Business
SGX Nifty indicates a flat to positive start for the Indian indices
The trend of the SGX Nifty shows that India’s broader index started flat, rising 37.50 points or 0.24%. At 7:30 IST, Nifty futures traded around 15,817 on the Singapore Exchange. IST 09:02, Sensex rose 42.72 points or 0.08% to 52371.23, Nifty fell 9.00 points or 0.06% to 15742.70. Nifty closed in a positive zone during Monday’s trading hours. However, it does see some profit records from higher levels, which makes 15,850 a strong resistance for the team in the near term. As the trend of SGX Nifty indicates, the benchmark index is expected to open with a flat to slightly positive trend. Mohit Nigam, head of PMS at Hem Securities, said that due to news of the world’s lowest corporate tax rate and inflation concerns,
Dow Jones fell -0.36% on Monday, while European stocks closed with positive sentiment led by auto stocks. Asian markets were mixed in early trading on Tuesday, with the Nikkei 225 index up 0.75% as Japan’s quarterly GDP data was better than expected. According to Jay Thakkar, vice president and head of equity research at Marwadi Shares and Finance Ltd., the key support below is at the 15,600 level.
Therefore, the range of the index is 15,600-15,850 levels. Before there is a meaningful breakthrough in this range, the market is expected to trade sideways. The daily momentum indicator is good in the buying zone, but the hourly momentum indicator trades with negative divergence, which is a typical feature of a horizontal market. Thakkar said that private sector banks are important, as if they trade with a positive bias, then it can help Nifty and Bank Nifty go higher.
News Source : Backtrack
india
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.
“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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