Markets

Equity benchmark indices Sensex and Nifty tumbled in early trade today amid sharp fall in Adani group stocks and unabated foreign fund outflows. Weak trends from Asian peers also drove the markets lower during the initial trade.

The BSE benchmark Sensex tumbled 468.17 points to 77,110.21 in early trade. The NSE Nifty declined 179.75 points to 23,338.75. From the 30-share Sensex pack, Adani Ports tumbled 10% as billionaire Gautam Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay $265 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

Other Adani group stocks, including Adani Enterprises, Adani Green Energy and Adani Energy Solutions, also fell sharply in the early trade.

State Bank of India, IndusInd Bank, NTPC and Tata Motors were also among the laggards. Infosys, HCL Technologies, Tata Consultancy Services and Tech Mahindra were the gainers. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,411.73 crore on Tuesday, according to exchange data.

In Asian markets, Tokyo, Shanghai and Hong Kong traded lower while Seoul quoted higher. The US markets ended mostly in the positive territory.

Global oil benchmark Brent crude climbed 0.25% to $72.99 a barrel.

Bitcoin has risen to a record high above $94,000 amid a report that US President-elect Donald Trump's social media company was in talks to buy crypto trading firm Bakkt. This has further fueled hopes of a crypto-friendly regime under incoming administration. 

Bitcoin, the world's biggest and best-known cryptocurrency, has more than doubled this year. It was last at $92,104 in Asian hours today having touched a record high $94,078 just toward the end of the previous session.