2024-08-15 03:50:52
New Delhi: Hindenburg’s bogey has proved to be a dud. At present, the stock market’s movement is telling this. There was a ruckus after the Hindenburg report, but investors did not pay much attention to it. After the report came out on Saturday, everyone was waiting for the market’s reaction on Monday. Of course, the effect of the Hindenburg report was seen initially. However, the market did not give it any importance later. Of course, it took a cue from the positive trend at the global level. American research and investment company Hindenburg Research has implicated SEBI chief Madhabi Puri Buch and her husband in its latest report. In a volatile trading session, the local stock markets witnessed a slight decline on Monday. Investors adopted a cautious stance fearing turmoil in the market due to Hindenburg’s report against the SEBI chief and her husband regarding undeclared investment in foreign funds. The 30-share Sensex had fallen sharply initially. However, later it closed at 79,648.92 points with a slight decline of 56.99 points or 0.07 percent. In the morning trade, it had slipped to 479.78 points. Later it gained momentum and climbed 400.27 points. But before the end of trading, it came down. The National Stock Exchange (NSE) Nifty closed at 24,347 points with a decline of 20.50 points or 0.08 percent. During trading, it came down to 24,212.10 points. It went up to 24,472.80 points.
Among the 30 Sensex companies, Adani Ports, NTPC, Power Grid, State Bank of India, Nestle, Mahindra & Mahindra, Reliance Industries and Tata Consultancy Services were the biggest losers. On the other hand, Axis Bank, JSW Steel, Tata Motors, HDFC Bank and Kotak Mahindra Bank were among the gainers.
What do the experts say?
Vinod Nair, Head of Research, Geojit Financial Services, said, “The Indian market closed stable. Initially, the market was affected by the Adani-Hindenburg-SEBI report. However, the market ignored it. It took cues from the positive trend at the global level.”
What are Hindenburg’s latest allegations?
Hindenburg Research on Saturday accused market regulator SEBI chairperson Madhavi Puri Buch and her husband of having stakes in foreign funds linked to Adani. The report said that SEBI chairperson Buch and her husband Dhawal Buch have stakes in the foreign fund which was used by Vinod Adani, elder brother of Adani Group chief Gautam Adani, to misappropriate money in the group.
Butch couple called the allegations baseless
Buch and her husband Dhawal had termed the allegations baseless. The couple had said that Hindenburg was attacking the credibility of the capital market regulator. It is also an attempt to defame the chairperson’s character. At the same time, Adani Group called the latest allegations of Hindenburg Research malicious and selectively tampering with public information. The group said on Sunday that it has no business relationship with the chairperson of market regulator SEBI or her husband.
Shares of all listed companies of Adani Group registered a sharp decline in early trade. At the end of trading, shares of eight companies of the group were in loss while two were in profit. In other Asian markets, South Korea’s Kospi, Hong Kong’s Hang Seng were in profit while China’s Shanghai Composite was in loss. In Japan, Tokyo market was closed due to holiday.
There was a bullish trend during trading in European markets. The US market was in profit on Friday. According to stock market data, foreign institutional investors were net buyers on Friday. They bought shares worth Rs 406.72 crore. Global oil benchmark Brent crude rose 0.83 percent to $ 80.32 per barrel. The BSE Sensex rose 819.69 points and the NSE Nifty rose 250.50 points on Friday.