Stock rally takes Adani group m-cap to Rs 10 trillion

MUMBAI: Adani group headlined the market rally on Monday, with the stocks of all its 10 firms surging between 5% and 20%, taking the group’s market capitalisation past the coveted Rs 10-lakh crore mark.

The benchmark equity indices Sensex and Nifty rallied for a second straight session on Monday following buying in index heavyweight Reliance Industries and IT stocks amid optimism in Asian markets.

The 30-share BSE Sensex climbed 234 points or 0.38 per cent to settle at 61,963.68 as 19 of its components closed in green. During the day, it jumped 314.78 points or 0.50 per cent to a high of 62,044.46.

The broader NSE Nifty rallied 111 points or 0.61 per cent to end at 18,314.40 with 34 of its constituents closing with gains and 15 closing lower while one settled unchanged.

Among the Sensex firms, Tech Mahindra, Wipro, Infosys, Tata Consultancy Services, HCL Technologies, L&T, ITC, Sun Pharma, NTPC and Titan were the major gainers. Nestle, Axis Bank, Tata Motors, ICICI Bank, HDFC Bank and Bharti Airtel were the laggards.

All the ten listed Adani group stocks ended with significant gains as a Supreme Court-appointed expert committee said it has found no evidence of stock price manipulation in group companies, while a separate Sebi probe into alleged violation in money flows from offshore entities has “drawn a blank”.

Adani Enterprises zoomed 18.84 per cent and Adani Wilmar jumped 10 per cent, the biggest gainers among the ten listed group firms.

“The domestic market inched higher in anticipation of possible progress in US debt ceiling negotiations. Despite a weak fourth-quarter performance, IT stocks rebounded on account of bargain opportunities and pent-up demand,” said Vinod Nair, head, Research, Geojit Financial Services.