Stock market today: Adani Enterprises fell 3 per cent, Adani Energy Solutions fell 9 per cent and Adani Power declined 8 per cent.
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Sensex and Nifty climbed over 1 per cent each today but slipped in red after witnessing heavy selling pressure. Stocks initially gained as Prime Minister Narendra Modi led NDA is seen assuming the office for third time. But defence stocks tanked and some Adani stocks dipped. Sensex climbed 1.31 per cent and breached 73,000 mark before erasing entire gains while Nifty breached the 20,000 mark amid volatility.
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Among defence stocks, Bharat Dynamics fell 10 per cent to 1,293.35, Cochin Shipyard fell 10 per cent, NBCC 9.48 per cent, HUDCO 7.58 per cent and MIDHANI 6.76 per cent. Other stocks that fell over 5 per cent included Engineers India, IRCON International, Indian Bank, REC, RVNL, Hindustan Aeronautics, BHEL and Oil India.
Among Adani Group stocks, Adani Enterprises fell 3 per cent, Adani Energy Solutions fell 9 per cent and Adani Power declined 8 per cent. Adani Ports an Adani Total Gas also fell 2-3 per cent.
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Brokerage firms said also that the stock market was not prepared for the election outcome as UBS said that India market valuations have been expensive even though there are ordinary corporate earnings growth outlook. Morgan Stanly said that unresolvable disagreements within the NDA coalition are not priced in by the stock market as the BJP fell short of a majority in Parliament (272 seats).
