Updated March 13th, 2024 at 12:06 IST

Nifty falls below 22,200; Adani Enterprises, Adani Ports among top losers

The blue-chip NSE Nifty 50 index was trading 1.02% lower at 22,108.45, while the BSE Sensex dipped 0.76% to 73,106.52, as of 12:00 pm.

Reported by: Business Desk
Stock market news | Image:Republic
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Stock market news: Benchmark indices NSE Nifty 50, and S&P BSE Sensex opened Wednesday, March 13, 2024, on a higher note, led by a jump in ITC on British American Tobacco's plan to sell a stake at a premium, and tracking the rise in Asian markets.

The blue-chip NSE Nifty 50 index was trading 1.02 per cent lower at 22,108.45, while the BSE Sensex dipped 0.76 per cent to 73,106.52, as of 12:00 pm.

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ITC, Kotak Bank, Britannia, and ICICI Bank are the top gainers on the Nifty 50 index, while PowerGrid, Adani Enterprises, Adani Ports and NTPC are the top losers during midday trade.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said, "The GIFT Nifty's recent gain signals bullish market sentiments, backed by key factors like a stable India VIX at 13.63, robust buying by FIIs totalling Rs 4,286 crore, controlled inflation at 5.09 per cent, and optimistic global cues from the US and Wall Street."

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"With technical analysis indicating strong support and resistance levels for the Nifty, the market is ripe for strategic trades, suggesting a buy for Nifty and Bank Nifty with specific targets. The current market dynamics favour value buying in stocks such as IndiGo, Apollo Hospitals, ColPal, with IndiGo being spotlighted for an immediate buy based on its momentum play, setting an optimistic tone for investors looking to capitalize on the upward trend," Tapse added.

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Published March 13th, 2024 at 09:34 IST