The stock market regained momentum on Wednesday and BSE Sensex gained 230 points. The market got support from the rise in shares of Adani Group companies mainly due to capital investment by foreign institutional investors.
In volatile trading, the Sensex based on 30 shares closed at 80,234.08 points with a gain of 230.02 points or 0.29 percent. At one time during trading it had climbed up to 507.09 points. Out of 30 Sensex stocks, 18 were in profit while 12 were in loss.
National Stock Exchange’s Nifty also closed at 24,274.90 points with a gain of 80.40 points or 0.33 percent. Shares related to people-oriented services, power, capital goods and service sectors were on the rise, while shares related to realty and health companies were in the red.
Adani Ports shares had the highest rise
Among the Sensex stocks, Adani Ports rose the most by six percent. Apart from this, NTPC, HDFC Bank, Bajaj Finance, Maruti and Axis Bank were also major gainers. On the other hand, loss-making stocks include Titan, State Bank of India, Asian Paints, Tata Consultancy Services, HCL Tech, Sun Pharma, IndusInd Bank and ICICI Bank.
Adani Group clarified on the allegations
After Adani Green Energy’s statement on Wednesday, there was a good rise in Adani Power, Adani Total Gas, Adani Enterprises, Adani Energy Solutions and Adani Green Energy. The company said that no charges have been filed against industrialist Gautam Adani and his associates under the US Foreign Corrupt Practices Act (FCPA) in the alleged bribery case. He has been charged with securities fraud and wire fraud, the punishment for which is monetary fine.
There was a rise of about 20 percent in the group companies. According to stock market data, foreign institutional investors (FIIs) bought shares worth Rs 1,157.70 crore on Tuesday. Vinod Nair, head of research at Geojit Financial Services, said market sentiment in Asia remained mixed amid the possibility of US imposing tariffs. Meanwhile, China’s market remained bullish amid expectations of additional stimulus measures.
BSE Smallcap index related to shares of small companies rose 1.18 percent while BSE Midcap index related to medium companies gained 0.34 percent. BSE Sensex had lost 105.79 points on Tuesday, while NSE Nifty had fallen by 27.40 points.