Sensex Crashes 950 Pts, Nifty Plunges 285 Pts As Adani Group Stocks Lead Fall

Adani Group stocks came crashing down once again in trade, leading to a sharp fall in the Nifty. The Sensex was down nearly 900 points, while the Nifty crashed 270 points.

Adani Enterprises led declines on the Nifty, with the stock falling 11%, while Adani Ports was down 5.72%. Several group stocks from the Adani stable were locked at the lower end of the circuit filter including the likes of Adani Transmission, Adani Power and Adani Green.

Non Adani stocks from the Nifty that fell were Grasim and Bajaj Finance. Nifty stocks that managed to hang on to gains were ITC.

"Recent CPI data points towards inflation stickiness and thus the need for prolonged high rates by US Fed. Even RBI's MPC minutes would be released tomorrow and would be keenly eyed. FIIs which had turned net buyers last week after a long time, again became net sellers, denting sentiments," says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Among the sector indices Nifty metal, Nifty energy and Nifty PSU banking index were the biggest losers. Markets are expected to continue to remain volatile in the days to come.