Following a dip in global equities on Thursday as US debt ceiling negotiations dragged on without a resolution, Indian shares also fell on the same day, though losses were limited by a rise in fast-moving consumer goods firms.
As of 10:38 am IST, the benchmark S&P BSE Sensex (.BSESN) was down 0.14% at 61,686.95, while the blue-chip Nifty 50 (.NSEI) index was down 0.14% at 18,259.35. 11 out of the 13 important sectoral indicators experienced losses. Information technology (IT) (.NIFTYIT) and high-weighted financials (.NIFTYFIN) both had declines of more than 0.3%.
After the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) selected the stock in the short-term Additional Surveillance Measure (ASM) framework Stage-I, starting on May 25, Adani Enterprises Ltd (ADEL.NS) dropped more than 3% and was the biggest loser in the Nifty 50 index.
Exchanges list stocks in short-term or long-term ASM frameworks to alert investors to high share price volatility.
After UBS confirmed its “reduce” recommendation on the automaker, noting weakness in its launch pipeline when compared to market leader Maruti Suzuki India Ltd (MRTI.NS) and potential market share saturation owing to competition, Tata Motors Ltd (TAMO.NS) fell 1.5% and was among the top Nifty 50 losers.