Nifty, Sensex Stage Turnaround to End in Green; Adani Group Stock Crash

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Nifty, Sensex Stage Turnaround to End in Green; Adani Group Stock Crash

By Aditya Raghunath

Investing.com -- It was a day of high drama in the markets after an Economic Times report said that accounts of three foreign funds, Albula Investment Fund, Cresta Fund and APMS Investment Fund, held a lot of Adani Group stocks were frozen by National Securities Depository Ltd (NSDL). All Adani Group stocks ended lower today.

The BSE Sensex 30 was down at 51,936 before rallying 615 points to close at 52,551 or 0.15% up. Nifty 50 closed up 0.08% at 15,811. Market experts say that as long the 15,700 barrier is not broken downwards, the markets are in good stead and will continue to move sideways.

Divi's Laboratories Ltd. (NS: DIVI ) gained 1.46% on Nifty followed by Tata Motors Ltd (NS: TAMO ) at 1.45% and Reliance Industries Ltd (NS: RELI ) at 1.44%. Adani Port and Special Economic Zone Ltd (NS: APSE ) lost 9.26% while Coal India Ltd (NS: COAL ) lost 2.12% and Kotak Mahindra Bank Ltd. (NS: KTKM ) was down 1.51%.

It is expected that market behaviour will be dependent on the Fed policy meeting that will be held on June 15-16.

US stocks are seen opening marginally higher Monday, remaining around record levels, ahead of this week’s eagerly anticipated Federal Reserve meeting. Dow Jones 30 Futures , S&P 500 Futures and Nasdaq 100 Futures are up 0.03%, 0.1% and 0.36% at the time of this report.

Crude oil is trading at over $71 levels signifying that market sentiment around the world is high on expectations that the world economy will try to resume regular work.

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