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Sensex ends volatile session 182 points higher; PSU bank stocks surge

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Sensex ends volatile session 182 points higher; PSU bank stocks surge

The benchmark indices ended Tuesday’s volatile session on a positive note amid buying in counters such as Reliance Industries (RIL), TCS, Infosys, and UltraTech Cement.

The S&P BSE Sensex gained 182 points, or 0.4 per cent to settle at a fresh closing peak of 45,609 levels while NSE’s Nifty, too, ended at a record closing peak of 13,393, up 37 points, or 0.28 per cent. During the day, the index breached 13,400 level to hit a high of 13,435.45 points.

Volatility index, India VIX, rose over 3 per cent to 18.6 levels.

On the sectoral front, PSU bank stocks rallied the most. The Nifty PSU Bank index surged over 7 per cent to 1,858 levels with all the 12 constituents advancing.

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In the broader market, the S&P BSE MidCap index slipped 0.16 per cent to 17,525 levels and the S&P BSE SmallCap index settled at 17,492, down 51 points, or 0.29 per cent.

Global markets

Asian stocks came under pressure on Tuesday as investors struggled to balance hopes for more economic stimulus and vaccines with fresh concerns about a surge in Covid-19 infections.
In Europe, shares were little changed as hopes of a Brexit trade deal faded amid a last-ditch attempt to find a solution, while rising coronavirus cases spurred talks of stricter curbs that could cause more economic pain.
In commodities, oil prices fell as California tightened its pandemic lockdown through Christmas and coronavirus cases continued to surge in the United States and Europe.

Also Read : CRISTIANO RONALDO BECAME FREE FIRE’S OFFICIAL GLOBAL AMBASSADOR!

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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.

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“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%

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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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