Mid-day Mood | Adani Group stocks spike in lacklustre market; Nifty trades flat

Adani Group stocks surged as much as 20 percent following the Supreme Court's judgement on the Adani-Hindenburg issue.

The domestic benchmark indices swung between gains and losses in a lacklustre session on November 28, mirroring the subdued trend seen across global markets. However, it was heavy buying across all Adani group stocks that stole the spotlight, also helping the benchmark indices to stay afloat in the green by mid-day.

Stocks tied to the Adani conglomerate soared as much as 20 percent after the Supreme Court concluded hearings on petitions demanding an investigation into the Adani Group companies over allegations of accounting fraud and stock manipulation raised by US short-seller Hindenburg in January. The court stated that it cannot order a probe based only on certain reports and without hearing the entities impacted by its orders.

As for the Nifty, Aditya Gaggar, director of Progressive Shares, stated that the index finds it difficult to clear the immediate hurdle of 19,840 and, in case of a breakout, he expects a target of 20,170 with the downside being restricted to 19,730.

Around noon, the Sensex was down 23.65 points or 0.04 percent at 65,946.39, and the Nifty was up 31.00 points or 0.16 percent at 19,825.70. The market breadth favoured gainers as about 1,714 shares rose, 1489 fell, and 133 remained unchanged.

Stocks and sectors

Buoyed by the Supreme Court's judgement on investigations into Hindenburg's allegations, shares of Adani group companies soared as much as 20 percent intraday on November 28.

Adani Total Gas was the top gainer among the group stocks as it zoomed 20 percent, followed by Adani Energy Solutions, which jumped over 13 percent.

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Nifty 50 constituents Adani Enterprises was up over 10 percent, while Adani Ports surged over 6 percent.

Other Adani group stocks, Adani Power, Adani Wilmar, NDTV, ACC and Ambuja Cements were trading with 2-7 percent gains.

Oil and gas stocks also inched higher, with oil market companies, Indian Oil, and  BPCL leading with gains of around 4 and 3 percent on the back of a fall in Brent crude prices. Global brokerage firm HSBC also sharply raised its FY24 earnings forecasts for IOCL and BPCL on the back of a strong growth outlook.

Among sectors, automobile, energy and metals saw strong buying interest while information technology,  FMCG and pharma remained under pressure.

On the other hand, shares of Raymond were down for the tenth straight session despite Chairman Gautam Singhania's assurance of smooth functioning of the business amid his family feud.

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