Stock Market Buzz: Adani stocks rally, IT witnesses selling pressure


by mydhanush on 28 November 2023,  3 min read


The metal index added over 1.5 percent while selling was seen in IT names.

The Indian equity market continued trading flat in the afternoon session on November 28 with Sensex marginally up by 5 points at 65,975 mark while Nifty added 40 points and was trading at 19,835 level.

Despite the market remaining flat, Adani group stocks had a bullish intraday session as stocks rallied up to 20 percent. 

The Supreme Court (SC) concluded hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter. Also, the Securities and Exchange Board of India (Sebi) informed the SC that it does not need additional time to complete its investigation into the Adani Group.

Share price of Adani Total Gas zoomed 20 percent hitting upper circuit in the process while Adani Power surged over 14 percent. Adani Enterprises rose over 11 percent. Adani Ports rallied over 14 percent while Adani Wilmar hit 10 percent upper circuit. The other gainers included Adani Green Energy up over 15 percent, Ambuja Cements up 4.77 percent and NDTV up 12.12 percent.

The apex court’s three-judge panel, led by Chief Justice D. Chandrachud concluded hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter and asked for written submissions by Monday.

On January 24, US-based Hindenburg Research published a report accusing the Adani Group of engaging in fraudulent activities to artificially inflate its stock prices. The Group has strenuously denied these allegations with a detailed rebuttal.

Top Nifty50 Gainers:                                                Top Nifty50 Losers:

Among the sectors, metals added over 1.5 percent led by gains from Hindalco Industries, NMDC, Welspun Corp and NALCO followed by SAIL and Vedanta.

However, selling pressure was seen in the IT space. The top losers included Coforge, Persistent Systems and Mpahsis which shed over 1 percent each followed by LTI Mindtree, Tech Mahindra and HCL Tech.

Most Active Stocks in Terms of Volumes:

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

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