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Trade Spotlight | What should investors do with Maruti Suzuki, Zee Entertainment, Axis Bank, Bharat Dynamics?
Indian stocks closed higher on Jan. 25, snapping a five-day losing streak ahead of the expiry of January futures and options contracts and the Federal Reserve’s interest rate decision.
The BSE Sensex rose more than 360 points to close above the 57,850 level, while the Nifty50 rose more than 120 points to close above the 17,270 level, supported by banks, autos, FMCG, metals and pharmaceuticals.
The broader market also participated in the bull run, with the Nifty Midcap 100 and Smallcap 100 both up 1%.
Maruti Suzuki closed up 6.83 per cent at Rs 8,602.60 per share, the top gainer on Nifty, followed by Axis Bank, which closed up 6.76 per cent at Rs 752.20 per share.
Zee Entertainment Enterprises surged 7.72 percent to close at Rs 288.80 per share, the top gainer in the futures and options sector. On the other hand, Bharat Dynamics rose 4.16 percent to settle at a record close of Rs 465.35. Aside from a small consolidation breakout on the daily chart, the stock appears to have had multiple breakouts. However, on the weekly chart, the counter is moving within a well-defined 30-week channel, so its initial target is likely to be the upper end of the channel, with a value around Rs 8,700.
Hence, for further upside, it needs to break out of the aforementioned channel, in which case a lifetime high around Rs 9,990 can be expected eventually.
For the time being, fresh buying should be considered on dips, but stop losses below Rs 7,887 on close and look for a near-term target of Rs 9,000.
Complete News Source : Money Control
.jpg "Vivian DSena: Islam is really dear to my heart because I converted to it during Ramadan")
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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