Following the decline of global peers, Indian benchmark equity indices fell on Thursday, pulled down by IT sectors amid fears about US President-elect Donald Trump's plans and renewed uncertainty over the US rate cut trajectory.
The BSE Sensex was down 688 points, or 0.85%, at 79,550, while the Nifty50 fell 197 points, or 0.82%, to 24,077 about 10:50 a.m.
Infosys, Tech Mahindra, M&M, HCL Tech, TCS, and Power Grid were the Sensex stocks that fell the most, by up to 3%. On the other hand, only SBI, Adani Ports, and Tata Motors were trading in the green.
Meanwhile, shares of Adani Group enterprises rose as high as 9.3% in early trade on Thursday after the company stated that its key executives were not charged with violating the US Foreign Corrupt Practices Act in last week's indictment.
Adani Energy Solutions and Adani Total Gas saw the largest gains, up 9% and 9.3%, respectively. Adani Green Energy's stock also surged 8.3%, reaching a day high of Rs 1,072.
Adani Green Energy's stock also surged 8.3%, reaching a day high of Rs 1,072. Adani Power, Adani Enterprises, Adani Wilmar, and Adani Ports all saw their share prices rise by up to 5%.
The conglomerate's stock rose roughly $14 billion on Wednesday after losing nearly $34 billion between the indictment and Tuesday.
Overnight, US inflation data showed that consumer spending increased in October, prompting concerns that future rate cuts will be slower than expected.
A slowdown in US interest rate cuts will have a direct impact on the spending environment, particularly in sectors such as information technology and pharmaceuticals in India, which are heavily reliant on the US market. Following the statement, the Nifty IT index opened more than 1% down.
NBCC rose 5% in early trading after reaching an agreement with HUDCO to construct a land parcel in Noida for Rs 600 crore.
KEC International shares rose 7% after the company secured orders worth Rs 1,704 crore from Power Grid.
