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Sensex, Nifty fall over 1 pc on selling in banking, auto shares

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Key stock indices Sensex and Nifty declined over 1 per cent at close on Monday due to heavy selling in banking, auto and FMCG shares amid weak global market trends and continued foreign fund outflows.

Reversing its previous session’s gains, benchmark BSE Sensex tumbled 638.11 points or 1.11 per cent to settle at 56,788.81. During the day, it tanked 743.52 points or 1.29 per cent to 56,683.40.

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Among Sensex stocks, Maruti fell the most by 3.16 per cent, Hindustan Unilever by 2.77 per cent, IndusInd Bank by 2.55 per cent, ITC by 2.32 per cent, Bajaj Finance by 2.26 per cent, State Bank of India by 2.15 per cent and Kotak Mahindra Bank by 2.03 per cent.

Dr Reddy’s, NTPC, Bharti Airtel and Wipro were the winners.

Sensex had surged by 016.96 points or 1.80 per cent to settle at 57,426.92 on Friday. The Nifty climbed 276.25 points or 1.64 per cent to end at 17,094.35.

“Markets started the week on a feeble note and lost over a per cent, tracking weak global cues,” Ajit Mishra, VP – Research, Religare Broking Ltd, said.

In the broader market, the BSE midcap gauge declined 1.24 per cent and smallcap index fell by 0.54 per cent.

Among the BSE sectoral indices, power fell by 3.24 per cent, utilities by 3.14 per cent, auto (2.11 per cent), FMCG (2.05 per cent), commodities (2.01 per cent), consumer discretionary (1.26 per cent) and realty (1.24 per cent).

Healthcare and telecommunication ended in the green.

Global markets are expected to stay under pressure due to the confluence of an unfavourable economic outlook and investor risk aversion, Vinod Nair, Head of Research at Geojit Financial Services, said.

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“Global markets were in pain as economic data forecast to shed lower as indicated by high-frequency indicators in European regions like UK PMI is consequently down below 50 showing contraction in economy.

“As demand slowed, India’s manufacturing PMI declined slightly to 55.1 in September. As a result, all the key sectors were pressured by selling, except pharma & Oil stocks,” Nair added.

Elsewhere in Asia, markets in Hong Kong settled lower, while Tokyo ended higher.

Stock exchanges in Europe were trading lower in mid-session deals after oil prices rose by more than USD 3 per barrel amid dire warnings over energy shortages in Europe. The US markets ended in negative territory on Friday.

Meanwhile, the international oil benchmark Brent crude futures jumped 3.90 per cent to USD 88.46 per barrel.

Foreign institutional investors offloaded shares worth Rs 1,565.31 crore on Friday, according to data available with BSE. Foreign investors turned sellers in September, pulling out Rs 7,600 crore from Indian equity markets.

Petrol and Diesel Price Today, 9 Sep 2022: Fuel cost steady; Check rates in Delhi, Mumbai, Noida, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 9 September 2022, keeping costs steady for more than three months now. Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

Also read: Nifty short-term trend positive, may move to 18000 once 17800 breached; 5 things to know before opening bell

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also read: IndiGo, Vodafone Idea, Jet Airways, Future Lifestyle, Adani Group stocks in focus on September 9, 2022

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Rupee may appreciate on soft dollar, rising risk tolerance in equity markets; USDINR to trade in this range

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The Indian Rupee is likely to appreciate on Tuesday amid softness in dollar index, rise in risk tolerance in equity markets, sustained FII inflows. USDINR spot price likely to trade in a range of Rs 79 to Rs 80.30 in next couple of sessions. In the previous session, rupee pared its initial losses to settle higher against the US dollar, tracking positive domestic equities and foreign fund inflows. At the interbank forex market, the local unit opened at 79.66 against the greenback, and ended at 79.55, up 2 paise from its previous close. Rupee has shown more resilience than most of the other currencies in recent years and the compounded average growth rate of depreciation is lower as compared to pre-2014, said commerce and industry minister Piyush Goyal on Monday.

