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Sensex Recovers Partially, Down Over 500 Points; Nifty Trades Below 17,050: 10 Points

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3 years ago

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Sensex Recovers Partially, Down Over 500 Points; Nifty Trades Below 17,050: 10 Points

India’s stock benchmark fell for a sixth straight session on Tuesday, tracking weaker global equities. The benchmark BSE Sensex slumped more than 1,000 points to hit a session low of 56,410, while the broader NSE Nifty slumped more than 300 points to hit a session low of 16,837. Both indices partially recovered from initial losses but remained in the red in early trade amid a highly volatile session. Asian shares and U.S. futures tumbled after overnight turmoil on Wall Street, with investors jittery about the situation in Ukraine and focusing on the Federal Reserve amid fears of global monetary tightening.

Here’s Your 10-Point Cheatsheet To This Big Story:

  1. Back home, as of 10:50 am, the 30-share Sensex pack was down 505 points or 0.88 per cent at 56,987, and the broader NSE Nifty fell 130 points or 0.76 per cent to 17,019.
  2. Mid- and small-cap shares were in the negative zone as Nifty Midcap 100 index fell 1.19 per cent and small-cap shares were trading 1.06 per cent lower.
  3. On the stock-specific front, Asian Paints was the top Nifty loser as the stock cracked 3.19 per cent to ₹ 3,054.60. Wipro, Divi’s Lab, L&T and Britannia were also among the laggards in opening deals.
  4. The overall market breadth was weak as 664 shares were advancing while 2,057 were declining on BSE.
  5. On the 30-share BSE platform, Asian Paints, Wipro, Kotak Mahindra Bank, HDFC twins (HDFC and HDFC Bank) and Reliance Industries attracted the most losses with their shares sliding as much as 3.13 per cent.
  6. Ukraine tensions: The North Atlantic Treaty Organization (NATO) said it was putting forces on standby and reinforcing eastern Europe with more ships and fighter jets, in what Russia denounced as Western “hysteria” in response to its build-up of troops on the Ukraine border.
  7. Fed announcement: The Federal Reserve will begin its two-day meeting later in the day, with investors starting to speculate that there is a small possibility that they will announce a surprise rate hike.
  8. Sensex had crashed 1,546 points or 2.62 per cent to close at 57,492 on Monday, while the broader NSE Nifty settled 468 points or 2.66 per cent lower at 17,149.
  9. It was the biggest single-session fall for both Sensex and Nifty since November 26.
  10. Over the last five sessions, the 30-share Sensex has tumbled 3,817.4 points or 6.22 per cent.

Complete News Source : NDTV

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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20 hours ago

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November 21, 2024

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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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