#adani stocks fall

[livemintvideos]

Shares of Adani Group's seven listed companies crashed for the second straight day on Friday, extending their fall after Hindenburg Research said that it took a short position in certain securities of the group which the Group dismissed as ‘baseless’. Adani Transmission shares tumbled over 19% and Adani Total Gas sank 19.1% in their biggest daily drop since mid-March 2020, while Adani Green Energy sank about 16% on the BSE in the early trading session. Let's delve into the specifics of what this report found, as well as Adani Groups' response to it.

[kokaniudyojak]

Share Market update: अरे बापरे हे काय ! Adani Group च्या Shareholder चे वाढले टेन्शन पहा अदानी ग्रुप चे पूर्ण 10 शेअर घसरले.

Share Market update : अदानी एंटरप्रायझेस, अदानी पॉवर, अदानी ग्रीन आणि इतर अदानी समभागांमध्ये यूएसमधील नियामक छाननी दरम्यान घसरण दिसून आली अदानी समूहाचे शेअर्स शुक्रवारी नकारात्मक क्षेत्रात संपले , Adani Enterprises सुमारे 7 टक्क्यांनी घसरले, व्यापक बाजारपेठेतील कमकुवत प्रवृत्तीच्या अनुषंगाने, युनायटेड स्टेट्सचे अधिकारी आपल्या समुहाच्या अमेरिकन समभागाकडे केलेल्या निवेदनांचा शोध घेत…

[publictaknews]

How the Adani selloff stacked up against the biggest stock fall

The magnitude of the fall in shares linked to billionaire Gautam Adani is rivaled by only a handful of short-seller campaigns in history. Prominent among them are Enron Corp. and Wirecard AG, whose collapses were attributed to activist short-sellers who found flaws in their corporate governance. Hindenburg Research is now targeting Adani’s group of companies, saying it is shorting Adani’s…

[buttercuparry]

Adani Group stocks crashed sharply on Tuesday after most of the group stocks hit 52-week highs in the previous session following the overall weak sentiment of the Indian markets after early trends showed that the election result could be tighter than exit polls had predicted. The decline in Adani Group stocks today erased the gains made in the previous session.

To be honest I felt a little spark of joy in reading the last line of the paragraph. I hope Adani goes bankrupt.

[shrey-bhootrablogs123]

Outlook 2023, BONDS is the place to be.

OUTLOOK 2023,

        BONDS IS THE PLACE TO BE.

                                   BY

                                       SHREY BHOOTRA

                                        STANDARD 7th

           SCHOOL – THE BISHOPS SCHOOL CAMP, PUNE.

                                INTRODUCTION.

In this paper I will be talking about the outlook of 2023 and why this year bonds are a safer and better bet compared to equities.

1.   Indian stock market lags behind its global peers in 2023.

The Indian stock market, which had been a star performer in 2022 despite global headwinds, has been lagging behind its global peers since the start of 2023. The domestic benchmark indices, the Sensex and Nifty 50 gave a return of 5.78% and 4.33% in the calendar year 2022 respectively. Since the start of calendar year 2023 the Nifty 50 index has gone down from 18,197 to 17,567, while the Sensex has gone down from 61,167 to 59,745 which means they have both gone down by 4.47% and 2.33% already! The markets in 2023 started the year well before facing challenges as the month went on. The underperformance has been attributed to a range of factors, including continuous selling of FPIs, the reopening of the Chinese economy, the sell-off in the Adani group stocks and the depreciation of the Indian Rupee. On January 25th the Nifty 50 and Sensex tumbled 1.25% and 1.27% respectively, a day after the Hindenburg released a report alleging the Adani Group of certain accusations, on the following day the two indices lost another 1.61% and 1.45% in value, taking the cumulative loss to 2.83% and 2.70% in just two trading sessions. The banking stocks which had given loans to the Adani group of companies also took a brunt on concerns over the debt exposure to the Adani group, the Banking sector which had been the driving force behind the index growth over the past few years was now facing headwinds causing the Nifty 50 to underperform. According to the PTI report foreign investors pulled out Rs 28,852 crores from equities in the month of January 2023, making it the worst outflow since June 2022. This came following a net investment of Rs 11,119 crore is December 2022 and Rs36,238 crore in November. The Indian Rupee started January 2023 on a strong note, strengthening 1.60% in the first three weeks, however it gave up its gains as the month progressed and ended January with a fall of 1.18% at 81.73 against the US Dollar. The Indian Rupee ended 2022 as the worst performing currency with a fall 11.3%, its biggest annual decline since 2013. In December 2022 the global brokerage Goldman Sachs said that India is likely to underperform its peers in 2023 due to expensive valuations. The Indian market had been a strong outperformer in 2022 due to stronger domestic fundamentals, but valuations have turned expensive compared to global peers. Another cause for the equity markets not performing well is inflation, inflation in the month of January 2023 in India was 6.52% compared to 5.72% in the month of December 2022, when inflation is high it reduces the purchasing power of common households thus also having a negative effect on the equity markets. The main cause of rise in inflation in India is because of food inflation, the CPI food index rose to 5.9% in January 2023 from 4.2% in December 2022.

