Arout in frontline Adani group stocks spoilt the party for the bulls who cheered the Budget, but were forced to retreat in the second half of the trading session on heavy selling in index counters like Adani Ports and Adani Enterprises, which slumped 17-27%, and its cascading effect on banks such as SBI, which corrected almost 5%.
Both Sensex and Nifty gapped up at opening and went on to hit intraday highs of around 2% each, before turned their course on heavy selling in Adani shares. Buying in the last half hour of trade helped the indices pare losses before the Nifty closed down a fourth of a percentage point at 17,616.3 and the Sensex closed up by as much at 59,708.08.
The reason for the divergent closing between Nifty and Sensex is because both Adani Enterprises and Adani Ports are part of the Nifty and not the Sensex.
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