Nifty Slips Below 23,500, Adani Airports Stake Sale, JSW-VW Joint Venture
Indian equity markets opened lower with the Nifty breaching the crucial 23,500 support mark amid rising crude oil prices nearing 100 dollars a barrel. The domestic currency opened at 94.87 against the US dollar, registering a five paise downtick. Major IT stocks including Infosys, HCL Tech, Tech Mahindra, Wipro, and TCS emerged as top laggards, pulling the IT index down significantly. Meanwhile, Adani Airport Holdings announced plans to raise 9,825 crore rupees by selling a 5.5 per cent stake to global investors including BlackRock, Temasek, and Premji Invest, valuing the airport business at 1.78 lakh crore rupees. In the auto sector, JSW Group signed a non-binding pact with Skoda Auto Volkswagen Group for a proposed 51-49 joint venture. Additionally, the primary market witnessed a historic rush with six initial public offerings opening on a single day to raise around 4,300 crore rupees.