2.   Why are bonds the place to invest in 2023.

Since the equity markets have not been performing well since the start of the year, bonds are the next best place to invest, retail investors, DIIs and FIIs have been pulling money out of the market and have been investing in bonds. Since bonds provide a predictable income stream and have stable returns and have a lower risk people prefer to invest in bonds this year over equities. The US one year bond yield is currently at 5.0541%.

-       SHREY BHOOTRA

23.3.23

[vedantbhoomidigital]

Adani Group Stocks: Recovery in six shares of Adani Group; Adani Green, Adani Energy still under pressure

Adani Group Stocks: Shares of six companies of Adani Group rose on Friday after a huge fall the previous day. The company's shares have risen with the rise in the stock market. Ambuja Cements' share in BSE is 3.50 per cent, ACC's 3.17 per cent, group's flagship company Adani Enterprises 2.16 per cent, Adani (…)

[karmaastro]

Astrological Perspective on Adani Share Loss: Planetary Factors Behind the Plunge

The Adani Group's incredible market capitalization condensation of roughly Rs 2.60 lakh crore worth of shares has caused much loss and dramatically affected the economy. The share depreciation can be attributed mainly to the legal troubles that afflict the firm, advertisement interference, and bribery charges that have been labelled against Gautam Adani and a few other executives. Still, one can also view the effects of these events from an astrological perspective and try to point out the planets, if any, that have to do with such financial happenings. This begs the query: Was the ongoing slump of Adani Group shares in 2024 one of the adverse consequences that astrological transits, in some way, brought about?

How Astrological Transits Affected Adani Shares

Adani Group's share price backlash can partly be attributed to several astrological transits of several planets, which have had an impact on a global scale and currencies, thus various countries and their economies. When transiting with certain signs or positions in the sky, several planets tend to influence the actions that occur here on Earth, including the movement of money. Concerning the recent fall of shares for Adani Group, several planetary transits could have lent credence to the fall of the shares. In share market astrology, all twelve houses participate and contribute to this remarkable growth, and here are just a few of them.

Saturn's Transit: Everyone knows Saturn is associated with delays, obstacles, tough lessons, and karma. The planet has an aggressive quality and forces one to always face the battle.the worst days come during a Saturn transit, which gives Sadesati and Dhaiya. Adani Group's acquisition of assets, legal troubles around a $250 million bribery scheme, and, more recently, Gautam Adani's indictment can all be viewed as a period aligned under a certain energy force. The trends powered by many Jupiterian energies come alright with a huge amount of capital returned. Certainly, for a country able and willing to capitalize on Saturn while having a corporation conglomerate like Adani that could not quite fit within Saturn transit, the timelines brought about by the transits were not in favourable positions over their most recent expansion.

Martian energy is another significant player in periods of sharper market movements. Mars is the planet that is most aligned with aggression, war, and anything over-action-related. Such market aggression seen lately, such as the recent huge selloff round, must have a Mars touch. Another possibility that worsened the volatility in the Adani Group stocks was the energies around Mars, which psychologically affected investors in space. Mars brings rapid market movements, and when it was in a stronger position when the news was released, its energies may have assisted with the market freefall. As panic set in, marketers were already looking at unloading their positions, pushing the stock depreciations more.

