How Have Adani Group Shares Continued Their Rally?

Synopsis
Key Takeaways
- Adani Group shares surged after SEBI's clean chit.
- Total market capitalisation rose by Rs 1.7 lakh crore.
- Adani Power led with a 35 per cent increase.
- IT stocks faced downward pressure due to US visa fees.
- Indian benchmark indices closed negatively.
New Delhi, Sep 22 (NationPress) Shares of Adani Group companies have maintained their positive trend on Monday, experiencing a notable surge for the second consecutive session following the Securities and Exchange Board of India (SEBI)'s clearance in the Hindenburg short-selling case.
The Adani Group has witnessed a remarkable increase in its overall market capitalisation, adding Rs 1.7 lakh crore in just two days and surpassing the Rs 15 lakh crore threshold.
Leading the charge, Adani Power reached its 20 per cent upper circuit limit during the session, closing at Rs 170. In merely two trading days, this stock has surged nearly 35 per cent following a 1:5 stock split.
Adani Total Gas experienced a rise of nearly 20 per cent, closing at Rs 781, which translates to an approximate 27 per cent gain over two days. Meanwhile, Adani Green Energy also marked an increase of roughly 12 per cent on Monday, offering investors a 17 per cent return across two sessions.
Adani Enterprises saw a gain of 3.98 per cent, closing at Rs 2,624, reflecting an almost 10 per cent increase in this timeframe, while Adani Energy Solutions climbed 6.52 per cent to Rs 934, resulting in over 11 per cent growth in two days.
Adani Ports increased by 1.20 per cent to Rs 1,445, leading to a two-day gain of approximately 3 per cent. Additionally, Ambuja Cement, a significant cement subsidiary of the group, rose by 1.30 per cent to Rs 590, which is around 2.5 per cent over two sessions.
In contrast, the Indian benchmark indices concluded the day in the negative after a turbulent session.
The IT stocks exerted downward pressure on the market early on, triggered by the US administration's announcement of a $100,000 fee for new H-1B visas. However, the market rebounded swiftly, supported by the GST reforms that took effect on Monday.
The Sensex finished at 82,159.97, down 466.26 points or 0.56 per cent, while Nifty closed at 25,202.35, down 124.70 points or 0.49 per cent.