Also Read: Share Market LIVE: Nifty, Sensex likely to open higher, hints SGX Nifty; CPI inflation spikes to 7% in Aug

Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities

“USDINR spot closed 6 paise lower at 79.52, due to softness in the US Dollar Index and FPI flows. USDINR has been rangebound between 79.20 and 80.10 for the past 6 weeks. We could see the range continue for this week as well.”

Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

“Indian rupee appreciated by 0.10% on Monday amid weak US Dollar and positive domestic equities. Dollar breached the 108-mark and is trading about 1% lower decline in safe haven appeal on the back of improved global risk sentiments. Euro also surged by 1.3% on reports that Ukraine has retaken some towns and cities in the Kharkiv region which is a setback for Russia. Rupee also gained on FII inflows. We expect Rupee to with a positive tone as rise in risk appetite in global markets and a weak Dollar may support Rupee. Sustained FII inflows may also favor the Rupee. However, worries over global economic slowdown and recovery in crude oil prices may restrict sharp upside. USDINR spot price is expected to trade in a range of Rs 79 to Rs 80.30 in next couple of sessions.”

Also Read: Will bulls push Nifty 50 to reclaim 18000? 5 key things to know before share market opening bell

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

“Rupee rose marginally as the dollar was weighed down against major crosses and also as market participants remained cautious ahead of the important inflation and IIP number that will be released on yesterday. Data showed inflation accelerated to 7% in August, driven by a surge in food prices, putting more pressure on the central bank to hike interest rates again later this month.Food inflation, rose 7.62% year on year in August, compared to a revised 6.69% in July. On the other hand, India’s annual industrial output in July rose 2.4% year-on-year, compared with the revised 12.7% growth in the previous month.”

“The dollar fell to its lowest level in more than two weeks against its basket of currencies following recent strong gains, as investors grew nervous ahead of U.S. inflation data. The New York Fed’s monthly consumer expectations survey showed that U.S. consumers’ inflation expectations slid further in August as gasoline prices extended their steep decline from June’s record high.Euro surged as policymakers at the ECB see increasing risks that the central bank will need to hike its key interest rate to 2% or more to curb record inflation in the euro zone. Today, market participants will be keeping an eye on the German economic sentiment to gauge a view for the currency. We expect the USDINR(Spot) to trade sideways and quote in the range of 79.20 and 79.80.”

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Gold Price Today, 27 Sep 2022: Gold prices recover from Monday’s lows, rates may remain under pressure

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading flat in India on Tuesday on pullback in dollar. On Multi Commodity Exchange, gold October futures were ruling Rs 50 or 0.10 per cent down at Rs 49100 per 10 gram as against the previous close of Rs 49150. Silver December futures were up Rs 48 at Rs 55400 per kg. Globally, yellow metal prices rose as the dollar’s rally paused, but prices held close to a 2-1/2-year low on expectations of further policy tightening by the US Federal Reserve in its efforts to quell soaring inflation, according to Reuters. Spot gold gained 0.6% at $1,631.89 per ounce. Prices hit their lowest level since April 2020 at $1,620.20 on Monday. U.S. gold futures rose 0.3% to $1,638.1.

Also read: Petrol, Diesel Price Today, 27 Sep 2022: Fuel cost static; check rates in Delhi, Mumbai, Noida, other cities

