The Indian stock market is witnessing a volatile session today, August 12, with the Sensex and Nifty indices trading in a narrow range. The market is cautiously awaiting the outcome of the SEBI’s investigation into the Hindenburg report, which has accused Adani Group of stock manipulation and other irregularities.
The Adani Group’s stocks are under pressure, with Adani Enterprises, Adani Ports, and Adani Green Energy trading in the red. The group’s market capitalization has taken a hit, with investors selling off their shares in anticipation of the SEBI’s findings.
Meanwhile, the initial public offering (IPO) of IIFL Finance is set to open today, with the company looking to raise funds to expand its business. The IPO has received a mixed response from investors, with some analysts expressing concerns over the company’s high valuation.
The market is also keeping a close eye on the global cues, with the US Federal Reserve’s decision on interest rates expected to impact the Indian market. The rupee is trading weak against the dollar, which could impact the market sentiment.
Overall, the market is in a wait-and-watch mode, with investors awaiting the outcome of the SEBI’s investigation and the global cues to make their next move. The volatility is expected to continue in the short term, with the market looking for direction.