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    Indian Equity Markets Recover from Two-Day Fall; Adani Group Responds to US Short Seller Allegations


    On Monday, the benchmark BSE Sensex and Nifty ended in the green, recovering from a two-day fall. The 30-share Sensex rose by 169.51 points or 0.29 per cent to 59,500.41, while the broader NSE Nifty gained 44.60 points or 0.25 per cent to end at 17,648.95.[0] Stocks such as Bajaj Finance, UltraTech Cement, Bajaj Finserv, HCL Technologies, NTPC, Asian Paints, Infosys, Wipro, Maruti, Mahindra & Mahindra, and Tata Consultancy Services were among the major gainers.[1] However, Power Grid, IndusInd Bank, Larsen & Toubro, Tata Steel, HUL, and Tata Motors were among the major losers.

    The Indian equity markets have been highly volatile, with investors remaining cautious ahead of the Union budget and policy announcement by the US Federal Reserve. European markets were trading lower during mid-session deals, while markets in the US had ended higher on Friday.[1] Brent crude, an international oil benchmark, fell 0.25% to a price of $86.44 per barrel.[2]

    Meanwhile, the Adani Group, which was recently under fire from US-based short seller Hindenburg Research, has responded with a 413-page response to the allegations of wrongdoing.[3] Adani Group has condemned and challenged the report by the US short seller.[4] The American firm has responded to the Adani's by inviting them to pursue legal action in the US if they want access to additional documents related to the investigation.[4] The Adani Group has declared the report to be false and is contemplating whether to take legal action against the New York-based firm.[5] The most-liquid stocks controlled by the Adani Group, Adani Ports and Special Economic Zone Ltd and Ambuja Cements, are also the most vulnerable in the event of an extended selloff in the diversified conglomerate’s shares.[6] Exchange data revealed that Foreign Institutional Investors (FIIs) sold shares amounting to Rs 5,977.86 crore on Friday.[2]

    0. “Sensex, tops 59,500, Nifty adds 45 pts; Heranba Industries, Adani stocks tank up to 20%” Business Today, 30 Jan. 2023,

    1. “Sensex, Nifty Close Higher in Volatile Trade As IT, Oil Shares Recover After Two-Day Fall” LatestLY, 30 Jan. 2023,

    2. “Markets trade firm in early trade” The Tribune India, 30 Jan. 2023,

    3. “Sensex, Nifty close higher in volatile trade as IT, oil shares recover” Devdiscourse, 30 Jan. 2023,

    4. “#Stockmarketcrash trends on Twitter as Adani stocks continue to fall after Hindenburg's report” Telangana Today, 28 Jan. 2023,

    5. “Ambuja Cements, ACC shares crash as Adani Group stocks extend decline | Mint” Mint, 27 Jan. 2023,

    6. “Adani Ports, Ambuja Most Vulnerable If Adani Group Rout Extends” Bloomberg, 25 Jan. 2023,

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