Here is why Sensex is down about 1,000 pts today
The market has been in a free fall today. The benchmark indices started the day lower and deepened the cuts during the day.
At the time of writing this copy, Sensex was down 966.85 points, or 1.61%, at 59,238.21 and Nifty was at 17,584.10, down 307.85 points, or -1.72%.
Here are the key reasons for the steep fall in markets:
Pre-Budget Jitters
The market usually trades lower ahead of the Budget Day as investors are jittery in anticipation of the Budget policies.
Adani stocks hammered
Adani group’s all seven stocks fell today for the second straight day after the release of the Hindenburg Research report that alleged a ‘fraud’. Seven of Adani companies lost ₹2.83 lakh crore market-cap as of 13:00 IST
On Friday, five Adani Group stocks i.e. Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green Energy, and Adani Ports & SEZ hit lower circuits.
After heavy beating in the Adani Group stocks, the impact seems visible on Adani Enterprises FPO (Follow-on Public Offer) that has opened today.
Banking stocks bleed
FIIs run away
Economic growth projections
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.