Final Trade: Sensex ends 423 pts lower, Nifty settles at 23,350; as Adani, PSU Bank stocks tank

Indian equity markets ended sharply lower on Thursday as the Sensex declined by over 450 points to close at 78,423, while the Nifty 50 slid below the 23,400 mark, closing at 23,356. The slide was fueled by a sell-off in Adani Group stocks and broader weakness across sectors.
Key contributors to the declineThe sell-off followed the indictment of Gautam Adani and senior executives in New York over bribery and fraud charges, leading to a significant impact on Adani stocks. Adani Energy Solutions fell by 20 per cent, closing at Rs 697.70, while Adani Wilmar dropped 10 percent to Rs 294.40, hitting their respective 52-week lows.

Shares of other BSE200 constituents, including Avenue Supermarts (DMart), Tata Consumer Products, and Asian Paints, also hit their 52-week lows, each declining by around 4 per cent in intraday trade.

Sectoral performance

The PSU Bank index emerged as the top sectoral loser, down nearly 2 per cent, as risk sentiment weakened. Indices tracking IT and financial stocks also posted significant losses, reflecting cautious investor sentiment amid global headwinds.

Market outlook

The Adani indictment, coupled with an average corporate earnings season and sustained foreign outflows, added to concerns for market participants. Analysts warned that global factors, including geopolitical tensions and inflation concerns, could keep markets volatile in the near term.

Highlights at closing

• Sensex: Down 400 points (-0.57%) at 78,423
• Nifty 50: Down 141 points (-0.60%) at 23,356
• Top losers: Adani Energy Solutions, Adani Wilmar, DMart, Asian Paints
• Sectoral drag: PSU Banks (-2%), IT (-1.5%), Financials (-1.2%)