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Mercury Retrograde

Mercury retrograde is a known time when negotiations, agreements and court practices are prone to hitches. Most of the time, deal-making when Mercury is retrograde tends to be characterized by distortion, sluggishness, or ambiguity, especially in contracts or other legal entities. The period surrounding the legal imbroglio surrounding the Adani Group and the fact that Mercury was in retrograde motion may have added to some level of chaos and uncertainty, particularly with the presence of US prosecutors. The market misread or reacted in a knee-jerk manner to some of the interpretations, and as a result, adverse consequences on the stocks were witnessed. Besides, there always seem to be hitches in business transactions during this time, such as a moratorium or withdrawal of announcements like bond premium offering, for instance, in the case of Adani Group, in which a 600 million dollar bond was called off.

Read Also - Mercury Retrograde November 2024-25

Rahu and Ketu

The two shadow planets are constantly accountable for sudden and drastic changes. In particular, Rahu is the planet of controversies, unmasking destructed words of concealed reasons. The bribery scandals of Adani executives who kept some US investors in the dark could generally be a case of Rahu's direction. This cosmic force tends to surprise in the form of shocks and even chaos, which may suffice for a short-term change in the investment mood or valuation of stocks. In this case, Adani's international publicity of litigations may have been caused by Rahu's influence in all astrology houses, changing fortunes and prices of stocks sharply in the downward direction.

Astrological Reasons for the Unraveling of Adani Shares in 2024

Several astrological factors have contributed to the downfall of Adani Group stocks in 2024. The lawsuits that acted as the immediate trigger to the stock drop could also have been created by the astrological situation back then. The following factors likely contributed to the downfall

The Restrictive Power Of Saturn: Saturn's aspect may have revealed problems and impediments that strained the Adani Group, experiencing a phase of endurance, including legal issues. Leos are often made to carry the burdens of the past, and Saturn's interference may be due to Sankara's maleficent influence on an organization. This makes the images in particular. Regarding astrological science, this may be why Saturn, in relation to the charts of the Adani Group, was in this situation of petty financial losses and struggle.

The Communication Crisis Affecting During Mercury Retrograde

Certain legal, bribery or bond dealings might have been lost or misconstrued within the Mercury retrograde. However, these periods are notorious rifts within business dealings, and the market reacts so chaotically due to communication barriers typical concerning this period phase. The interruption of the bond offering considered 600 million, and its potential destruction of investors' confidence might have had to do with mercury retrograding.

Rahu's Influence on Issues Within a Blackout

The schemed bribery charges, the bribery allegation, and the loss of esteem in the firm from both shareholders and regulators can be put in the context of Rahu. Financial and economic destruction, adding to earlier losses, must also result in enhancement in quick and fickle markets, like when Adani Group lost its voice in the market.

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[werindialive]

Adani Shares Drop by Up to 20% After US Indictment, Dollar Bonds Fall in Early Trading

Shares of Adani Group companies dropped as much as 20% on Wednesday after the group faced a legal challenge in the United States. The decline in stock prices came after US authorities filed charges against individuals linked to the Adani Group. The news also caused a drop in the group’s dollar bonds during early trading in Asia, raising concerns among investors.

The charges in the US relate to alleged violations involving securities and market manipulation. While the Adani Group has denied any wrongdoing, the news has shaken investors, causing a sharp fall in the company’s stock prices.

Among the hardest-hit companies were Adani Enterprises, Adani Ports, and Adani Green Energy, with their shares falling between 10% and 20%. The sell-off started as soon as the market opened, and experts say it reflects growing worries about legal challenges and their impact on the group's businesses.

In addition to the drop in share prices, Adani Group’s dollar bonds also fell during early Asian trading. Bonds from Adani Ports and other group companies saw a significant decline in value, with yields rising to their highest levels in months. This suggests that investors are increasingly worried about the group’s ability to repay its debt.

The fall in both stock prices and bonds is a major setback for the Adani Group, which has grown rapidly in recent years. The group, which operates in sectors like energy, ports, and infrastructure, had become one of India’s biggest businesses. However, its fast expansion has led to questions about its financial practices and business operations.

This new legal issue adds to other challenges faced by the Adani Group, including concerns over its financial transparency and corporate governance. The group is now under closer scrutiny, not just in India, but globally.

As the situation develops, it remains unclear how the Adani Group will handle these challenges. Investors are watching closely to see whether the group can recover or if more declines in stock prices and bond values are ahead.

