Sensex Dips 420 Points, Nifty Falls Below 23,350; Adani, PSU Banks Suffer Major Losses

Posted by Admin on 2024-11-21 11:58:04 |

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Stock Market Highlights: Sensex Dips 420 Points, Nifty Ends Below 23,350, Adani, PSU Bank Shares Tank

Indian stock markets faced a sharp decline on Wednesday, with the Sensex falling by 420 points, closing at 65,750, while the Nifty ended below the critical 23,350 mark. The broad market slump was driven by significant losses in key sectors, particularly Adani Group stocks and public sector banks (PSUs).

Shares of the Adani Group faced heavy selling pressure, with several companies under the conglomerate experiencing substantial losses. Investors showed concerns over the ongoing legal issues surrounding the group, which has contributed to market volatility in recent months.

Public sector bank stocks also saw a sharp decline, led by heavy losses in names like State Bank of India (SBI) and Bank of Baroda. Analysts pointed to rising concerns over global economic conditions, which have impacted investor sentiment towards these stocks.

The markets decline was broad-based, with all major sectors, including IT, metals, and auto, witnessing negative movement. Global cues, including weak international markets, further added to the selling pressure.

Experts predict continued volatility in the coming sessions, urging investors to exercise caution amid the uncertain global economic landscape.