Business
Sensex tanks 988 pts in opening session; Nifty sheds 262 pts to trade at 17,015
Equity benchmark Sensex opened more than 1,100 points or 2 percent lower on Thursday, tracking losses in index majors Titan, Wipro and the HDFC twins amid a softening trend in Asian markets.
Traders said the Fed’s hint that it would raise interest rates soon and continued foreign capital outflows weighed on sentiment.
The BSE indicator was down 1,155.61 points, or 2%, at 56,702.54 in early trade. Likewise, the Nifty fell 329.15 points or 1.91% to 16,948.80.
Titan was the biggest loser in the Sensex portfolio, down 4.06%, followed by Wipro, Dr Reddy’s, HDFC Bank, Tech Mahindra and Infosys.
On the other hand, Maruti and NTPC are the winners.
Stocks, foreign exchange and gold markets were closed on Wednesday due to Republic Day.
On Tuesday, the 30-share BSE Sensex closed up 366.64 points, or 0.64%, at 57,858.15. Likewise, the broader NSE Nifty was up 128.85 points, or 0.75 per cent, at 17,277.95.
The Federal Reserve said Wednesday that it may raise interest rates in March to fight inflation.
Elsewhere in Asia, stocks in Shanghai, Hong Kong, Seoul and Tokyo fell sharply in intraday trade.
The U.S. stock exchange ended the overnight session mixed.
Meanwhile, Brent crude, the international oil benchmark, rose 0.93% to $89.12 a barrel.
Foreign institutional investors (FII) remain net sellers in capital markets, withdrawing Rs 7,094.48 crore on Tuesday, according to provisional data
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.
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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.
“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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