PrashantNews
The new Hindenburg report on Monday failed to make any impact on the Indian stock market with most of the Adani stocks recovering after 2-6 percent fall in the morning trade.
The benchmark BSE Sensex which lost more than 400 points in the morning trade closed at 79,648.92 down only by 56.99 points. Similarly, NIFTY also recovered considerably and closed at 24347 down only by 20.50 points. “The Indian stock market is resilient and the new Hindenburg report failed to make any impact on the stock market on Monday trade,” said Ashish Bartwal of Sushil Finance.
Adani Group stocks were down 2-6 percent in the early morning trade in view of the new Hindenburg report which accused SEBI chief Madhabi Puri Buch of having stakes in offshore funds linked to the conglomerate. But by the closing bell, most of the Adani Group stocks recovered with Adani Enterprises closing at 3152.00 down only 1.09 percent. Adani Power also showed smart recovery closing at 690.
Leader of the opposition Rahul Gandhi (Congress) on Sunday raised concern over the Hindenburg report and asked the Supreme Court to take its cognizance.
On the other hand, BJP accused the Congress of trying to create financial instability in India in view of the robust economic growth under the leadership of Prime Minister Narendra Modi.
Buch has also denied the allegations in the Hindenburg report.
“We are doing great in the Indian share market which has robust system of compliance. Anything negative like Hindenburg report will not make any dent on the strong stock market which is in the bullish mode due to the healthy economic growth in the last few years,” said S K Sharma, a stock market analyst.