India benchmarks open flat; Adani stocks climb as SEBI dismisses some Hindenburg allegations
- The Nifty 50 eased 0.04% to 25,414.35 and the BSE Sensex lost 0.11% to 82,919.72
India’s equity benchmarks opened little changed on Friday after a recent rally driven by a US rate cut and progress in trade talks, while Adani group stocks surged as the markets regulator dismissed Hindenburg’s allegations against the conglomerate.
Adani group companies jumped 0.7%-11.3% after the Securities and Exchange Board of India (SEBI) dismissed two charges levelled against billionaire Gautam Adani and his companies by U.S. short-seller Hindenburg Research.
The Nifty 50 eased 0.04% to 25,414.35 and the BSE Sensex lost 0.11% to 82,919.72 as of 09:15 a.m. IST.
The 50-stock index gained 1.4% and the BSE Sensex rose 1.5% in the last three sessions, on U.S. rate cut and prospects of progress in India-U.S. trade talks. Ten of the 16 major sectors logged gains at open.
The broader small-caps and mid-caps traded flat.
While the SEBI has cleared two charges against Adani group firms, 22 other orders, involving allegations of stock manipulation through offshore entities and violations of minimum public float norms, are pending.
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