Sensex sinks 536 pts, Nifty nears 21,500 amid global sell-off; IT slides
Closing Bell on January 3, 2024: On the upside, Bajaj Auto, Adani Enterprises, Adani Ports, Cipla, ITC, and IndusInd Bank were the top gainers, rising up to 4.5 per cent
 "bse, stock market, markets")
Photo: Bloomberg
10:51 AM
BREAKING :: SC judgement in Adani-Hindenburg case
>> CJI says:
1. Investigative reports by press can act as inputs for Sebi but cannot be taken as credible evidence or a proof of regulatory failure by Sebi
2. It cannot cast doubt on the investigation being carried on by a statutory body
1. Investigative reports by press can act as inputs for Sebi but cannot be taken as credible evidence or a proof of regulatory failure by Sebi
2. It cannot cast doubt on the investigation being carried on by a statutory body
3. PIL as a tool was invented so that legitimate causes are brought to this court by ordinary citizens..
4. However, plea with unsubstantiated reports should not be pursued and thus members of the bar must be conscious of this.
4. However, plea with unsubstantiated reports should not be pursued and thus members of the bar must be conscious of this.
10:49 AM
BREAKING :: Find merit in Sebi arguments, says CJI in Adani case
CJI says:
1. We find merit in Sebi arguments and do not find reason to interfere in delegatory legislative powers.
2. The current regulations are not tainted with illegality.
3. Petitioners have not challenged the vires of regulations but there is regulatory failure
4. It is a prayer which is unknown to this court and this is an after thought based on value judgment and is thus rejected.
5. This court cannot take over the role of the delegatory legislation of Sebi.
6. This court has the power under article 32 and 142 to transfer the probe to CBI etc but such powers can only be used sparingly and this court will not ordinarily supplant this role.
7. The petitioners must put forth strong evidence to show that the investigative agency acted in a biased manner
1. We find merit in Sebi arguments and do not find reason to interfere in delegatory legislative powers.
2. The current regulations are not tainted with illegality.
3. Petitioners have not challenged the vires of regulations but there is regulatory failure
4. It is a prayer which is unknown to this court and this is an after thought based on value judgment and is thus rejected.
5. This court cannot take over the role of the delegatory legislation of Sebi.
6. This court has the power under article 32 and 142 to transfer the probe to CBI etc but such powers can only be used sparingly and this court will not ordinarily supplant this role.
7. The petitioners must put forth strong evidence to show that the investigative agency acted in a biased manner
10:45 AM
Stock check :: Adani Group stocks hold gains; Adani Energy up 14%
10:43 AM
BREAKING :: SC judgement in Adani-Hindenburg case
>> CJI says:
1. No ground here to transfer the probe in this case
2. Can only be raised if there is wilful or deliberate violation of rulres
1. No ground here to transfer the probe in this case
2. Can only be raised if there is wilful or deliberate violation of rulres
3. The reliance on OCCPR report is rejected and reliance on a third party organisation report without any verification cannot be relied upon as a proof.
4. Ground of conflict of interest is unsubstantiated and rejected.
4. Ground of conflict of interest is unsubstantiated and rejected.
5. Govt of india and Sebi shall take into consideration the recommendations of the committee to strengthen interest of indian investors
6. Govt of india and Sebi to look into if there is any infraction of law by the Hindenburg report on short selling and if so then take action in accordance with law
