TFP Bureau Report, Nov 29, 2023: In a stunning comeback, Adani’s shares experienced a meteoric rise, injecting INR 1.2 lakh crore into the Indian markets. Wednesday witnessed another gap-up opening, sustaining the positive momentum in the market for the second consecutive day.
Continued Momentum: Nifty Breaks 20,000 Psychological Level
The surge in Adani shares, which commenced in early trading on Tuesday, continued its upward trajectory. Notably, Nifty breached the psychological level of 20,000 in early trading, affirming the robustness of the market.
Market Valuation Climbs Globally: India Now Fifth Most Valuable Market
Tuesday’s momentum, primarily fueled by the stellar performance of ten Adani shares, propelled a staggering INR 1.2 lakh crore into the market. This surge elevated the Indian market to the fifth position globally, boasting a market cap of $4 trillion.
Adani Group’s Shares Continue to Shine: Adani Total Gas Gains 15%
Wednesday witnesses a favorable buying environment for Adani Total Gas, with shares trading at a remarkable 15% gain. Adani Enterprises follows suit with a 1% increase, while Adani Green sees a growth of 4%. NDTV shares also experience a 3% upswing, signifying the sustained momentum in Adani shares.
Adani’s Tuesday Triumph: Shares Sparkle Across Group Companies
Tuesday’s market spectacle witnessed Adani Enterprises gaining over 4%, but the real surge came from Adani Total Gas Limited, soaring by almost 20%. Adani Green Energy shares recorded an 8% increase, and Adani Power shares surged by nearly 7%, hitting a 52-week high of ₹423. Adani Wilmar shares climbed almost 6%, and Adani Ports witnessed a rise of more than 3%. This upward trend persisted on Wednesday.
SEBI Closes Investigation: No Further Time Required
In a pivotal development, SEBI (Securities and Exchange Board of India) informed the Supreme Court that it would not seek additional time to investigate the Adani Hindenburg case. Earlier this year, Hindenburg Research had leveled serious allegations against the Gautam Adani Group. An expert committee appointed by the Supreme Court found no significant evidence related to share price fluctuations in companies under the Adani Group, concluding that SEBI had not failed in this matter.
