Technology Takes The Lead

Despite weak economic data and the ongoing Hindenburg effect, indices managed to post gains thanks to a threesession rally powered by strength in information technology stocks 

The performance of the Indian headline indices has improved compared to last fortnight as the Hindenburg effect was lessened due to the remedial actions taken by Adani Group against the research agency. It was also due to the RBI requesting information from banks regarding their exposure to Adani Group firms and the declaration that the exposure was not very significant and that a single case could not impact the system. As per data issued by the Ministry of Statistics and Programme Implementation, India’s industrial growth reduced to 4.3 per cent in December 2022 from 7.3 per cent in November, as measured by the Index of Industrial Production (IIP).