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Sensex gains over 200 points in opening session; Nifty trades above 17,400

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Sensex gains over 200 points in opening session; Nifty trades above 17,400

The Indian stock market is off to a good start in 2022 on Monday, with the benchmark BSE Sensex rising about 340 points in opening trading due to hot buying in IT and power stocks.

As the early trading progressed, the BSE index was confident at the opening and further strengthened the gains. The transaction price was 58,593.26, an increase of 339.44 points or 0.58%.

Similarly, NSE Nifty rose 108.90 points, or 0.63%, to 17,462.95 in opening trading.

On the Sensex chart, TCS, Maruti, HCL Tech, L&T, Tech Mahindra and Wipro were among the companies with the largest gains.

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In contrast, IndusInd Bank, M&M, Titan, Dr Reddy’s and HUL suffered losses.

From a sector perspective, the BSE automotive, IT and pharmaceutical indexes all rose sharply.

On Friday, the Indian stock market ended 2021 at a high level. On the last trading day of 2021, Sensex closed up 459.50 points or 0.80% to 58,253.82, and Nifty closed up 150.10 points or 0.87% to 17,354.05.

According to data from the stock exchange, on Friday, foreign institutional investors (FII) were net buyers in the capital market. They bought shares worth 575.39 crore.

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Elsewhere in Asia, exchanges reacted mixedly to participants on the first trading day in 2022.

At the same time, the international oil benchmark Brent crude oil rose 0.69% to US$78.24 per barrel.

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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