MC A10 Index sees marginal gains led by Ambuja Cement, utility portfolio

The cumulative market cap of the Adani Group stocks rose to Rs 9.27 lakh crore on March 16, 2023.

MC A10 Index – a sentimeter of Adani Group stocks – extended the winning run to the second day on March 16 and closed with marginal gains of 0.23 percent at 38.67 as most stocks from the group ended in the green.

The index captures the real-time price movement in all 10 Adani group stocks. The individual companies in A10 have weights in proportion to their total market cap.

Ambuja Cement, Adani Transmission and Adani Green Energy, all closed with 5 percent gains while Adani Enterprises and Adani Ports closed flat.

Adani Power, Adani Total Gas, Adani Wilmar and NDTV closed with cuts of up to 4 percent.

Thanks to the gains, the cumulative market cap of the Adani Group stocks rose to Rs 9.27 lakh crore.

Meanwhile, Adrian Mowat, Chief Asian and Emerging Markets Equity Strategist, JP Morgan, told Moneycontrol that he would still prefer staying on the sidelines as far as the Adani group is concerned.

“And for now, I would be very much in the camp of just staying on the sidelines and not having a strong view and certainly not committing the portfolio to these companies,” Mowat said.

The expert added, “I think a lot of institutional investors have decided to sidestep Adani, and it hasn't been sitting in people's portfolios. That was primarily because the valuations looked high."

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