Sensex and Nifty boosted on interest rate hike news
Mumbai: The country's political circles are in turmoil due to the allegations against the Adani group. Parliament session is getting heated every day. This is when the Adani group turned around 'like magic'. Adani Enterprises shares, which hit a 52-week low just four days ago, have gained 100 percent since then. Not only this, the share prices of other companies under the Adani group have also started rising gradually. But experts say it may take some time for their share prices to return to where they were before the allegations.
The share price of Adani Enterprises was Tk 1921.85 at market opening on February 2. However, as time went on, its share price began to fall. On February 3, the share price fell to 1,095.70 taka. And within four days the share price of Adani Enterprises increased to Tk 2,220. That is, more than double. The share price increased by 23.13 percent in one day.
A recent report by US-based economic research firm Hindenburg Research claims that the Adani group has artificially inflated the share prices of its companies over the past decade. In the last three years, 10000 million dollars of the 12000 million dollar net assets of that industrial group came through manipulation. Moreover, the organization has cheated crores of rupees in 'tax haven' countries in the name of business. Share prices of ten companies of Adani group fell sharply after the publication of this report. A company's stock has fallen by 17 percent, while a company's stock has fallen by up to 51 percent in one fell swoop.
On Monday, Adani Group announced that it will prepay its debt of 100 billion dollars in the market. According to market experts, investors are believed to have gained confidence after that announcement.
Meanwhile, the country's domestic market has also started climbing after overcoming the Adani-Kand drought on Wednesday. On this day BSE Sensex rose more than 400 points stock market index. Upside NSE Nifto. One by one, the share price started to rise. Happy air in Dalal Street. On Wednesday, the Sensex rose 377.75 points (0.63 percent) to 60,663.79 points. On the other hand, Nifty gained 150.20 points (0.85 percent) to 17,871.70 points. Notably, Sensex gained 1039.52 points (1.74 percent) and Nifty 307.60 points (1.75 percent) in the last five days. It is believed that the Reserve Bank of India (RBI) hiked interest rates one more time and its impact on the stock market.
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