Global Factors and Allegations Weigh Down Indian Stock Markets

Indian stock markets closed lower on Thursday, influenced by selling pressures and allegations against Adani Group directors. Despite some gains in select stocks, the overall market sentiment was weak, with experts predicting continued softness. Global issues like the Ukraine-Russia conflict further added to market uncertainty.

Indian stock markets experienced a decline on Thursday, influenced by persistent selling pressure and recent allegations against Adani Group directors by US authorities. At the close of trading, the Nifty fell by 168.60 points to settle at 23,349.90, while the BSE Sensex dropped 422.59 points to end at 77,155.79.

Despite the market downturn, certain stocks such as Powergrid, UltraTech Cement, Hindalco, Apollo Hospitals, and Grasim Industries emerged as major gainers on the National Stock Exchange (NSE). In contrast, significant losses were observed in shares of Adani Enterprises, Adani Ports, SBI Life Insurance, State Bank of India, and NTPC, primarily due to the allegations against Adani Green's directors. Adani Group has firmly denied these claims.

Experts, including Praveen Dwarakanath of Hedged.in, noted the market's ongoing weakness, with key indicators pointing to continued challenges ahead. Additionally, geopolitical tensions, notably the Ukraine-Russia conflict, are contributing to market instability. V K Vijayakumar from Geojit Financial Services highlighted that while further market slides seem unlikely, the prevailing uncertainty is causing investors to adopt a cautious 'wait-and-watch' approach.

(With inputs from agencies.)