Hindenburg Report Didn’t Impact Indian Market, Will Crypto Recovery Start Soon?
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The Hindenburg report targeting India's Adani Group had little effect on Indian stocks, while a surge in Asian stocks has boosted optimism.

Following the Hindenburg report over the last weekend, the Indian market saw some volatility with major selling pressure in the early trading hours. The report alleged a conflict of interest with SEBI chair Madhabi Puri Buch in offshore entities and the use of funds by the Adani Group of companies.

The Indian market ended Monday’s trading on a flat note with Asian stocks seeing some rally. However, the crypto market is seeing some strong selling pressure and all eyes would be on the US market opening today.

Hindenburg Report Fails to Impact Indian Market

Despite the early market selloff with the Nifty 50 Index falling over 300 points, it has entirely recovered over the last hour with the index trading 80 points in the green as of press time.

Similarly, stocks of the Adani Group were trading 5.6% down on Monday, however, the shorts have recovered well with all the stocks trading in the green.

Interestingly, in the Hindenburg’s follow-up rally, there’s no mention of the previous allegations regarding the violation of REIT rules by the SEBI chief.

Apart from the Hindenburg report, the Asian stock market is also showing strength with the former BOJ governor stating that the Japanese central bank won’t raise interest rates again this year.

The focus now shifts to US CPI numbers for July to be revealed ahead this week as the market remains cautious about a US recession going ahead. Nomura Holdings Inc. said in a note:

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