Equity Indices Trade Lower, Adani Ports Down 17%

Mumbai, June 14: Broad equity indicators dipped during early hours on Monday dragged by metal and banking stocks.

At 10:15 am, the BSE S&P Sensex was down by 177 points or 0.34 per cent at 52,298 while the Nifty 50 edged lower by 76 points or 0.48 per cent to 15,723.

Except for Nifty IT which inched higher by 0.3 per cent, all sectoral indices at the National Stock Exchange were in the negative terrain. Nifty metal cracked by 3.2 per cent, realty by 2.5 per cent, PSU bank by 2.4 per cent and financial service by 1.3 per cent. Sensex Drops Over 185 Points to 52,416.57 in Early Trade.

Among stocks, Adani Ports sank by 17 per cent to Rs 697.45 per share after reports said that National Securities Depository Ltd (NSDL) has frozen the accounts of three foreign funds -- Albula Investment Fund, Cresta Fund and APMS Investment Fund -- which together own over Rs 43,500 crore worth of shares in four Adani Group companies.

Coal India, Hindalco, Tata Motors, Maruti Suzuki, HDFC and State Bank of India too were in the red.

However, IT stocks gained with Infosys advancing by 1.5 per cent, Wipro by 1.2 per cent, Tata Consultancy Serivices by 0.6 per cent and Tech Mahindra by 0.2 per cent.

Meanwhile, global shares held firm near record highs while US bond yields flirted with three-month lows as investors expect the Federal Reserve to stick to its dovish mantra later this week.

Japan's Nikkei rose 0.35 per cent while MSCI's broadest index of Asia Pacific shares outside Japan was down 0.1 per cent.

The activity was limited with the region's largest markets -- China, Hong Kong and Australia -- closed for a holiday.

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