Indian equities saw a minor decline on Tuesday, marking a pause after two consecutive days of significant gains. Investors moved to realize profits following the news of U.S. authorities charging key executives from the Adani Group with bribery. Additionally, concerns over potential trade tensions resurfaced as U.S. President-elect Donald Trump threatened tariffs on Mexico, Canada, and China in an effort to address illegal immigration and drug issues.
The initial relief stemmed from India being absent from Trump's tariff considerations, providing some stability to the market. Furthermore, a substantial drop in oil prices on Monday added a cushion to the market decline, as reports suggested that Israel and Hezbollah were close to reaching a cease-fire agreement.
The benchmark S&P BSE Sensex closed 105.79 points lower, a 0.13% decrease, at 80,004.06. Similarly, the broader NSE Nifty index fell by 27.40 points, or 0.11%, settling at 24,194.50.
The Adani Group stocks led the decline, with significant losses in Adani Enterprises and Adani Ports, which fell by 4% and 3%, respectively. Adani Power recorded a nearly 2% decrease, Adani Green Energy dropped over 7%, and Adani Energy Solutions declined by almost 4%.
Among other stocks, Sun Pharma, Bajaj Auto, and UltraTech experienced losses of 2-3%. In contrast, companies like Infosys, BEL, Asian Paints, Britannia Industries, and Shriram Finance saw gains of 2-3%.
