New Delhi, Aug 13: Indian benchmark indices closed mostly steady following a turbulent trading day on Monday. The Sensex dropped by 56.99 points, or 0.07%, to finish at 79,648.92, while the Nifty fell by 20.50 points, or 0.08%, to close at 24,347.00. Market breadth was mixed, with 1,760 shares advancing, 1,801 shares declining, and 87 shares unchanged.
Top gainers on the Nifty included Hero MotoCorp, Axis Bank, ONGC, Infosys, and JSW Steel. Conversely, NTPC, Britannia Industries, Adani Ports, SBI, and Dr. Reddy’s Laboratories were major decliners.
Ajay Bagga, a banking and market expert, noted that the market recovered after a weak morning, buoyed by buying at lower levels despite the Hindenburg report's impact. Current sentiment is focused on geopolitical risks, the Yen carry trade unwind, and key inflation data from the US and Europe, with global factors being more influential than the Hindenburg accusations.
The dispute between Hindenburg Research and the Adani Group has intensified, with allegations of a conflict of interest involving SEBI Chairperson Madhabi Puri Buch. Varun Aggarwal of Profit Idea mentioned that Adani Group stock valuations have partially recovered despite declines following Hindenburg's January 2023 report. SEBI clarified that Buch's investments predate her tenure and did not involve Adani stocks, with investigations into 23 of 24 issues concluded and six Adani companies receiving show-cause notices.
Sector-wise, FMCG, power, PSU banks, and media stocks fell by 0.5-2%, while gains were seen in banking, telecom, IT, oil & gas, metal, and realty sectors, with increases of 0.3-1%. The BSE Midcap index ended flat, and the Smallcap index gained 0.5%.
