Adani Group Stocks Extend Gains On Tuesday

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Adani Group Stocks Extend Gains On Tuesday

| Updated: May 23, 2023 14:46

The Adani Group stocks extended gains on Tuesday to the third consecutive session with flagship Adani Enterprises scoring the best with 10% gains. It was followed by Adani Wilmar which shot up nearly as much. All ten Adani stocks were trading in the green in early trade.

This is significant as shares of Adani Group continued their rally for another day on May 23 as buying continued after overhang related to Supreme Court panel enquiry vanished.

A Supreme Court-appointed panel found no evidence of stock price manipulation in Adani Group companies, while a separate Sebi probe into alleged violation of money flows from offshore entities has “drawn a blank”.

In the options market as well, Adani Group stocks saw traders taking bullish positions. Open interest for Adani Enterprises rose by 14% while the same for Adani Ports climbed 13% to the highest of the month.

The committee, headed by former Supreme Court judge Justice AM Sapre, in its 173-page report, said that based on the data from the stock market regulator Securities and Exchange Board of India (Sebi), it saw “no evident pattern of manipulation” in the steep stock price rise in billionaire Gautam Adani’s companies that can be attributed to “any single entity or group of connected entities”.

Nifty advanced 0.52% to the 18,400 level and Sensex was at 62,200, up 0.38% thanks to buying in finance, banking and IT heavyweights.

Market analysts said that the “bulls have regained control” and the base level appeared to have shifted higher to the range of 18050-18100.

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