Indian equity markets see a day in red

3 May 2023 , 03:52 PM

Indian equity markets saw a day in red today. Selling pressure came into being, a day ahead of Federal Reserve’s announcement of US interest rate policy. Nifty 50 closed, down by 65.35 points. Sensex closed, down by 161.41 points. Top Gainers today were Hindustan Unilever, Asian Paint and Tata Motors. Top Losers today were Adani Enterprises, Adani Ports and ONGC. 

Shares of Adani Group companies came under selling pressure after news of resignation of the firm that did the auditing of the group companies. The audit firm has resigned from the audit assignment of Adani Total Gas. This audit firm was named in Hindenburg Research report as being too small and inexperienced to handle the audit of large group like Adani Group.

Stocks of Wadia group companies came under selling pressure after Go First filed for voluntary insolvency resolution. For the same reason, stock price of Indigo shot up by more than 4%. Given the limited competition in the Indian airline industry, Indigo will benefit from the troubles of rival Go First.

Some large cap stocks came under selling pressure today. Profit booking was seen in some IT stocks and banking stocks. IRFC, RVNL and Ircon were the most traded stocks today at NSE, in terms of volume. HDFC Bank, RVNL, and ICICI Bank were the most traded stocks in terms of value. 76 stocks touched new 52-week high, today at NSE. 10 stocks touched new 52-week low.