Stock Market LIVE: Indices expect steady start as SGX Nifty trades in green

Retail inflation again breached RBI’s upper tolerance limit and touched 6.52% in January, mainly due to higher prices in the food basket. Now all eyes are on the US inflation data set to be released today. Economists expect the inflation to have slowed to 6.2% in January. Adani stocks will continue to remain under the lens.

14 Feb 2023, 07:28:33 AM IST

Hindenburg fallout: Adani hires Grant Thornton for independent audits, says report

Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds, two people familiar with the matter said on Monday.

The appointment marks the first major effort by Adani Group to defend itself in the wake of a Jan. 24 report by Hindenburg that accused it of improper use of offshore tax havens and stock manipulation.

The conglomerate, led by billionaire Gautam Adani, has strongly denied the allegations but investors remain concerned. Shares in the group’s seven listed subsidiaries have cumulatively lost about $120 billion in market value in the last three weeks. (Read More)

14 Feb 2023, 07:27:41 AM IST

Wall Street ends higher on Monday as investors eye US January inflation data

Wall Street rose Monday as traders made their final moves ahead of a report that could show whether inflation is cooling in the right way or setting the market up for worse pain.

The S&P 500 climbed 1.1% in anticipation of Tuesday’s report on inflation at the consumer level across the country. The Dow Jones Industrial Average gained 376.66 points, or 1.1%, while the Nasdaq composite rose 1.5%.

Stocks were coming off their worst week in nearly two months, the latest stumble for a market that has struggled for more than a year on worries about high inflation and the Federal Reserve’s response to it. The Fed has aggressively hiked rates to their highest level since 2007 to drive down the worst inflation in generations. High rates can stamp out inflation, but they do so at the risk of sending the economy into a sharp recession and dragging on investment prices.

Economists expect Tuesday’s report to show inflation slowed to 6.2% in January. That would be down from 6.5% a month before and from a peak of more than 9% in the summer. Perhaps more important than the overall number is what the data show specifically about prices for services outside of the housing, such as haircuts or airfares. Inflation has remained stubbornly high there when it’s started to come down in other areas. (AP)

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