On November 21, 2024, Indian equity markets experienced a significant downturn, reversing the gains from the previous day. The Sensex fell by 423 points to close at 77,156, while the Nifty dropped 169 points to settle at a five-month low of 23,350. This decline was largely driven by a sharp drop in Adani Group stocks following a US court indictment of Gautam Adani and others. The market capitalization of Adani Group plummeted by over ₹2 lakh crore, with individual shares falling between 7% and 23%.
The midcap index also suffered losses, slipping by 163 points to reach 54,385. Additionally, the Nifty Bank index declined by 254 points to close at 50,373. Despite this overall market weakness, some stocks managed to perform well; Power Grid emerged as the top gainer on the Nifty.
Notable performers included Suzlon Energy and NLC India which saw gains due to positive news regarding investments and acquisitions. UPL rose after Alpha Wave Global acquired a stake in its subsidiary Advanta Enterprises. Paytm also advanced following favorable commentary from analysts at Bernstein. Meanwhile, Swiggy ended its six-day losing streak with nearly a 2% increase as Sammaan Capital continued its rally after Moody’s reaffirmed its credit rating.
For more details on stock market updates and specific company performances today, you can Read More.