Business
Sensex slumps over 600 pts in early trade; Nifty tests 17,400
Equity benchmark Sensex fell more than 600 points in opening trading on Feb. 11, largely on weakness in IT and financial stocks due to weaker global market trends.
The BSE indicator was down 611.54 points, or 1.04%, at 58,314.49 in early trade. Likewise, the Nifty was down 168.95 points or 0.96% at 17,436.90.
Infosys was the biggest loser in the Sensex portfolio, down more than 2%, followed by Wipro, Tech Mahindra, HCL Tech, HDFC, Bajaj Finance, M&M and Bajaj Finserv.
On the other hand, NTPC and Nestlé India are the only winners.
In the previous session, the 30-share BSE Sensex closed up 460.06 points, or 0.79%, at 58,926.03. Likewise, the broader NSE Nifty was up 142.05 points, or 0.81 per cent, at 17,605.85.
The Reserve Bank of India (RBI) held its key lending rate steady at a record low level for the 10th consecutive meeting on February 10 to support the economy’s durable recovery from the COVID-19 pandemic.
Elsewhere in Asia, stocks in Tokyo and Shanghai rose in intraday trade, while stocks in Hong Kong and Seoul fell.
U.S. stock exchanges fell sharply in overnight trade, pressured by key U.S. inflation data, falling tech stocks and rising benchmark bond yields.
“Asian equities traded sharply lower on Friday after U.S. inflation surged to a four-year high, prompting hawkish comments from Fed officials, sending U.S. Treasuries and Wall Street stocks lower,” said Deepak Jasani, head of retail research at HDFC Securities.
Jasani further added that the Fed may have to act aggressively quickly to ensure inflation does not worsen.
“St. Louis Fed President James Bullard said the central bank should raise rates by 100 basis points in the next three meetings. He raised the possibility of considering action between scheduled policy reviews,” he said.
Meanwhile, Brent crude, the international oil benchmark, fell 0.16% to $91.26 a barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 1,732.58 crore on February 11, according to stock exchange data.
Complete News Source : The Hindu
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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