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Markets end day in red; Sensex slumps 770 points to settle at 58,788, Nifty closes at 17,560

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Markets end day in red; Sensex slumps 770 points to settle at 58,788, Nifty closes at 17,560

The stock benchmark Sensex fell 770 points on Thursday to settle below 59,000 as selling pressure intensified on profit-taking in IT and financial stocks.

Continued foreign capital outflows also weighed on sentiment, traders said.

The 30-share BSE index closed down 770.31 points, or 1.29%, at 58,788.02. Likewise, the NSE Nifty index fell 219.80 points or 1.24% to 17,560.20.

HDFC was the biggest laggard in the Sensex package, down more than 3%, followed by Infosys, L&T, Kotak Bank, Bajaj Finserv and Tech Mahindra.

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On the other hand, ITC, Maruti, Titan, SBI and Asian Paints are the winners.

Among the Sensex constituents, 25 stocks closed lower and 5 advanced.

In other Asian markets, Tokyo closed in the red, while Seoul was positive.

Several Asian markets, including China and Hong Kong, were closed for the Lunar New Year holiday.

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European stock exchanges were mixed in intraday trading. Brent crude, the international oil benchmark, fell 0.65% to $88.89 a barrel.

Foreign institutional investors (FIIs) remained net sellers in capital markets, dumping shares worth Rs 1.836 crore on Wednesday, according to stock exchange data.

India’s services sector activity slowed further in January, a monthly survey on Thursday showed, as new business growth slowed markedly due to the escalating outbreak, reintroduction of restrictions and inflationary pressures.

The seasonally adjusted index of business activity in India’s services sector fell to 51.5 in January from 55.5 in December, indicating the slowest expansion in the current six-month growth series.

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Complete News Source : Hindustan Times

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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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