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Nifty’s Opening as Nasdaq Confirms Correction; SGX Nifty Futures Down

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Nifty’s Opening as Nasdaq Confirms Correction; SGX Nifty Futures Down

Investing.com – Nifty 50 futures listed on Singapore Exchange SGX, an early indicator of the Nifty50, were found to be trading down 0.17% at 8.19am on Thursday, tracking a sell-off in global markets and indicating that Dalal Street was trading at 0.17%. Negative to flat note opening. Meanwhile, Dow Jones futures rose 0.1%.

With U.S. Treasury yields surging and the Federal Reserve tightening monetary policy, investors scrutinized a wide variety of corporate earnings, and Wall Street’s three major indexes fell amid a broad market sell-off, led by technology and growth stocks. rise.

Stocks have fallen sharply this month as investors gauge the Federal Reserve’s aggressive rate hikes in response to rising inflation.

The Nasdaq closed 10.7% below its November record high on Wednesday, confirming a market correction. The tech index has been revised four times in the past 2 years. Apple (NASDAQ: AAPL) shares fell 2.1%, while Qualcomm (NASDAQ: QCOM) fell 3.5%.

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The Nasdaq Composite lost 1.15%, the S&P 500 lost 0.97% and the Dow Jones lost 0.96%.

Shares in Asian markets were mixed on Thursday, shrugging off losses on Wall Street on worries about a deepening global sell-off and an earlier-than-expected U.S. interest rate hike.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.48% at 8:15 a.m. on Thursday, while South Korea’s KOSPI gained 0.17% and Japan’s Nikkei 225 gained 0.5%.

Meanwhile, Hong Kong’s Hang Seng rose 1.67%, while China’s Shanghai Composite fell 0.43%.

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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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