Stock Market Today: Dalal Street was headed for a bad start on Wednesday as the GIFT Nifty on the NSE IX traded lower by 72 points, or 0.33 per cent, at 21,680. As investors awaited the release of the minutes from the most recent Federal Reserve policy meeting later in the day, which was expected to provide additional clarity on the Fed’s next course of action, gold prices remained stable on Wednesday, with bullion’s gains being restrained by a stronger dollar. On the daily chart, the Nifty finished Tuesday 76 points lower, forming a reasonable negative candle with a slight lower shadow that, according to technical analysts, suggests a short-term reversal.
Stock Market Today: Stocks in focus
Coal India
This fiscal year, the miner’s total coal dispatch has increased by 11.36% to 709.80 million metric tonnes. As of December of this year, the state-run company’s supplies to non-regulated industries, such as steel and cement manufacturers, amounted to 98 million metric tonnes, a 31% increase from the same time last year. Between April and December, 454 million tonnes of coal from India were sent to power plants, which is 8 million tonnes more than the amount committed for the same period and roughly 5% more than the same period in the previous year.
Adani Groups
The US-based company Hindenburg Research has made allegations against the Adani group of companies regarding stock market violations. The petitions seek a court-monitored investigation into these claims. The Supreme Court will rule on these petitions. Hindenburg made accusations against the conglomerate in January of last year, citing “brazen stock manipulation and accounting fraud,” which the Adani group has angrily refuted.
Hindustan Zinc
The December-ended quarter saw a 7% year-over-year increase in mined zinc production, or 271,000 tonnes, driven by a combination of higher ore production at Sindesar Khurd and Rampura Agucha mines and improved mined metal grades. Production of refined zinc was 259,000 tonnes, up 1% annually and 7% quarterly.
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