Gold price continues to trade around 2.5 year low on rising government bond yields and strong US Dollar. Traders are ramping up short positions on gold, with fund managers more bearish on the metal than any other time over the past four years. Gold has outperformed other asset classes as although the gold market has seen some significant selling pressure, dropping briefly to fresh two-year lows at $1,630 an ounce, prices are still only down less than 10% since the start of the year. Looking at how the US dollar and yields are faring, gold should be down by 30%. Growing recession risks as central banks continue to tighten monetary policy worldwide should also provide some support for the yellow metal. Intraday support is at 48800 while resistance is at 49600. Expect prices to remain under pressure today.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold prices were steady after a fall in yesterday’s session amidst sharp upside in U.S. Dollar Index and Yield on expectations of further policy tightening by the U.S. Federal Reserve in its efforts to quell soaring inflation. Dollar Index continue to hover around its 20year highs; while anticipation of further rate hikes is supporting the move in U.S. Yields, U.S. 10Y yield hit their highs last seen in 2010. Fed officials sloughed off rising volatility in global markets, from slumping U.S. stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation. Global economic growth is slowing more than it was forecast a few months ago in the wake of Russia’s invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies, the OECD said. China’s net gold imports via Hong Kong jumped nearly 40% to an over four-year high in August, as demand continued to rebound in the world’s biggest consumer of the metal. While outflow in SPDR holdings continues to hurt the market sentiment. Along with speeches from the Fed and ECB Governor, focus today will also be on the U.S. Consumer confidence and Core durables goods orders data. Broader trend on COMEX could be in the range of $1615-1660 and on domestic front prices could hover in the range of Rs 49,375-49550.

Also read: Rupee likely to depreciate further on strong dollar, weak Asian peers; may slip to 82 per USD 

Abhishek Chauhan, VP – Commodity & Currency, Mandot Securities

Prices of gold and silver recovered, as pressure from the dollar appeared to have eased, creating the demand for safe haven Gold which moves slightly higher. The DX retreated slightly after scaling a new 20-year high on Monday  near to 115 levels. A selloff in most other asset classes and rising interest rates globally boosted the greenback’s safe haven demand, helping the currency largely overtake gold as a preferred safe haven buy this year. In Comex, gold has support at $1610-1620, while resistance is at $1645-1655.Silver has support at $18.00-18.20, while resistance is at $19.00-19.15. In rupee terms at MCX  gold has support at Rs 48930-49000, while resistance is at Rs 49500-49650. Silver has support at Rs 55200-55000, while resistance is at Rs 56800–57000.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

Focus on IT, Pharma, FMCG, and select PSU stocks; commodity bull run entering last leg now | INTERVIEW

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The second wave of the coronavirus pandemic might not result in significant correction for Sensex and Nifty unless it lasts for a couple of months, said Amit Jain, Co-Founder and CEO, Ashika Wealth Advisors in an interview with Kshitij Bhargava of Financial Express Online. Amit Jain, the market experts with nearly two decades of experience, believes IT, Pharma, and FMCG are some of the sectors where investors could focus on, expecting robust bottom-line numbers. Further, Jan believes that in the post-pandemic world India could become the manufacturing hub for the world. Here are the edited excerpts.

Q Stock markets are down from their all-time highs now, where are you spotting opportunities in this market?

Q Commodity cycle is the buzzword on Dalal Street, are you buying this argument that commodity stocks are entering a massive-bull run?

Almost six months back, we advised entry in commodity stocks and since then the NIFTY metal index is up almost 70% and individual stocks are up almost by 200%. In my view, this is the last leg of the bull run in commodities due to excessive money printing by the US Fed, which may last for another six to nine months. In my personal view, it is time to lighten the position in commodities in the short term.

Q India is witnessing the second wave of covid-19 cases. Although the vaccination drive is expected to pick up pace now, what implications, if any, do you see for stock markets if the second wave stretches longer?

Yes, You are right, the second wave is there, but in my view, it may be less fatal compared to the first wave, as now the world knows about the virus and is partially prepared to face it, unlike the first wave. If this wave stretches for a couple of months, then the market may have an excuse for a further significant correction. 

Q India has undertaken serious reforms during the last year and the economic outlook seems strong; what sectors do you believe are the best bet on India’s growth story ahead?