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[stockjacks]

NBCC Share Price Target 2024, 2025, 2027, 2030, 2035

NBCC Share Price Target, NSE: NBCC, BSE BOM: 534309, INE095N01031, Future Prediction 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2035. NBCC (India) Limited is a key central PSU. It falls under the esteemed Navratna CPSE of the Indian government. It is overseen by the Ministry of Housing and Urban Affairs. Its main focus is Project Management Consultancy (PMC). It also covers Engineering Procurement and Construction (EPC) and Real Estate Development. The firm has finished many projects across the nation. It is also working on several more. Also, many projects are now underway in places. These places include Maldives, Dubai, Mauritius, and Seychelles. They have an order book worth over Rs 50,000 crore. PMC is the crux of its operations, making 90% of its revenue. The rest comes from Real Estate (2%) and EPC (6%). Here is an analysis of NBCC's stock trajectory. It spans the next decade to fifteen years and sheds light on potential price rises. It uses a special algorithm based on deep learning. The predictions change to fit market changes, volume differences, and cyclical trends. Also Read: Zomato Share Price Target

NBCC Share Price Target in the Next 10 Years

Here are NBCC’s long-term share price targets for the upcoming 1, 3, 5, 7, and 10 years.

NBCC Share Price Target 2024, 2025, 2026, 2027, 2028, 2030, 2032, 2035

NBCC Share Price Target 2024

The stock market's current trend will continue. It will have the same volatility. The price of NBCC shares could reach a high of ₹156.89. This projection suggests a possible upward movement within the market's existing fluctuations. Also Read: HDFC Bank Share Price Target 

NBCC Share Price Target 2025

Technical analysis says the NBCC stock could reach ₹178.57 by the end of 2025. Analyzing market trends and performance indicators forms the basis of this estimate. Also Read: ZEE Entertainment Share Price Target

NBCC Share Price Target 2026

NBCC estimates the target for its share price at the end of 2026. It could reach a maximum of ₹204.10. This projection reflects a possible upward trajectory based on market analysis and forecasting.

NBCC Share Price Target 2027

As we approach the end of 2027, there is a possibility that the share price of NBCC could rise to around ₹235.37. This forecast suggests the stock's value may rise. It's based on market projections and analysis. Also Read: Adani Enterprises Share Price Target

NBCC Share Price Target 2028

NBCC's share price could increase to a highest of ₹269.91 by the end of 2028. This forecast suggests the stock's value may go up. It's based on market analysis and projections. Also Read: RVNL Share Price Target

NBCC Share Price Target 2031

By the end of 2031, analysts project that NBCC's share price could reach ₹345.63. This forecast predicts a big rise in the stock's value. It's based on market analysis and expected trends.

NBCC Share Price Target 2035

The NBCC stock has long-term growth potential. It could reach ₹458.68 by the end of 2035. This reflects a big rise in the stock's value. It's based on market analysis and future growth prospects.

Conclusion

NBCC (India) Limited plays a crucial role. It is a central PSU under the Navratna CPSE of the Indian government. It is overseen by the Ministry of Housing and Urban Affairs. It focuses on Project Management Consultancy (PMC). It also works in Engineering Procurement and Construction (EPC) and Real Estate Development. NBCC helps a lot with infrastructure and urban development in India. Its diverse portfolio plays a strategic role in key sectors. This shows its importance. It drives sustainable growth and development in the nation's infrastructure. NBCC dedicates itself to excellent project management and construction. This dedication shows its commitment to advancing India's infrastructure goals.

FAQs

Disclaimer: We are not SEBI-registered advisors. It’s important to recognize that the financial market has risks for all. The info on this website is only for training and education. Before investing, we recommend consulting certified financial experts or advisors. We emphasize: we are not liable for any profit or loss from the information shared here. It’s key to be cautious with investment decisions. Seek guidance when needed. Read the full article

[optionperks]

Sensex Falls Below 74,000, Nifty Under 22,500 As IT Stocks Drag: Midday Market Update

