Last Updated on 12/08/2024 by wccexam Desk
The new report of American short seller firm Hindenburg is not having any significant impact on the stock market. On Monday, the first trading day of the week, both the market indexes Sensex and Nifty opened on the red mark after a huge fall, but within a short time they started appearing in recovery mode. This can be gauged from the fact that the Bombay Stock Exchange’s 30-share Sensex opened with a slip of 375 points, but by 11.15 am it was trading in the green zone with a jump of 266 points.
Sensex jumped by 170 points
First of all, let’s talk about BSE Sensex, so let us tell you that this index of BSE closed at 79,705.91 last Friday and on Monday it started with a decline at the level of 79,330.12. It was expected that the impact of the report of American short seller firm Hindenburg released last Saturday would be seen on Sensex and Nifty, so it was also visible in the early trade. But the effect of Hindenburg did not last long and by 11.15 am the market came into recovery mood. At the time of writing the news, Sensex was trading at the level of 79,972.42 with a jump of 266.52 points. Earlier, the Sensex had once again crossed the 80,000 mark and touched the day’s high level of 80,106.18 during trading.
Nifty also reached the green mark
Like the Sensex, the NSE Nifty index also broke its previous close of 24,367.50 and started trading at 24,320.05 and after trading in the red for some time, the NIFTY 50 also jumped and reached the green mark. At the time of writing the news, the Nifty was trading at the level of 24,430.00 with a gain of 62.50 points.
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What is the condition of Adani Group shares?
While the Sensex and Nifty recovered from the fall and gained momentum, the initial decline seen in the shares of Adani Group companies led by Indian billionaire Gautam Adani was seen to be broken. The stock of Adani Enterprises was trading at Rs 3,147.55 at 11.15 am, down by just 1.25 percent, after falling more than 5 percent in early trade. Apart from this…
Adani Power Share (-2.05%)
Adani Total Gas Limited (-4.35%)
Adani Wilmar (-2.56%)
Adani Green Energy (-1.14%)
Adani Energy Solutions (-3.21%)
Adani Port Share (-1.32%)
ACC Limited Share (-1.46%)
Ambuja Cement Share (+0.51%)
NDTV Share (-2.32%)
Experts were already expressing hope
Market experts were already expecting that this report of Hindenburg will not have a long-term impact on the stock market. Referring to the reason behind this, they had said that Hindenburg’s new report on SEBI merely tries to spread the misconception that an offshore fund necessarily means that some criminal activity has taken place. He said that without any proof, its own earlier claims on the alleged beneficiary Adani Group have been repeated in a clumsy manner, which have also been rejected by the Supreme Court.
Impact of SEBI Chief- Adani Group’s statements!
Apart from this, SEBI Chief Madhabi Puri Buch had made a quick comment on Hindenburg’s allegations and said that it is unfortunate that Hindenburg Research, against which SEBI has taken enforcement action and issued a show cause notice, has now tried to defame us in response to the same. Apart from this, the statement issued by Adani Group has also affected the sentiment of investors.
The group led by Gautam Adani had said in the statement that the allegations made in the new report are malicious and the facts are presented by manipulation. We completely reject all these allegations made by Hindenburg against the group, which are just recycled claims to defame us. Adani Group has said that all these allegations made earlier have been thoroughly investigated, which have proved to be completely baseless. These have already been rejected by the Supreme Court in January 2024.
(Note- Before making any investment in the stock market, please consult your market experts.)
Source (PTI) (NDTV) (HINDUSTANTIMES)