Adani stocks rally as Sensex, Nifty end in the green
by mydhanush on 28 November 2023, 5 min read
Power and oil & gas indices added 3 percent each, while metal, auto and PSU Bank indices rose 1 percent each. On the other hand, some selling was seen in the capital goods, FMCG and pharma names.
The Indian equity market closed in the red on November 28 after trading flat in the morning session. Sensex at close was up 204 points at 66,174 mark while Nifty gained 95 points at 19,889 level.
On the sectoral front, power and oil & gas indices added 3 percent each, while metal, auto and PSU Bank indices rose 1 percent each. On the other hand, some selling was seen in the capital goods, FMCG and pharma names.
BSE midcap index up 0.3 percent and smallcap index ended on a flat note.
About 1872 shares advanced, 1750 shares declined, and 159 shares unchanged.
Among the sectors, buying was seen in oil & gas, metals and PSU banks. The top gainers included Adani Total Gas which hit 20 percent upper circuit followed by HPCL, Indian Oil Corporation, BPCL and ONGC followed by Adani Enterprises, NMDC, Hindustan Copper, Punjab National Bank, Bank of Maharashtra and Bank of Baroda among others.
Adani group stocks had a bullish 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 12 percent. Adani Enterprises rose over 9 percent. Adani Ports was up over 5 percent while Adani Wilmar hit 10 percent upper circuit. The other gainers included Adani Green Energy up over 13 percent, Ambuja Cements up 4 percent and NDTV up 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:
Asian markets end mixed
South Korea’s Kospi was up 1.05 percent, leading gains in Asia and ending at 2,521.76, while in Australia, the S&P/ASX 200 gained 0.39 percent and closed at 7,015.2, ahead of its October inflation readings on Wednesday.
Japan’s markets slipped lower, with the Nikkei 225 shedding 0.12 percent and closing at 33,408.39. The Topix fell 0.21 percent to 2,376.71. Hong Kong’s Hang Seng index tumbled 1.02 percent in its final hour of trade, also extending its losses from Monday.
European markets trade in the red
European markets tumbled early Tuesday, as the lackluster sentiment seen at the start of the week continued in the region and beyond. European Central Bank policymakers’ latest comments dampened expectations of interest rate cuts next year.
FTSE was down 0.46 percent at 7,426.44 while CAC shed 0.49 percent and was trading at 7,229.78 level. German DAX slipped 0.09 percent and was trading at 15,951.28 mark.
Most active stocks on NSE in terms of volumes:
Oil rises, Brent tops $80 ahead of OPEC+ meeting
Oil prices rose on Tuesday with the Brent benchmark rising above $80 a barrel, supported by expectations that the OPEC+ producer group may deepen and extend output cuts due to concern over softer global demand, according to a Reuters report.
OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Thursday to discuss production targets for 2024.
Brent crude futures were up 72 cents, or 0.9 percent, at $80.70 a barrel at 0921 GMT. US West Texas Intermediate (WTI) crude futures gained 69 cents, or 0.9 percent, at $75.55.
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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