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Sensex Today Falls 350 Points | Axis Bank & TCS Top Losers | Adani Group Stocks Surge 5%, Bajaj Finserv Up 3%
Thu, 2 Mar 10:30 am

Sensex Today Falls 350 Points | Axis Bank & TCS Top Losers | Adani Group Stocks Surge 5%, Bajaj Finserv Up 3%

A rally sputtered in Asian share markets today pressured by a pullback in Chinese stocks and higher US yields amid fears that global central banks would keep raising interest rates to fight inflation.

The Nikkei is down 0.1% while the Hang Seng is trading down by 0.4%. The Shanghai Composite is trading higher by 0.2%.

The S&P 500 and the Nasdaq fell for a second straight session on Wednesday as Treasury yields jumped after manufacturing data indicated inflation is likely to remain stubbornly high.

Meanwhile, comments from Federal Reserve policymakers supported a hawkish policy stance.

The Dow Jones Industrial Average ended flat while the tech heavy Nasdaq Composite slipped 0.9%.

Here's a table showing how US stocks performed on Wednesday:

Stock/IndexLTPChange ($)Change (%)Day HighDay Low52-Week High52-Week Low
Dow Jones32,661.845.140.02%32,746.1532,500.7135,492.2228,660.94
Source: Equitymaster

Back home, Indian share markets are trading on a negative note following the trend on SGX Nifty.

At present, the BSE Sensex is trading lower by 340 points. Meanwhile, the NSE Nifty is trading down by 97 points.

Bajaj Finserv, and L&T are among the top gainers today.

TCS and Tech Mahindra are among the top losers today.

Broader markets are trading on a mixed note. The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading higher by 0.2%.

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Sectoral indices are trading on a mixed note. Stocks in the energy sector and capital goods sector witness buying.

Meanwhile, stocks in the IT sector and auto sector witnessing selling.

Shares of Procter and Gamble Health and Sonata Software hit their 52 week high today.

The rupee is trading at Rs 82.54 against the US dollar.

In the commodity markets, gold prices are trading down by Rs 24 at Rs 55,806 per 10 grams.

Meanwhile, silver prices are trading higher by 0.2% at Rs 63,788 per 1 kg.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock markets, India stands at the cusp of an economic revival...

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Also, to understand investor sentiment and what our readers are thinking, we ran a poll on Equitymaster's telegram channel.


With majority votes, investors are still investing in stocks and mutual funds. It can be that they're looking for bargain buys amid the Adani stocks selloff.

Discover: How to Grow Your Wealth in a Stress-Free Way

Supreme court on Adani Hindenburg saga

After hearing a batch of four petitions that sought intervention of the court and an investigation on Adani-Hindenburg case, the apex court will deliver its decision on the formation of a panel today. The bench hearing the petition comprises CJI DY Chandrachud, justices PS Narasimha and JB Pardiwala.

The petitions were heard by the Supreme Court bench on 17 February. However, the bench had reserved its order on the composition and remit of a committee.

The committee will be responsible for looking into the Adani-Hindenburg matter that led to a massive slide in the conglomerate's stock value post the release of the report.

The report accused Adani group of stock manipulation and frauds, but Gautam Adani-led group denied all such claims.

While hearing the petitions, the Supreme Court had turned down the government's 'sealed' covered nominees for the probe committee members.

The central government, in its note submitted in the court through solicitor general Tushar Mehta, had suggested the role of the proposed panel should be ascertaining the truthfulness of allegations against the Adani Group of companies in the Hindenburg report.

According to the note, the probe should also focus on Hindenburg's admitted position of acquiring a 'short position' in the Adani group and gather details of all its transactions undertaken by it and its linked companies.

The note also submitted a few names for the proposed panel in a sealed cover envelope.

It remains to be seen how the above developments pan out.

Bajaj Finserv gets license for mutual fund business

Bajaj Finserv, one of India's leading and diversified financial services groups, has received the final approval from the market regulator to start its mutual fund operations as Bajaj Finserv Mutual Fund.

Bajaj Finserv MF aims to create a tech-driven, multi-channel approach to serve investors across various touchpoints and geographies in order to build a future-ready asset management company.

This news might finally bring some relief for Bajaj Finserv investors because lately Bajaj Finserv share price was falling.

Both Bajaj twins were under pressure in 2022.

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Initially, investors looked at Bajaj Finance as a correction in price which provided a buying opportunity but there has been no reversal in the stock's trajectory.

In 2022, Bajaj Finance underperformed both the Sensex and NIFTY for the first time in 14 years. Worst yet, this was the first negative annual return since 2011.

2023 was no better... The stock was down another 9% in the first few days of the new year.


Even currently, on a YTD basis Bajaj Finance is down 6.7%.

To know more about Bajaj Finance's trouble, read our editorial on Bajaj Finance: death at a funeral.

Rail Vikas Nigam bags a new order

Rail Vikas Nigam emerged as the lowest bidder for manufacturing and maintenance of Vande Bharat trainsets including upgradation of the government manufacturing units & trainset depots in JV with partners.

Rail Vikas Nigam is an Indian public sector undertaking which works as the construction arm of the Ministry of Railways for project implementation and transportation infrastructure development.

It is among the penny stocks paying high dividend yields.

To know what's moving the Indian stock markets, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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