- India’s benchmark indices, the Sensex and Nifty, saw unprecedented levels on Monday.
- Adani Energy Solutions increased 14% to Rs 975.05.
- Adani Green Energy increased 15% to Rs 1,178.
Following the Bharatiya Janata Party’s (BJP) victories in significant state elections, India’s benchmark indices, the Sensex and Nifty, saw unprecedented levels on Monday.
The Nifty 50 index of the NSE increased by 1.65% to a record high of 20,602.50 points, and the S&P BSE Sensex showed a notable rise of 1.64% to an all-time high of 68,587.82. As a result of the BJP’s victory in three important states, as well as positive sentiment generated by domestic economic indicators, market analysts attribute this surge.
Adani Groups
A strong market momentum following the BJP‘s resounding victory in three Assembly elections saw shares of Adani Group companies rise as much as 15% on the BSE on Monday.
In terms of individual stocks, Adani Energy Solutions increased 14% to Rs 975.05 and Adani Green Energy increased 15% to Rs 1,178. ACC and Ambuja Cements saw a 5% increase at Rs 1,995 and Rs 462.50, respectively, as did Adani Total Gas, Adani Power, Adani Enterprises, New Delhi Television, Adani Ports, and Adani Wilmar.
The Supreme Court stated that it had concluded its investigations in 22 of the 24 cases it considered, but it reserved its decision regarding the charges brought by the Securities and Exchange Board of India (Sebi) and the Hindenburg report.
The absence of negative reports regarding the Adani group delighted investors. A report by the US-based short seller Hindenburg Research, which was unsubstantiated, caused the remaining Adani Group stocks to underperform the market in 2023, except Adani Power and Adani Port.
