MARKET LIKELY TO SEE A FLAT START

GIFT Nifty:

GIFT Nifty futures is trading 1.50 points higher, indicating a flat start for the Nifty 50.

Foreign portfolio investors (FPIs) bought shares worth Rs 406.72 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,979.59 crore in the Indian equity market on 9 August 2024, provisional data showed.

FPIs have sold shares worth over Rs 20360.48 crore in August 2024 (so far). They bought shares worth 5407.83 crore in June 2024.

Hindenburg`s Fresh Allegations Against SEBI Chairperson

US short-seller Hindenburg Research has escalated its accusations against the Adani Group by targeting SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch. The short-seller alleges that the Buchs were involved in offshore funds linked to the Adani Group, suggesting a potential conflict of interest. These funds, according to Hindenburg, were instrumental in the alleged "money siphoning scandal."

The report has sparked a political uproar, with opposition parties demanding a Joint Parliamentary Committee (JPC) probe into the matter. They argue that the new allegations cast a shadow over Buch`s meetings with Gautam Adani in 2022.

However, the Buchs have vehemently denied all charges, labeling them as a "character assassination" attempt. They claim their investments were made as private citizens and were unrelated to Madhabi Buch`s role at SEBI.

The controversy has intensified the scrutiny on SEBI`s handling of the Adani-Hindenburg matter, with both sides trading accusations and counter-accusations.

Global Markets:

Asian stocks extended gains on Monday, building on last week`s rally as investor optimism grows over the potential for a softer U.S. economic landing. With a series of crucial inflation reports due this week, market focus is shifting towards monetary policy implications.

Chinese equities lagged behind regional peers, continuing to grapple with concerns about a domestic economic slowdown. A slew of quarterly earnings reports will also be closely watched in the coming days. Persistent worries about China`s faltering economic recovery, particularly in light of recent weak data, continued to weigh on sentiment.

Japan`s market was closed for a holiday, resulting in lower trading volumes in Asia. However, Nikkei futures indicated a positive opening.

U.S. stocks rebounded on Friday, erasing most of the week�s losses after a sharp sell-off on Monday. The S&P 500 climbed 0.47%, the Nasdaq Composite gained 0.51%, and the Dow Jones Industrial Average added 0.13%.

Investor focus this week is on the U.S. Consumer Price Index (CPI) data, due out on Wednesday. The report will provide crucial clues about the Federal Reserve�s potential timeline for interest rate cuts. Market sentiment is divided between a 25 and 50 basis point reduction in September.

Domestic Market:

The domestic equity benchmarks ended with robust gains on Friday. The Nifty settled above the 24,350 mark. All the sectoral indices on the NSE ended in green with PSU bank, media, and auto shares gaining the most. The S&P BSE Sensex surged 819.69 points or 1.04% to 79,705.91. The Nifty 50 index gained 250.50 points or 1.04% to 24,367.50.

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