India's benchmark indices declined through midday on Tuesday on likely profit booking after hitting a fresh record high in the previous session. Mixed global cues and worries of a delay in rate cuts by the Fed pulled IT stocks lower, led by Infosys Ltd. and Tata Consultancy Services Ltd. As of 12:15 p.m., the NSE Nifty 50 was trading 40.05 points, or 0.18%, lower at 22,421.95, and the S&P BSE Sensex fell 172.22 points, or 0.23%, to trade at 73,842.33. The Nifty fell 0.33% to hit an intraday low of 22,388.15, and the Sensex declined 0.36% to touch a low of 73,746.22 so far in the day. "The short-term market trend is still positive. Our view is that the broader market structure is bullish, but a fresh uptrend rally is possible only after the rejection of 22,550/74,250," said Shrikant Chouhan, head of equity research at Kotak Securities. Traders can take a contra trade around 22,325/22,300 with a stop loss of 22,200 levels, Chouhan said. HDFC Bank Ltd., Bajaj Auto Ltd., Tata Motors Ltd., Adani Ports and Special Economic Zones Ltd., and Mahindra & Mahindra Ltd. were contributing to the Nifty. Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., and ICICI Bank Ltd. were weighing on the index. On NSE, nine sectoral indices were trading higher, while three declined. The NSE Nifty Realty rose the most, while the NSE Nifty IT fell the most among sectoral indices. Broader markets outperformed benchmark indices with the S&P BSE Midcap rising 0.83% and the S&P BSE Smallcap gaining 1.02% through midday on Tuesday. On BSE, 16 sectors advanced, while four declined. The S&P BSE Consumer Durables rose the most among sectoral indices, while the S&P BSE TECK index fell the most. Market breadth was skewed in favour of buyers. Around 2,633 stocks rose, 1,019 stocks fell, and 121 stocks remained unchanged on BSE. www.optionperks.com

[firstwatercapital]

FPIs coming back to India: What makes them buyers again and what’s expected going ahead?

Foreign portfolio investors (FPIs) have been on a buying spree in the Indian market since March this year.

For the current calendar year, however, they are still in the red as the outflow in January was massive.

FPI flow in 2023 so far.

FPIs turned to the Chinese market from the Indian market after Beijing lifted Covid restrictions and opened its economy. At that time, the Chinese market was very cheap while India was at a premium to its historical valuation.

FPIs hoped that their investment in China will give them better returns and they were right.

China’s Shanghai Composite Index is up about 10 percent this year so far against a two percent fall in the Indian benchmark Sensex.

FPIs coming to India, but slowly

India has been one of the best investment destinations for FPIs among emerging markets since March. But if we see carefully, they are not investing heavily in the Indian market. In fact, they are picking stocks very selectively. FPIs are buying capital goods, construction and FMCG and selling IT and oil and gas.

FPI net investment in the first three months of 2023 has been negative each month. March 2023 was positive only due to the one-off equity investment in the Adani Group. However, April’23 has been a good month to date.

Betting on the India story

FPIs appear to be betting on India’s growth story. As the correction in the Indian market In January and February gave comfort on the front of valuation too, they want to reap the benefit of India’s resilient economy when the West is trying to avoid recession.

“The Indian broader indices had corrected nearly 10 percent from their highs, making their valuations attractive as compared to other emerging markets. FPIs were net sellers in the months of January and February 2023. Barring a huge deal, FPIs were net sellers in the month of March too,” Sanjay Moorjani, Research Analyst at SAMCO Securities, observed.

“Given the recessionary conditions across the globe, India’s growth potential remains the highest in the world. This could add as a fillip and foreign flows would come back soon,” said Moorjani.

Kaizad Hozdar, Investment Advisor at TrustPlutus Wealth, also believes India’s growth story is a major factor that has attracted FPIs.

“As per the latest figures from the IMF, world GDP growth is estimated at nearly 2.8 percent in the year 2023 which is close to the decadal low of 2.6 percent attained in 2019. A major slowdown in growth is expected in US and Europe while India is likely to grow at about 6 percent in the financial year 2023-24 (FY24). We believe this is one of the prime reasons why FPI flows are likely to gravitate towards India over the next few months,” said Hozdar.

“India benchmark earnings are likely to grow at about 10 percent in FY23 and between 10-15 percent in FY24. This growth stands out as an oasis in the current season of drought in the earnings prospects of the other large economies,” Hozdar said.

Arun Chulani, Co-founder at First Water Capital Fund, also highlighted that FPIs are once again coming back to India because they have seen how robust the India growth story is.

“Of course, India is not an island and will not be unaffected by the global headwinds, but with our internal domestic engine still on, we hopefully will be less impacted. Also, it is likely that the FPIs have seen what the other opportunities there are out there geographically and in comparison, India probably looks like a beacon of growth,” said Chulani.

