Stock Market trades in red after Hindenburg’s charges against SEBI chief
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Hindenburg allegations against SEBI chief downs stock market
By S Jha
New Delhi, August 12: Sensex was trading with a cut of over 460 points after half an hour of trade on Monday morning. The broader indices were trading with deep cuts on the first day after a fresh set of allegations levelled by Hindenburg Research against the SEBI chief Madhabi Puri Buch.
The Hindenburg Research has accused Buch of “massive conflict of interest”. The Supreme Court had asked the SEBI to probe the allegations of Hindenburg Research against the Adani Group.
Nifty was trading after half an hour of trade with a loss of more than 140 points. Bank Nifty was also lower by over 140 points.
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Except for realty and consumer durables, all sectors were trading with deep cuts. Utilities and the power sector were heavily bleeding.
Brokerages are betting on a close Nifty trading range of 24000-24400. They are saying that a break of either of the range may bring a momentum in the direction.
Only 10 Nifty stocks were trading in the green. Forty of the Nifty-50 index were trading in the red in the first hour of the trading on Monday.
Adani Enterprises was trading over four per cent lower. The Adani Group companies are trading with cuts, showing signs that the fresh allegations of the Hindenburg Research were indeed impacting the stock market.
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Grasim, JSW Steel, Maruti, and Infosys were among the gainers on the street on Monday. Grasim has been in a momentum for a while. Tata Motors is also trending up for the past few days, and it remained firm on Monday also.
The quarterly results impacted positively a few of the stocks. Shipping Corporation of India was trading almost 10 per cent higher. The shipping PSU reported a healthy set of numbers in its quarterly results announced in the weekend.
Bharat Dynamics, a defence sector PSU, was trading lower by over nine per cent on Monday morning. Adani Port was also trading lower.
The Indian equity markets came under pressure on account of the Hindenburg Research allegations against the SEBI chief. In contrast, the Asian equity markets were trading in the green with gains.
The rail stocks were trading in the green. Rail Vikas Nigam was trading higher by almost five per cent. Kernex Microsystem was locked in a five per cent upper circuit.
Union Cabinet in its meeting on Saturday had announced a number of rail projects. The street is reacting positively to the focus of the government on the railways.
Disclaimer: This article makes no recommendation for buy or sell of shares of any company.
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