Sensex & Nifty Rebound In Green; Markets Wither Hindenburg Storm After Initial Shock

The Indian Indices that started the day's trade in red on Monday, August 12 have managed to make a remarkable comeback.

Lukewarm Hindenburg

The markets started the day's proceedings in negative territory as it was shrouded by the clouds of uncertainty that were strewn by the recent tranche of Hindenburg revelations. In another report, the American entity levelled allegations against the SEBI chief, Madhabi Puri Buch, of having a vested interest in the Adani group.

This claim, although rebutted by Adani and Buch, caused ripple effects across the board, naturally also impacting the stock markets.

However, after starting in red, the marquee indices have now returned to green ways.

Indices Recover

At the time of writing, the BSE Sensex shed its initial losses and gained 0.32 per cent or 253.71 points, recovering to 79,959.62.

When it comes to the NSE Nifty, the index also recovered and rose by 0.35 per cent or 86.30 points, jumping to 24,453.80 points.

Nifty Bank also made a recovery, the banking index gained 0.37 per cent or 187.75 points, climbing to 50,672.25 points.

The markets started the day on a gloomy note, at the back of these developments. The BSE Sensex started at 79,458.12, down by 247.79 points, and the NSE Nifty at 24,284.85, down by 82.65 points.

Adani Shares in Red

Many major shares also appear to have recovered. However, some Adani shares continue to be red. It needs to be noted that these Adani shares started the day, nosediving into losses.

Adani Group's flagship entity, Adani Enterprises Ltd., shares were trading with a decline of 1.58 per cent, reaching the mark of Rs 3,137.10 per share.

The Adani group had issued a clarification in the matter and issued a statement. The group called the recent allegations malicious, mischievous and manipulative. The group also deemed Hindenburg Research a discredited short-seller under the scanner.