2 hrs ago
Adani Stocks Diverge as Sensex and Nifty Rise
Indian stock markets were mostly stronger on Monday.
However, some Adani Group companies saw their share prices fall.
Adani Total Gas dropped the most, declining 5%.
Adani Ports fell 2%, while Adani Power slipped slightly.
Other Adani companies, including Adani Green Energy, rose.
Some investors may have sold shares to lock in profits after last week’s gains.
The wider market was helped by lower oil prices and institutional investors buying shares.
Jefferies had recently pointed to growth opportunities in several Adani businesses.
Adani Total Gas fell 5% to ₹629.30, while Adani Ports declined 2% to ₹1,766.70.
Adani Power slipped 0.7%, but Adani Green Energy, Adani Energy Solutions and Adani Enterprises advanced.
The declines followed profit booking after several Adani stocks rallied on Jefferies’ positive growth assessment last week.
The Sensex rose 0.64% to 74,773.01 and the Nifty gained 0.25% to 23,404.65.
Lower crude prices and renewed foreign and domestic institutional buying supported broader Indian market sentiment.
- Who
- Adani Group companies, Indian market investors, Jefferies, and institutional investors.
- What
- Several Adani stocks declined even as the Sensex and Nifty gained.
- Where
- Indian equity markets.
- When
- Monday; the declines followed gains recorded last Friday.
- Why
- Profit booking weighed on some Adani shares after recent gains, while lower crude prices and investor buying supported the broader market.
Key facts
- Largest decline
- Adani Total Gas fell 5% to ₹629.30.
- Adani Ports
- Adani Ports declined 2% to ₹1,766.70.
- Sensex
- The Sensex rose 478.05 points, or 0.64%, to 74,773.01.
- Nifty
- The Nifty gained 58.25 points, or 0.25%, to 23,404.65.
- Crude oil
- Brent crude futures fell 2.2% to $101.6 per barrel.
- Foreign investors
- Foreign institutional investors bought ₹599 crore of Indian equities on Friday after seven sessions of selling.
- Domestic investors
- Domestic institutional investors bought more than ₹1,000 crore during Friday’s session.
Sources
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