Yes, India took appropriate steps to boost the Economy during the Covid-19 pandemic, which has laid the foundation for a much stronger Indian Economy by 2030. In the post-Covid-19 era when the world is talking about “Social distancing” from China, all those sectors will be beneficiary in India where currently China dominates the World. In my view “India” may be the new manufacturing hub of the World by 2030, if the current pace of reforms continues. Indian may be a leading IT and Pharma exporter for the World Economy by 2035. The world has no alternative to India, as this is the only economy in the world that has both democratic and demographic dividend for the next fifteen years. This duo combination is rare in the world, hence the entire World Capital whether it is FDI or FPI, will chase India. Recently India has touched a new benchmark of $500 billion cumulative FDI investment, which reflects the commitment of Global Capital to India.

Q Bond yields are rising, does any further rise in yields pose a threat to FPIs pulling money away from the domestic market in large quantities?

Yes, US bonds yield has risen due to inflation fear from 0.51% in August 2020 to 1.71 % as on date which is 300% higher than August 2020 lows, however, it is still lower than 2.2% which it touched in the Dec 2008 post-Lehman Brother crash. In my view in the short term,  it may go back to 2.1%, however, in the long term, it will hover around 1.2 % to 1.8%. If this yield crosses 2% sustainably in the medium term, only then we have fear of FPI pulling out significantly from Indian Markets.

(The stock recommendations in this story are by the respective research and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Please consult your investment advisor before investing.)

OPEC+ cuts ahead of winter fan global inflation concerns

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Concerns over tight oil supplies and soaring inflation have intensified after the OPEC+ group of nations announced its largest supply cut since 2020 ahead of European Union embargoes on Russian energy. The move has widened a diplomatic rift between the Saudi-backed bloc and Western nations, which worry higher energy prices will hurt the fragile global economy and hinder efforts to deprive Moscow of oil revenue following Russia’s invasion of Ukraine.

Global crude futures jumped this week, returning to three-week highs, after the Organization of the Petroleum Exporting Countries and their allies, including Russia, agreed to slash output by 2 million barrels per day just ahead of peak winter season. This is likely to drive spot prices higher, particularly for Middle East oil, which meets about two-third of Asia’s demand, industry participants said, adding to inflation concerns as governments from Japan to India fight rising cost of living while Europe is expected to burn more oil to replace Russian gas this winter.

“We are concerned about a resurgence in international oil prices, which have shown some signs of calming down since the second quarter,” a spokesperson at South Korea’s largest refiner SK Energy told Reuters. Another South Korean refining source said the supply cut could drive prices back to levels seen in the second quarter. South Korea, Asia’s fourth-largest economy and a manufacturing powerhouse, has seen costs skyrocket due to the surging commodity prices. Brent hit $139.13 a barrel in March, the highest since 2008, after the Ukraine war sparked fears of Russian oil supply loss.

ACTUAL CUTS

Saudi Energy Minister Abdulaziz bin Salman said the real supply cut would be about 1 million to 1.1 million bpd, a response to rising global interest rates and a weakening world economy. That move triggered a sharp response from Washington, which criticised the OPEC+ deal as shortsighted. The White House said President Joe Biden would continue to assess whether to release further strategic oil stocks to lower prices.

Also read| Explainer: What is NOPEC, the US bill to pressure the OPEC+ oil group?

“Saudi, UAE (the United Arab Emirates) and Kuwait are likely to take up most of the burden of cuts,” said Tilak Doshi, managing director of Doshi Consulting, who was previously with Saudi Aramco. “It’s a slap on Biden’s face by OPEC+,” he said, adding that ties between Russia and Saudi seem increasingly tight. While the SK Energy spokesperson expects U.S. reserves release to accelerate ahead of the U.S. midterm elections in November, RBC Capital analysts said follow-on sales would likely be more incremental. “We are unlikely to see another blockbuster release in the near term,” the bank added.

The OPEC+ cuts compound supply concerns as European Union sanctions on Russian crude and oil products take effect in December and February, respectively.Industry participants estimate the loss of Russian crude at between 1 and 2 million bpd, depending on how Moscow reacts to the G7’s price cap on Russian oil. That policy is aimed at ensuring Russian oil continues flowing to emerging economies but at lower prices to reduce Moscow’s revenues.

