Sensex, Nifty slip 1% each; Adani Energy Solutions hits 52-week low

​Indian equity markets saw significant declines in midday trading, with the Sensex shedding 433 points or 0.56% to trade at 77,145.23, while the Nifty 50 fell 170 points or 0.72%, slipping below the 23,350 mark. Weak global cues and volatility from the weekly F&O expiry weighed on market sentiment.

Sector watch:

• Gains: Realty and private banking stocks witnessed moderate buying interest.
• Losses: PSU banks, media, and metals dragged the indices lower.

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The broader market also struggled, with the BSE Mid-Cap index down 0.15% and the Small-Cap index slipping 0.52%.

Top gainers and losers:

• Gainers: Power Grid Corporation (up 2.35%), Grasim Industries (up 1.65%), and Tata Steel (up 1.43%) led gains.
• Losers: Adani Enterprises nosedived 19.22%, followed by Adani Ports (down 12.84%) and SBI Life (down 2.95%).

Adani stocks in freefall:

Shares of ten Adani Group firms plummeted 6% to 20%, following a $250 million bribery scandal linked to Gautam Adani. Adani Energy Solutions hit a 52-week low, sliding 20%.

Market breadth:

The BSE saw 2,740 stocks decline, overshadowing the 1,160 stocks that advanced.

Global factors:

Asian and European markets weakened amid geopolitical concerns and mixed cues from Nvidia's earnings. The BSE market capitalization shrank by Rs 6 lakh crore to Rs 425 lakh crore.

Investors remain cautious, keeping an eye on U.S. economic indicators and Federal Reserve commentary.