Business
On Budget day, Sensex opens 530 pts high at 58,544, Nifty trades at 17,480
On Tuesday, the Sensex surged more than 600 points ahead of parliament’s presentation of the 2022-23 Union Budget, with the Nifty up 159 points in open trade.
The 30-share Sensex added 603.39 points or 1.04% to 58,617.56 and the broader Nifty added 159.25 points or 0.92% to 17,499.10.
IndusInd Bank was the biggest gainer in the Sensex sector, up 2.45%, followed by ICICI Bank, HDFC twins, Sun Pharma, Infosys, Kotak Bank and Bajaj Finserv.
Of the 30 Sensex constituents, 28 stocks trade in green. ITC and PowerGrid are laggards.
Finance Minister Nirmala Sitharaman will table the 2022-23 federal budget in Parliament on Tuesday.
In the previous session, the 30-share BSE index closed up 813.94 points, or 1.42%, at 58,014.17. Likewise, the broader NSE Nifty was up 237.90 points or 1.39 per cent at 17,339.85.
On Monday, the Economic Survey reported that India’s economy is expected to grow between 8% and 8.5% in the fiscal year that begins April 1 and is well-positioned to meet future challenges on the back of widespread vaccine coverage, supply-side reforms and deregulation.
Meanwhile, India’s economy contracted by 6.6% in 2020-21, compared with an earlier estimate of a 7.3% contraction, suggesting that the economy hit by the coronavirus pandemic is not as bad as initially thought.
Output in eight infrastructure sectors rose 3.8% in December 2021, after contracting 0.4% in the same month last year, as coal, cement and refined products fared better, according to official data released on Monday.
“The Indian government’s fiscal position remains strong, with figures for the first nine months of this fiscal showing that the budget deficit has only been used up by half.
“The fiscal deficit stood at 50.4% in FY22 April-Dec, compared to 145.5% last year. Stronger tax and non-tax revenue has helped the government stabilize the budget,” said Deepak Jasani, head of retail research at HDFC Securities.
On Tuesday, Asian shares took advantage of the tailwinds of a U.S. technology-led rally driven by bargain hunters betting that this year’s stock market rout will subside. Several Asian markets, including China and South Korea, were closed for the Lunar New Year holiday, he added.
The U.S. stock exchange ended the overnight session on a positive note.
Meanwhile, international oil benchmark Brent rose 1.31% to $91.21 a barrel.
Foreign institutional investors remained net sellers in the domestic capital market, withdrew Rs 3,624.48 crore on Monday, according to provisional data.
Complete News Source : Hindustan Times
india
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.
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.
Group Media Publications
Entertainment News Platforms – anyflix.in
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/
-
india1 month ago
‘My support will be with new J&K govt’: L-G Manoj Sinha ahead of Omar Abdullah’s oath-taking ceremony
-
Politics1 month ago
New BJP government to take oath in Haryana on Oct 17, PM Modi to attend
-
Sports1 month ago
Score for the third day of the first test between India and New Zealand: Ravindra-Southee crushes IND, NZ leads by 299 at lunch
-
TV1 month ago
Prince Narula and Yuvika Chaudhary share first pic with newborn daughter from hospital. See post
-
In News2 weeks ago
SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad
-
Entertainment.1 month ago
Massive data breach at Game Freak studios reveals shocking new dark Pokemon movie plot
-
Sports1 month ago
India vs New Zealand LIVE Score 1st Test Day 3: Ravindra-Southee carnage flattens IND, NZ lead by 299 at Lunch
-
Business2 weeks ago
OpenAI buys new domain chat.com for over $15 million, it redirects to ChatGPT