Indian markets muted amid global tariff concerns

Indian shares were flat on Wednesday, following Asian markets amid concerns about a global tariff war. Meanwhile, Adani Group stocks gained attention due to bribery charges against its founder.

The NSE Nifty 50 was up 0.01 per cent at 24,196.2 points, while the BSE Sensex rose 0.02 per cent to 80,021.09. Eight sectors saw losses, but small-caps rose 0.8 per cent and mid-caps traded flat.

Head of Research at Motilal Oswal Financial Services, warns of potential profit booking in the next two sessions due to expected tariff increases on China by Trump and the upcoming monthly expiry of futures and options on Thursday.

Adani Group stocks surged 0.5-7.5 per cent on Wednesday after a $34 billion loss over four sessions.

The founder, Gautam Adani, and top executives were indicted by US authorities last week, but the group has dismissed the allegations as “baseless.” Adani and his aides have not been charged under the US Foreign Corrupt Practices Act.

“The selling pressure (in Adani stocks) may now ease a bit as some investors will come back, especially as the recent fall has made some of the stocks more attractive than before,” said Deven Choksey, managing director at DRChoksey Finserv.

NTPC Green Energy (NTPG.NS), the renewable energy arm of state-owned power producer NTPC.NS, saw a 13 per cent increase in its trading debut.

On the other hand, Prestige Estate Developers (PREG.NS) fell 3.5 per cent following a double downgrade by Morgan Stanley due to sluggish sales in the current fiscal year.

Attribution: Reuters

Subediting: M. S. Salama