Indian markets decline as Adani stocks plummet amid geopolitical tensions

Indian benchmark indices experienced significant downward pressure on November 21, resulting in the loss of gains made in the previous session.

The Nifty dropped below 23,300 during the day and closed at 23,349.90, down 168.60 points or 0.72 percent. Similarly, the Sensex ended the day at 77,155.79, down 422.59 points or 0.54 percent.

The market decline was influenced by weak global cues and increasing geopolitical tensions. Notably, Adani Group stocks saw substantial selling following bribery charges against Gautam Adani and others in a New York federal court. Adani Enterprises, Adani Ports, SBI Life Insurance, NTPC, and SBI were among the top losers in the Nifty.

On the other hand, Power Grid Corp, UltraTech Cement, Hindalco Industries, HCL Tech, and Grasim Industries were among the gainers, indicating a mixed performance across sectors amidst the prevailing market volatility.

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