Business
Sensex tanks over 1,000 points in opening trade, Nifty below 17,000
The BSE benchmark Sensex fell below 1,000 points and the NSE Nifty opened below the key 17,000 level on Tuesday, reflecting the failure of global equities.
The Sensex lost 1,015 points, or 1.76%, to end at 56,668.60 and the Nifty lost 285.40 points, or 1.66%, to end at 16,921.25, its fifth straight session of losses.
All 30 Sensex constituents posted significant losses.
“Ukrainian tensions escalated as Russia recognized two pro-Russian rebel regions, exacerbating the crisis. Rising crude oil and gold prices are already having an impact on the economy,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
The biggest macro headwind for India is the rise in crude oil prices to $97 a barrel, he said, adding that the resulting inflationary impact will force the RBI to abandon its dovish monetary stance.
Overseas institutional investors continued to sell aggressively, selling Rs 2,261.90 crore in Indian capital markets on Monday, stock market data showed.
Elsewhere in Asia on Tuesday followed Wall Street’s overnight collapse and a massive sell-off in Europe sparked by the standoff between Russia and Ukraine.
In a sign of a deepening geopolitical crisis in Eastern Europe, Russian President Vladimir Putin recognized the independence of the separatist region of eastern Ukraine.
Putin’s statement came after a meeting of the presidential security council, paving the way for Russia to openly deploy troops and weapons in a protracted conflict between Ukrainian forces and Moscow-backed rebels.
Meanwhile, India has also expressed its deep concern over the escalation of tensions on the Russia-Ukraine border, saying the development has the potential to undermine peace and security in the region.
Amid the Ukraine crisis, Brent crude futures rose 4% to $97.35, their highest level since September 2014. U.S. stocks fell more than 2 percent on Tuesday.
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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