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Sensex jumps 500 points : Key factors behind stock market rally

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Sensex jumps 500 points : Key factors behind stock market rally

Almost all Sensex stocks opened higher on Monday, so did the sectoral indices, as investors went all out to buy amid renewed hopes of an early economic stimulus package from the US and a vaccine by year-end.

In the last 12 sessions, bluechip indices have closed in the red for just one session, which outlines the one-way rally the market has seen. HDFC twins were the biggest positive contributors during the first hours of the day. PSU stocks also saw some buying and were among the top gainers.

“Nifty has a good support at 11,650 and until we do not break that, we are in a positive territory. The resistance on the upside is at 12,050. If we are unable to move past either levels convincingly, we would be range bound and trading in this zone should be avoided. Stocks that look interesting for an up move include Axis Bank, HDFC Bank and Tata Steel,” Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.6 per cent for its second straight day of gains, paring back slightly following third-quarter gross domestic product data from China. Japan’s Nikkei and Australia’s benchmark index were each up 1.1 per cent. E-Mini futures for the S&P 500 jumped 0.6 per cent in Asian trading.

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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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