Mumbai: The 30-share BSE Sensex declined 375.79 points to 79,330.12 in early trade on Monday. The NSE Nifty dropped 108.25 points to 24,259.25. The stock market indices opened in negative after after the US short-seller Hindenburg Research report on August 10, 2024 alleged that Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and her husband had stakes in offshore funds linked to the Adani Group.
The equity benchmark indices Sensex and Nifty declined as investors turned cautious about the potential disruptions from the Hindenburg Research report on SEBI chairperson.
Sensex firms in negative: Titan, Power Grid, State Bank of India, Adani Ports, NTPC, and ICICI Bank.
Sensex forms in Green: Maruti, JSW Steel, Tata Motors, and Asian Paints.
Meanwhile, the Hindenburg report hit Adani group stocks in in early trade. Adani Enterprises, Adani Green Energy, Adani Total Gas and Adani Power traded significantly lower.
Meanwhile, the Sebi head categorically rejected the allegation and termed them as “baseless”, while Adani Group said it never had any commercial relations with Buch.
Commenting on the stock market movement, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said that investors are treading caution after the Hindenburg report against Sebi chief.
“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.
“Domestically, there is the Hindenburg report and it’s likely to fall out. It appears that this “revelation” is unlikely to impact the market meaningfully,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
After days of offloading equities, Foreign Institutional Investors (FIIs) pumped in money worth Rs 406.72 crore, according to exchange data.
World stock markets
Asian markets: Hong Kong and Seoul trading in the positive territory while Shanghai quoted lower. The US markets ended higher on Friday.
The 30-share Sensex on August 9, 2024 jumped 819.69 to close at 79,705.91, while the Nifty ended at 24,367.50 on August 9, 2024.
Stock Market today: The Sensex declined 375.79 points to 79,330.12 in early trade on Monday. The Nifty dropped 108.25 points to 24,259.25. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
