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Sensex, Nifty rally over 3%; 27 stocks in BSE 500 rise 10-30%
After a decent correction, bulls came roaring back this truncated week pushing benchmark indices higher by 3 percent, the best weekly gain since May.
The action was not limited to benchmark indices as small and midcap stocks also participated equally in the holiday-shortened week. Indian market remained shut on Friday on account of a public holiday.
The S&P BSE Sensex rose 3.5 percent while the Nifty50 was up 3.3 percent in the week ended October 1. S&P BSE Midcap index and the S&P BSE Smallcap index closed with gains of about 3.3 percent each in the same period.
As many as 27 stocks that rallied 10-30 percent in just four trading sessions. These include KEC International, Delta Corp, L&T Finance Holding, Dish TV, Welspun India, PVR, and Himatsingka Seide Ltd among others .
A large part of the rally was led by global cues amid expectations of another round of stimulus from the US government. Domestic cues such as upbeat September auto sales numbers, robust GST collections as well as Unlock 5 also supported market sentiment.
“Markets posted decent gains last week, thanks to upbeat global markets and favourable local cues. Among the key factors, rising hope of a stimulus package in the US and guidelines on Unlock 5 boosted the sentiment,” Ajit Mishra, VP – Research, Religare Broking Ltd told Moneycontrol.
“Besides, the rising trend of auto sales numbers in September month for the passenger vehicles and tractor segments also cheered investors,” he said.
The action in the coming week is likely to be dominated by September quarter earnings, Supreme Court’s decision on the interest waiver. On the global front, any update on the US President’s COVID situation will also be closely monitored.
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Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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