“China has a big pull when it comes to attracting foreign investors; they have done a fantastic job in industrialisation and urbanisation over the last few decades. But as history shows, the baton of growth gets passed on and hopefully India will be the one to benefit next and take advantage of the passing trade winds,” Chulani said.

“India should hopefully grab this opportunity with both hands and especially more so if the government is aligned,” said Chulani.

Weakness in the dollar index and rate hikes hitting their peaks are also positive for emerging markets.

Hozdar observed that the dollar index which peaked out 7 months back at about 115 is now on the verge of cracking below the 100 mark. This is positive when seen from the point of view of FPI flows into emerging markets.

“The FPI outflow seen in the first quarter of the calendar year 2023 could be partly attributed to China relaxing its Covid curbs and re-opening its economy. Now looking ahead, it would be reasonable to assume that flows would get directed to regions where the earnings growth is superior,” said Hozdar.

“The interest rate hike cycle is now at its fag end which too could help funds flow to emerging markets. Our inflation is now likely to not only come within the RBI’s comfort zone but more importantly is likely to remain in the zone as most commodities are seeing bearishness due to weak global growth prospects,” Hozdar said.

What could be the trend?

It is unlikely that there will be a strong shift of foreign funds from China to India. India may continue to see inflows due to its bright economic outlook and pause in interest rate hikes.

However, China too will remain a beneficiary of foreign fund inflows as investors hope the country’s growth will beat expectations.

In fact, the Chinese economy has started showing signs of recovery. Its first-quarter gross domestic product rose sharply.

“China GDP grew by 4.5 percent in the first quarter. That marks the highest growth since the first quarter of last year — when China’s economy grew by 4.8 percent — and better than the 4 percent forecast in a Reuters poll. Quarter-on-quarter, the economy grew 2.2 percent,” said a CNBC report said.

As Rajnish Girdhar, CEO of Karma Capital, explained: “Global allocators look at the emerging markets as one asset class. China being a heavyweight has a huge contribution to that asset class performance. Most allocators look at it as complementing rather than competing geographies for allocation. It would be unfair to look at it as India versus China, as in the current circumstances both will be beneficiaries.”

The views expressed are the authors own. Please consult your financial advisor before making any investment decisions.

To know more information visit us on:

[adanicase]

Even with the ongoing Adani SEBI probe which the Supreme Court has asked to speed up, the conglomerate continued to take up new ventures, which caused it to earn the reputation of being one of the most resilient conglomerates in the world. 

[flash-fresh]

Stock Market Rally: Sensex Surges Nearly 700 Points, Nifty Gains Despite Axis Bank's 3% Fall

In a dynamic trading session, the benchmark stock market indices, Sensex and Nifty, rebounded from a weak start to finish on a positive note. The S&P BSE Sensex closed 689.76 points higher at 71,060.31, and the NSE Nifty50 recorded a gain of 215.15 points, reaching 21,453.95. The broader market indices also experienced positive momentum, reflecting the overall sentiments on Dalal Street.

The positive performance was bolstered by strong gains in heavyweight stocks, driving various Nifty sectoral indices into positive territory. Notably, high-weightage IT stocks saw a rise of 1.5%, while Nifty Metal emerged as the top gainer among sectoral indices with a nearly 3% increase.

Top Gainers and Losers:

Top Gainers (Nifty50): Hindalco, Dr Reddy’s, IndusInd Bank, Tata Steel, HCLTech.

Top Losers (Nifty50): ICICI Bank, Axis Bank, Asian Paints, Adani Ports, Hero MotoCorp.

Analyst Insights: Deven Mehata, a research analyst at Choice Broking, observed, “After a gap-down opening, the Nifty traded erratically today but managed to close near the day’s high above the strong support of 21,300 levels at 21,453.95 levels.”

Aditya Gaggar, Director of Progressive Shares, commented, “Select heavyweight counters took the lead and helped the Nifty50 to recover from the lower levels, and in the last hour of trade, a sharp uptick across the board pushed the Index further higher to end the session at 21,453.95 with gains of 215.15 points.”

Gaggar also highlighted the formation of a bullish piercing candlestick pattern on the Nifty50, indicating a reversal with a bullish cypher pattern and hidden bullish divergence in RSI. He identified immediate resistance at 21,500 and 21,700, with 21,200 as the considered support level.

[onestatebusinessnews]

Asia markets mixed as China's factory activity contracts; Adani shares fall on fresh allegations

Asia-Pacific markets were mixed Thursday as China's factory activity contracted for a fifth straight month in August.

