Nifty and Sensex gained due to strong rally in Adani Group shares and positive global cues. Smallcaps outperformed, while pharma and realty sectors remained weak. The market also got relief from the ceasefire in the Middle East.
Stock market today: Market booms due to rise in Adani shares, smallcaps perform better
On Wednesday, the Indian stock market ended the day strongly after a volatile session. A sharp rise in Adani Group stocks and positive signals internationally supported the market. However, the market remained volatile throughout the day due to weakness in some key stocks.
The market's main index Nifty 50 ended the day with a gain of 0.33% at 24,274, while the Sensex closed at 80,246 with a gain of 0.30%. Broader markets performed better than the main index. The Nifty Midcap 100 index closed 0.65% higher at 56,279, while the Smallcap 100 index closed 1.35% higher at 18,511.95.
Talking about sectoral indices, Energy, Metal, Media and PSE indices saw gains of 0.70% to 1.50%. On the other hand, Pharma (-0.65%) and Realty (-0.50%) indices suffered the most. The IT index also closed with a slight decline of 0.21%.
Market relief from international developments:
The ceasefire agreement between Israel and Hezbollah in the Middle East reduced geopolitical tensions and helped bring down crude oil prices. Apart from this, the minutes of the US Federal Reserve meeting indicated that inflation is coming down and the labor market remains strong. This has given investors hope that interest rate cuts may continue gradually.
Commenting on global cues, Vinod Nair, Research Head, Geojit Financial Services, said that the Indian market may remain high due to strong financial results and positive global cues. Expectations of stimulus measures in the Chinese market and the possibility of a cut in US interest rates have boosted investor morale.
Adani stocks soared:
Adani Group stocks caught the market's attention on Wednesday. Shares of all 11 companies of the group surged after Adani Green Energy issued a clarification on bribery allegations.
Adani Total Gas performed the best in the group with a gain of 19.8%, while Adani Power rose 19.5%. Shares of Adani Enterprises, Adani Green Energy, Adani Ports and other companies rose by 6.3% to 11.5%.
The company clarified that Gautam Adani and other officials are not accused of any Foreign Corrupt Practices Prevention Act (FCPA). However, the company also said that it may face financial penalties under civil complaints, which are yet to be assessed.
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