Business
Omicron scare: Sensex falls over 1000 points in opening session; Nifty at 16,677
The stock benchmark Sensex plummeted by more than 1,000 points in early trading on Monday, following a global market sell-off, as concerns about the rise in the Omicron case frightened investors.
The continued outflow of foreign capital has also suppressed investor sentiment.
The 30-share index dropped 1,028.61 points, or 1.80%, to 55,983.13 at the opening. Similarly, Nifty fell 307.50 points or 1.81% to 16,677.70.
Bajaj Finance was the biggest loser in the Sensex package, down about 4%, followed by Tata Steel, SBI, NTPC, M&M and HDFC Bank.
On the other hand, Sun Pharma is the only winner.
On the previous trading day, the 30-share benchmark index closed at 57,011.74, down 889.40 points or 1.54%. Similarly, NSE Nifty fell 263.20 points, or 1.53%, to 16,985.20.
According to stock exchange data, foreign institutional investors (FII) are still net sellers in the capital market because they sold shares worth 206.99 billion rupees on Friday. VK Vijayakumar, chief investment strategist at Geojit Financial Services, said that the merger of advanced economies created a perfect storm that shocked the market last week.
“These negative factors continue to exist, causing people to worry about further downtrends in the market, especially if FII continues to sell. But the negative sentiment is unlikely to last for a long time. Although the Omicron variant spread quickly, it has not been as worried as people are worried. It is highly toxic. In addition, when the valuation becomes attractive, FII will quickly become a buyer,” he pointed out.
Elsewhere in Asia, the exchanges in Shanghai, Hong Kong, Tokyo, and Seoul suffered heavy losses in intraday trading as fears of a resurgence of COVID cases have hit global sentiment.
Complete News Source : Hindustan Times
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.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
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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