- Sensex and Nifty fluctuate after hitting record highs in the previous session.
- SEBI Chief denies allegations of conflicts of interest in Adani Group probe.
- Gold outperforms stock indices with 16% YTD returns, while key sectors diverge.
The Indian stock market today is marked by significant volatility, with both the Sensex and Nifty swinging between gains and losses after reaching record highs.
In other market developments, shares of SpiceJet and Bandhan Bank have reached their daily highs, while Godfrey Phillips surged nearly 10%.
Markets in Turbulence as SEBI Chair Faces Scrutiny and Gold Shines
The Sensex and Nifty indexes saw mixed trading today as investors took a cautious approach following a strong market rally. After opening lower, both indices remained in a volatile zone, fluctuating between gains and losses. The PSU Bank and metal sectors emerged as top performers, while FMCG and oil & gas stocks struggled.
Shares of major companies like Wipro and Bajaj Finance were among the top gainers in the Nifty50, while SBI Life Insurance and Adani Ports lagged. Investors continue to navigate the market cautiously, waiting for potential consolidations after the highs reached earlier in the week.
SEBI Chairperson Madhabi Puri Buch has come under scrutiny for allegations regarding a conflict of interest in handling investigations into the Adani Group and other entities. However, Buch has firmly refuted these allegations, stating that she had no involvement in regulatory matters concerning her previous employer, ICICI Bank.
Gold has also drawn attention for its impressive performance, delivering a 16% year-to-date return. This return has outpaced the stock market, signaling a potential shift in investor preference toward safe-haven assets amidst market volatility.
As market volatility continues, investors are adjusting their strategies with an eye on sectors showing resilience like metals and PSU banks. At the same time, gold remains a preferred asset for those seeking stability amid ongoing uncertainty in the stock market.
“Gold continues to shine, delivering a 16% return year-to-date, far outpacing the Sensex and Nifty, reflecting investor caution in a turbulent market.”
