Mumbai (Maharashtra) [India], May 31 (ANI): The stock market concluded the trading week on a positive trajectory, breaking a five-day losing streak with both benchmark indices registering marginal gains with all Adani group stocks scaling unprecedented heights.
The Sensex surged by 75.71 points, closing at 73,961.31, while the Nifty climbed by 42.05 points, reaching 22,530.70. The upbeat sentiment was reflected in the performance of Nifty-listed companies, with advances outnumbering declines.
Among the Nifty firms, notable gainers included Adani Enterprises, Adani Ports, Shriram Finance, Coal India, and Tata Steel, while Divi’s Lab, Nestle India, LTIMindtree, Dr. Reddy, and Maruti emerged as the top losers.
All Adani group company shares closed higher. Adani Enterprises closed 6.94 per cent higher, while Adani Ports & SEZ saw a gain of 4.01 per cent.
Adani Total Gas surged by 9.4 per cent, while Adani Power climbed by 8.82 percent. Adani Energy Solutions closed 1.86 percent higher. Adani Green Energy shares rose by 2.03 per cent, while Adani Wilmar, Ambuja Cements, and ACC recorded gains of 3.16 percent, 2.56 percent and 2.22 percent, respectively. Group’s media company NDTV’s closed 7.78 percent higher.
Surge in Adani group shares is attributed to a report by investment bank and financial services firm Jefferies. The report says the conglomerate group is now on an “expansion spree,” with plans for a USD 90 billion capex over the next decade.
Vinod Nair, Head of Research at Geojit Financial Services, noted the transition in market sentiment as the pre-election trading strategy.
He said, “The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout and strong resistance at current range are prompting investors to adopt a cautious stance.”
He added, “They are aligning their investments towards fundamentally strong sectors & stocks to safeguard against any abrupt reactions in the market. On the global front, the release of inflation data from the US, which are estimated to be high, could sway global market sentiment in the near-term.”
On the global front, market sentiment may be influenced by the release of inflation data from the US, which is anticipated to be high, indicating potential shifts in global market sentiment in the near term.
As the trading session came to a close, all Adani stocks maintained marginal gains, reflecting the overall positive sentiment prevailing in the market. (ANI)