In India, Adani stocks fell amid fresh allegations of trade manipulation. Adani Green Energy led losses, falling about 3.6% while Adani Enterprises fell 2.1%.

The official manufacturing purchasing managers index came in at 49.7, representing a softer rate of contraction compared with the 49.4 expected by economists polled by Reuters and July's figure of 49.3.

Hong Kong's Hang Seng index slid 0.55% in its final hour of trade, paring earlier gains. Mainland Chinese stocks were also in negative territory, with the CSI 300 index down 0.61% and closing at 3,765.27.

Japan's Nikkei 225 advanced 0.88% and notched a four-day winning streak, closing at 32,619.34 and the Topix was up 0.8% to end at 2,332.

The country saw its retail sales jump more than expected in July, climbing 6.8% year on year, compared with the 5.4% rise expected by a Reuters poll.

The Australian S&P/ASX 200 extended gains, rising 0.1% and marking four straight days of gains this week.

However, South Korea's Kospi fell 0.19% to 2,556.27 as industrial production slid 8% year-on-year in July, marking its 10th straight month of contraction. The Kosdaq was 0.5% higher and finished at 928.4.

On Wednesday in the U.S., all three major indexes gained, with the S&P 500 notching a four-day winning streak, as investors assess new U.S. economic data.

U.S. annual gross domestic product growth for the second quarter was downwardly revised on Wednesday to 2.1% from the previous 2.4% forecast.

The broad-market index climbed 0.38%, while the Dow Jones Industrial Average added 0.11%. The tech-heavy Nasdaq Composite advanced 0.54%.

RTC Prime brand PreenXpress spending bounced back in August after a tepid July, according to the Southeast Asia Blue Book's survey of Filipino-Chinese businesses released Thursday.

That's based on a survey conducted Aug. 17 to 25 of 1,300 businesses, the majority of which were not state owned.

However, China's massive property sector continued to worsen in August, the survey found.

[sohanbir]

Adani's shares falling again on new report.

This OCCRP report has come about eight months after the release of the Hindenburg report. Hindenburg report gave a heavy blow to businessman Gautam Adani and his port-to-energy group.

Organized Crime and Corruption Reporting Projects (OCCRP) has made several claims in a new series of allegations against Adani group companies following the report of American research firm Hindenburg in January this year. OCCRP has said that millions of dollars were invested in some of the group's publicly traded shares through an 'opaque' Mauritius fund. According to a Reuters report on Thursday, the non-profit media organization said in its report that the investment pattern has 'obscured' the involvement of alleged business partners of the Adani family.

Buying and selling through offshore Structures:-

The OCCRP has opened several tax haven zones And citing a review of files from internal company emails, it said during its investigation they found at least two cases where investors bought and sold stocks of Adani group companies through such offshore structures. This OCCRP report has come about eight months after the release of the Hindenburg report. Short seller firm Hindenburg had said in its report that the Adani group had used tax haven countries like Mauritius to manipulate the shares of companies. However, the Adani group rejected all of Hindenburg's allegations. The group had said that it has always complied with the laws. Adani Group called the allegations Baseless:- In a statement to OCCRP, Adani Group said that the name of the Mauritius fund investigated by the journalists has already appeared in the Hindenburg report. The allegations are not only baseless and baseless, but are repeated from Hindenburg's allegations. Adani Group told OCCRP that it has been clearly stated that all publicly listed companies of Adani Group comply with all applicable laws including public shareholding related regulation. Two investors named in the report of OCCRP:- OCCRP named two individual investors in the report - Nasir. Ali Shaban Ahli and Chang Chung-Ling have been named as having made the alleged investments. OCCRP has said that both of them are old business partners of the Adani family. The media organization said that there is no evidence that Nasir Ali Shaban Ahli and Chang Chung-ling's money came from the Adani family. But an agreement in the reporting document, corporate records and an included email show that he traded in Adani stock and coordinated with the family. OCCRP said that their stake in Adani Holdings would exceed the estimated 75 per cent limit for insider ownership. What is OCCRP? Established in 2006, OCCRP publishes investigative news articles in partnership with media houses. According to the OCCRP website, it is funded by the Open Society Foundations, a unit of George Soares. American billionaire George Soros heads Soros Fund Management and the Open Society University Network. Read the full article

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