Share Market Today: Sensex Drops 470 Points; Nifty Below 24250 Amid Hindenburg-SEBI Row
Share market today: All 10 Adani Group stocks declined in early trade, with Adani Enterprises, Adani Green Energy, Adani Total Gas, and Adani Power trading significantly lower
Share market today: The two key equity benchmarks, Sensex and Nifty, on began trading in the red amid volatility following the Hindenburg-SEBI row. At 10.05 am, the BSE Sensex 471 points to 79,235. On the other hand, the NSE Nifty50 was trading at 24,240, declining 127 points.
Hindenburg Research had on Saturday alleged that SEBI Chairperson Madhabi Puri Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani - the elder brother of group chairman Gautam Adani, to round-trip funds and inflate stock prices.
Stock update
On the 30-share Sensex platform, Adani Ports, NTPC, PowerGrid, ICICI Bank, SBI, Nestle emerged losers. On the down side, JSW, Tata Motors, Maruti, HDFC Bank, Sun Pharma, Axis Bank were among the gainers.
All 10 Adani group stocks declined in early trade, with Adani Enterprises, Adani Green Energy, Adani Total Gas, and Adani Power trading significantly lower.
In the broader markets, the BSE Midcap and Smallcap indices are trading 0.48 per cent and 0.46 per cent lower, respectively.
Sectoral update
Across sectors, all indices except the Nifty Realty index were trading lower. The Nifty Media index declined by 1.6 per cent, while the Nifty PSU Bank and Metal indices both dropped by 0.8 per cent. Meanwhile, the index for real estate companies gained 0.15 per cent.
"In Friday’s trade, Nifty staged a strong recovery following recent losses, marking a significant rebound. Despite the improved market sentiment, investors remain cautious about potential disruptions, especially with the looming Hindenburg Research report from the US," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
In the previous session on Friday, the 30-share BSE Sensex jumped 820 points to close at 79,706, while the NSE Nifty50 surged 251 points to 24,368.
Rupee sees range-bound trading
The rupee saw range-bound trading in morning deals against the US dollar on Monday, as investors remained on the sidelines ahead of the release of key domestic macroeconomic data.
Forex traders said for the USD/INR pair 84.00 level is acting as a psychological resistance. Market participants are also awaiting cues from the Indian CPI inflation and IIP numbers scheduled to be released later in the day.
At the interbank foreign exchange, the rupee opened at 83.95 against the greenback and traded in a tight range. In initial trade it touched 83.96, registering a fall of 1 paisa over its previous close. On Friday, the rupee settled for the day higher by 2 paise at 83.95 against US dollar.
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