Adani Group announced a partnership with German chemical giant BASF for a Rs 16,000-crore factory.

\"The government's larger initiatives like GST and specific ones to transform ports, in tandem with technological innovations such as IoT, robotics, and unmanned vehicles and equipment, will first impact transportation of containers, rather than passengers.\"

While the Sensex slumped 689 points or 1.89% to 35,742, Nifty closed 197 points lower to 10,754. Of 30 Sensex stocks, 27 ended in the red.

In the last financial year, the power producer made a profit of Rs 245 crore on a turnover of Rs 3,778 crore.

While the Sensex fell 185 points at 36,084, Nifty lost 52 points to 10,837. Top Sensex gainers were Tata Motors (2.13%), Hero MotoCorp (0.64%) and Coal India (0.58%).

Top Sensex gainers were Bharti Airtel (2.66%) , YES Bank (1.52%) and Asian Paints (0.95%). Adani Ports (0.75%), Maruti (0.63%) and HeroMotoCorp (0.64%) were the top Sensex losers.

The Sensex has jumped 819 points in the last two sessions signalling positive outlook for the market in the near term.

The expectations of higher spending on farmers and agriculture-related activities by the newly formed state governments in Chhattisgarh, Madhya Pradesh and Rajasthan to fulfil their electoral promises and hopes from the Narendra Modi govt to address farmers' concerns ahead of the Lok Sabha elections led to a rally in two-wheeler and rural theme-based stocks.

India's conventional power sector is gaining from rise in demand, but a host of issues, especially financial health of discoms, remain a cause for concern.