“The market is still underpricing the actual loss,” said a Singapore-based crude oil trader who declined to be named due to company policy. The move by OPEC+ prompted warnings from oil importing emerging markets, some of which have become particularly vulnerable to price shocks amid recent global supply snags. Sri Lanka is battling its worst economic crisis since independence from Britain in 1948, with a plunge in its currency, runaway inflation and an acute dollar shortage to pay for essential imports of food, fuel and medicine.

President Ranil Wickremesinghe warned Sri Lanka will have to pay even more for fuel as richer countries stock up for their own needs. “This is not just an issue faced by us but several other South Asian countries,” he told parliament on Thursday. “Global inflation is going to hit us all next year.”

Sebi bans The Apex Global, its proprietor from markets for 4 years

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Markets regulator Sebi has barred The Apex Global and its proprietor Yadunath Singh Thakur from securities markets for four years and directed them to refund money collected from investors through unauthorised investment advisory services.

The regulator found that The Apex Global and Thakur were engaged in the business of providing investment advice to their clients and for consideration and thus, were acting as investment advisers. They were involved in such investment advisory services without obtaining regulatory approval from it, which is in violation of Investment Advisers (IA) norms, the Securities and Exchange Board of India (Sebi) said in its order on Wednesday. Through such services, they had received a total amount of Rs 1.23 crore from June 2013 to December 2019 through unregistered investment advisory activities, it added.

Accordingly, Sebi said, the “noticee shall within a period of three months refund the money received from any complainants/ investors, as fees or consideration or in any other form, in respect of their unregistered investment advisory activities”.

Also read| Sebi’s new block regime to leave brokers with less cash

The Apex Global and its proprietor Thakur are collectively referred to as the noticee. Also, they have been barred from accessing the securities market for 4 years or till the expiry of 4 years from the date of completion of refunds to investors, whichever is later. Meanwhile, in a separate order, Sebi has slapped a fine of Rs 2 lakh on two promoter entities of TCM Ltd for violating regulatory norms.

Sebi cautions investors against funds raising by entities claiming to give portfolio management services

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Capital markets regulator Sebi on Monday cautioned investors against unauthorised money mobilisation by entities claiming to provide portfolio management services.Further, the regulator noted that these entities have been luring the public, with a promise of high returns, through pamphlets and social media platforms. It was observed that in such schemes, the entities have been mobilising money in relatively smaller amounts and promising assured returns, Sebi said in a statement.

The advisory comes after the Securities and Exchange Board of India (Sebi) noted that some entities are collecting money from the public claiming to provide portfolio management services. Some of the entities have names similar to that of Sebi-registered intermediaries, misleading the public, as though the fund raising is genuine and done by entities registered with the regulator. Sebi, therefore, cautioned “investors not to fall prey to such unauthorised money collection” and advised them to deal only with Sebi-registered intermediaries while investing in the securities market.

ALSO READ Sebi norms to hit MFs’ talent pool

Under the portfolio managers rule, a portfolio manager will have to be registered with Sebi and need to have an agreement with a client to undertake management or administration of a portfolio of securities or funds of the client. Further, a portfolio manager cannot accept funds or securities worth less than Rs 50 lakh from the client and cannot promise any guaranteed or assured return, either directly or indirectly as per the norms.

Nifty headed for 15,000 ahead of Budget 2021; charts show extreme bullishness in these sectors

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By Rajesh Palviya

The upcoming Union Budget will be an important event which will define the future trend in the market particularly because of the disruption caused by COVID19. The index has seen a strong rally in the month of January, registering a new all-time high of 14753 levels and closed at 14238. Since March 2020, the index surged almost 96% in the past ten months, making it one of the strongest gains in recent times. Since the past two consecutive weeks, the index continued to form a “Spinning Top” candlestick pattern, which signals a short term pause in the recent uptrend or trader’s indecision at the current juncture.

Sensex managed to touch a historical level of 50000 and witnessed profit booking from a higher level. Sensex long term chart is in bullish territory and indicates that till Sensex does not break below 47000-46500 level long term is going to remain bullish and Sensex can rally further towards 51000-52000 in the coming months.

