The stock markets showed resilience on Monday during mid-trading, shrugging off concerns raised by the recent Hindenburg report. Despite opening with a slight dip, both the BSE Sensex and Nifty 50 indices managed to recover during mid-day trading, moving into positive territory, indicating investor confidence and market strength
The trading day on Monday began with a cautious sentiment, as the markets opened lower. The Nifty 50 index started at 24,320.05, down by 47.45 points while the BSE Sensex saw a significant drop of 409.24 points. Representational pic
The stock markets showed resilience on Monday during mid-trading, shrugging off concerns raised by the recent Hindenburg report.
Despite opening with a slight dip, both the Bombay Stock Exchange (BSE) Sensex and Nifty 50 indices managed to recover during mid-day trading, moving into positive territory, indicating investor confidence and market strength.
BSE Sensex had climbed to 79,909 points, gaining 207 points. Similarly, the Nifty 50 rose by 56.05 points to reach 24,416 at the time of filing this report.
"As expected, the impact of the Hindenburg report on the stock markets has been muted. Even the impact on Adani group stocks has also been muted. Most market participants are now dismissive of the Hindenburg report. Any serious analysis of the report shows the shallow nature of the Hindenburg report, that only fans political outrage," said Shriram Subramanian, Founder and Managing Director, InGovern Research Services.
The trading day on Monday began with a cautious sentiment, as the markets opened lower. The Nifty 50 index started at 24,320.05, down by 47.45 points or 0.19 per cent, while the BSE Sensex saw a more significant drop, opening at 79,296.67, down by 409.24 points or 0.69 per cent.
However, the markets quickly recovered from this initial decline, with both indices bouncing back into the green as the trading session progressed.
The experts also added that the recovery in the indices highlights the market's resilience and the broader investor sentiment that appears to be largely unaffected by the Hindenburg report. Even stocks of the Adani Group, which were expected to be the most affected, showed only minor fluctuations, reinforcing the market's dismissal of the report.
At the time of filing this report, Adani Greens declined by 1 per cent, ACC Cements shares declined by 1.3 per cent, Adani Power also declined by more than 1.5 per cent. The highest decline in Adani stocks was seen in Adani Total Gas, which declined by more than 4 per cent.
In the Nifty 50 index, 28 stocks gained while only 22 declined.
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On August 10, United States (US)-based firm Hindenburg Research alleged that Securities and Exchange Board of India's (SEBI) Chairperson Madhabi Buch and her husband had a stake in "both the obscure offshore entities used in the Adani money siphoning scandal."
(With ANI inputs)
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