Hindenburg Report Fails to Impact Indian Market, Will Crypto Recover With Asia Stocks Rally?

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After seeing some selling pressure in the early trading hours on Monday following the Hindenburg report last weekend, the Indian market bounced back into the green zone. The report alleges a conflict of interest in the funds used by the Adani Group of companies and the SEBI chair Madhabi Puri Buch.

Hindenburg Report Fails to Impact Indian Market

Despite the early market selloff with the Nifty 50 Index falling over 300 points, it has entirely recovered over the last hour with the index trading 80 points in the green as of press time. Similarly, stocks of the Adani Group were trading 5.6% down on Monday, however, the shorts have recovered well with all the stocks trading in the green.

On the other hand, the Asian stock market is also showing strength with the former BOJ governor stating that the Japanese central bank won’t raise interest rates again this year. The focus now shifts to US CPI numbers for July to be revealed ahead this week as the market remains cautious about a US recession going ahead. Nomura Holdings Inc. said in a note:

“The skies are not fully clear yet, but there are several reasons that suggest to us that some relatively calmer seas are ahead of us”.

Similarly, the benchmarks in Australia and South Korea saw gains along with the revenue increase at Taiwan Semiconductor Manufacturing Co. boosting the Taipei Index. Similarly, the Hong Kong stocks remained mostly unchanged while the Japanese markets were closed for a holiday.

As a result, Indian investors also decided to look past the Hindenburg short-selling report.

Will the Crypto Market Recover?

The crypto market faced a major sell-off recently with the Bitcoin price crashing to $58,000 levels ahead of the much-awaited Donald Trump interview with Elon Musk.

Along with Bitcoin, altcoins have also been part of this crypto-market selloff falling more than 5-6% recently. However, all eyes are on the important macro events scheduled this week such as the US CPI data release for July, the NZ Fed taking its call on rate cuts, and much more. However, amid the recovery in Asian stocks, there’s enough probability that of short covering in the crypto market by the time the US markets open on Monday.

The post Hindenburg Report Fails to Impact Indian Market, Will Crypto Recover With Asia Stocks Rally? appeared first on CoinGape.

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