MARKET LIVE: Sensex drops 500 pts; TaMo soars 7%, Adani stocks extend slump

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Stock market LIVE updates: Equity markets extended weakness on Friday, after over a per cent decline on Wednesday. The S&P BSE Sensex declined 600 points to the day’s low of 59,543 in early deals dragged by Reliance, HDFC twins and ICICI Bank.
The NSE Nifty50 slipped below 17,800 level, down 130 points. In the broader markets, the BSE MidCap and SmallCap indices lost 0.6 per cent and 0.9 per cent, respectively.

Among individual stocks, Tata Motors surged 7 per cent as the company posted a consolidated net profit of Rs 3,043 crore in Q3FY23, after clocking losses for seven straight quarters. This came on the back of a strong order book, better semiconductor chip supply, tempered commodity prices, and a better product mix. 

Meanwhile, shares of Adani Enterprises slumped 5 per cent amid the ongoing controversy with Hindenburg Research. For now, the US-based activist investor has said it stands by its report and shall demand company documents in the US courts. The said statement came after Adani Group said it was examining legal action against Hindenburg. Other group stocks like Adani Ports, Adani Wilmar, and Adani Total Gas tanked up to 17 per cent.

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