7. Sebi had used the term opaque to describe the FPI which was misconstrued by the expert committee.
8. Sebi says FPI regulations did not prohibit opaque structure and could in fact locate the beneficial owners.
9. Mandatory upfront disclosures meant that opaque structure was omitted in 2019
Source: Bar & Bench
7. Sebi had used the term opaque to describe the FPI which was misconstrued by the expert committee.
8. Sebi says FPI regulations did not prohibit opaque structure and could in fact locate the beneficial owners.
9. Mandatory upfront disclosures meant that opaque structure was omitted in 2019
Source: Bar & Bench
10:38 AM
Attractive spreads drive arbitrage funds to better returns in 2023
“Arbitrage funds delivered encouraging returns on account of systemic interest rates edging higher and equity market buoyancy (as the cost of carry increases sharply) aiding performance,” said Chintan Haria, principal — investment strategy, ICICI Prudential AMC. READ MORE
10:38 AM
BREAKING :: SC begins pronouncing judgement in Adani-Hindenburg case
>> CJI says:
1. Power of SC to enter regulatory domain of Sebi in framing delegated legislagtion is limited.
2. Scope of judicial review is to see if fundamental right is violated
1. Power of SC to enter regulatory domain of Sebi in framing delegated legislagtion is limited.
2. Scope of judicial review is to see if fundamental right is violated
3. No valid ground invoked for us to direct Sebi to revoke its regulations and the current regulations are tightened by amendments in question
4. Remaining 2 probe to be completed by Sebi in 3 months
10:24 AM
Market Check :: Sensex trades at day's low
10:10 AM
Adani group shares rally up to 12% ahead of SC judgment on Hindenburg case
Adani Enterprises in its FY23 annual report said that a US-based short seller report was a combination of targeted misinformation and outdated, discredited allegations aimed at damaging the reputation and generating profits through a deliberate drive-down of the group firms stock prices. READ MORE
9:55 AM
Comment :: 'Twin moves of profit booking and dip buying will keep the market highly volatile'
Market has turned highly volatile with profit booking triggered by high valuations. Even DIIs, who have been consistent buyers, are booking profits.
Buying on dips also is happening simultaneously. These twin moves of profit booking and dip buying will keep the market highly volatile in the near-term.
An important trend in the market is the renewed buying in pharmaceuticals. Further buying can be expected in this segment.
The Supreme Court judgement on the Adani-Hindenberg issue expected this morning will have a sentimental impact on the Adani stocks in particular and the overall market in general.
Buying on dips also is happening simultaneously. These twin moves of profit booking and dip buying will keep the market highly volatile in the near-term.
An important trend in the market is the renewed buying in pharmaceuticals. Further buying can be expected in this segment.
The Supreme Court judgement on the Adani-Hindenberg issue expected this morning will have a sentimental impact on the Adani stocks in particular and the overall market in general.
Long-term investors can buy the fairly-valued largecap private banking stocks which have the potential to outperform the Nifty this year.
Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
9:42 AM
Exide Industries down nearly 1%
>> The company will increase its corporate guarantee to Exide Energy Solutions from Rs 2,000 crore to Rs 3,000 crore.
9:39 AM
MOIL rises over 1% on best-ever monthly sales in December
>> The company recorded a production volume of 1.85 lakh MT, up 31 per cent Y-o-Y for December, while sales were at 11.01 lakh MT, up 40 per cent YoY from April to December.
9:36 AM
Shyam Metalics in the red post launch of QIP
>> Shyam Metalics and Energy Ltd. has launched its qualified institutional placement to raise up to Rs 3,600 crore. The floor price has been set at Rs 597.63 apiece, a discount of 7.06 per cent from its previous close on the NSE.
9:34 AM
Avenue Supermarts down over 2%
>> DMart said the company recorded a standalone revenue in Q3FY24 of Rs 13,247 crore, up 17.2 per cent Y-o-Y during the quarter, with the number of stores at 341 as of December 31.
9:30 AM
Bank of Maharashtra gains 1.5% in weak market
>> It saw a 20.28 per cent increase in loan growth to Rs 1.88 trillion, while deposits climbed 18 per cent Y-o-Y to Rs 2.45 trillion.
9:28 AM
CSB Bank dips on profit booking amid healthy Q3 update
>> The bank's gross advances grew 22.6 per cent Y-o-Y to Rs 22,863 crore in Q3FY24, while deposits were up 20.65 per cent on year at Rs 27,344 crore.
Topics : Stock Market Hindenburg Report MARKET LIVE MARKET WRAP Dalal Street Markets Sensex Nifty Midcaps Smallcap Crude Oil Price Global Markets Adani Group Market news
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Jan 03 2024 | 7:31 AM IST