Nifty is sustained and showing uptrend across all the time frames. Though our bias still remains positive, we observed some early signs of profit booking in this overstretched rally, hence the traders are advised to wait and watch for short term corrections to create fresh longs. As the Union Budget is near, we can expect volatility into various sectors /stocks which can trigger intense moves on either side. From current levels, the short to medium-term trend still remains intact and the bulls continue their bullish command into the markets towards 15000-15300 levels. On the downside, immediate support is placed around 14000 levels. However, any violation of this support zone on a closing basis may cause short term correction towards 13800 levels. Major support zone on the long term chart is placed at 13500-13200 levels.

Bank nifty witnessed resistance around its multiple supply zone of 32600-32800 levels since the last two weeks, indicating a cautious approach at current levels. Major trend still remains intact, the bullish medium-term trend still remains intact and the bulls continue their bullish command into the markets towards the 32800-35000 level, a pullback (if any) should be used as a buying opportunity. Going forward, major support is at 30000-28900 levels.Historical data suggests that the market may give a swing of 5-8% pre /post-budget; currently, the market trend is extremely bullish, so any corrective action should be used as a buying opportunity.

We expect the Auto, Pharma, FMCG, Capital goods and Power sectors to do well, as most of them have seen a good accumulation and bullish breakout ahead of budget.

(Rajesh Palviya is Head Technical & Derivatives Research, Axis Securities Ltd. Views expressed are the author’s own.)

Cash-for-question row: Advocate Dehadrai, BJP MP Nishikant Dubey appear before Ethics Committee of Lok Sabha

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BJP leader Nishikant Dubey and advocate Jai Anant Dehadrai on Thursday appeared before the Ethics Committee of the Lok Sabha to record their statements in connection with the cash-for-query allegations against Trinamool Congress (TMC) member Mahua Moitra.

Dehadrai recorded his statements first and later Dubey appeared before the panel in the afternoon.

Advocate Jai Anant Dehadrai appears before the Ethics Committee of Parliament in ‘cash for query’ charge against TMC MP Mahua Moitra”I have told the truth before the Committee. All members of the committee enquired from me cordially. I answered to all that was asked from me.” pic.twitter.com/8lOzWo29kH

— ANI (@ANI) October 26, 2023

Dubey told reporters that he would reply to whatever questions the committee would ask him. “Documents don’t lie,” Dubey said when pointed out that Moitra had refuted all the allegations levelled against her.

In his complaint to Speaker Om Birla, BJP member Nishikant Dubey has cited documents shared by Dehadrai to back his cash-for-query allegations against the TMC MP. Birla had referred the matter to the committee headed by BJP member Vinod Kumar Sonkar.

Sonkar, who is the Chairman of Parliament Ethics Committee, told reporters on Thursday, “The two people who were summoned today – the lawyer and Nishikant Dubey – were heard attentively. After that, it was decided that Mahua Moitra would be called on 31st October. She will come and present her part. The committee has also decided that IT Ministry and MHA will be sent letters to make her details available.”

In the letter to Birla dated October 15, Dubey said the advocate, close to Moitra before they fell out, has shared “irrefutable evidence of bribes exchanged” between her and businessman Darshan Hiranandani, CEO of Hiranandani Group, to target the Adani Group and Prime Minister Narendra Modi.

The fiery TMC member dismissed the charges as a “jilted ex’s lies”, a reference to Dehadrai, and accused the Adani Group of being behind them to target her as she has been relentless in raising questions on the conglomerate’s practices and transactions.

In his letter to the speaker, Dubey said 50 of 61 questions she asked in Lok Sabha till recently were focused on the Adani Group.

In a signed affidavit, Hiranandani who allegedly paid her to raise questions in Parliament, said the TMC leader targeted Gautam Adani to “malign and embarrass” Modi whose impeccable reputation gave the opposition no opportunity to attack him.

(With inputs from PTI)