COAL), PowerGrid Corporation (NS:PGRD), and Bharat Petroleum (NS:BPCL) exerted downward pressure.

On a positive note, the stock of ICICI Securities (NS:ICCI), a prominent brokerage firm, experienced a significant surge of 15%, hitting a new 52-week high. This boost followed the announcement that its parent company, ICICI Bank (NS:ICBK), is contemplating a proposal to delist the firm during an upcoming board meeting.

Conversely, shares of Shree Cement (NS:SHCM), a leading cement producer in India, tumbled by 10%, reaching a fresh multi-month low. This decline was attributed to reports suggesting the company’s involvement in a tax evasion scheme of INR 23 billion (INR 1 = $0.012), which stands as the largest tax evasion case to date.

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