New Delhi, Dec 6 (IANS) Over the past seven days, the Adani Group of Stocks has outperformed the Nifty 50 . The group companies have experienced gains of between 16 per cent and 63 per cent said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.He said that Adani Total Gas (NS: ADAG ) -- one stock that has more than doubled investor wealth -- has increased in value over the past seven days by more than 60 per cent.
He said that in addition, the stock has dropped the most year-to-date by as much as 70.5 per cent, and it is currently trading at a 73.65 per cent discount to its 52-week high.
He said that the Adani Power (NS: ADAN ) and Adani Ports, two Adani group enterprises, are near to 52-week highs during this period.
Wipro (NS: WIPR ), LTIMindtree (NS: LTIM ), ITC, L&T and TC were among top gainers on the Nifty, while losers includes Adani Enterprises (NS: ADEL ), Eicher Motors (NS: EICH ), Cipla (NS: CIPL ), NTPC (NS: NTPC ) and UltraTech Cement (NS: ULTC ).
Vinod Nair, Head of Research at Geojit Financial Services said post-state elections, market optimism thrives, confirming policy continuity and meeting investor expectations.
He said that a robust FII reversal is fuelled by receding inflation and dropping yields in both US and Indian markets. The allure of Indian market gains post-China credit rating downgrade and decline in oil prices was followed by ease in geopolitical tensions.
He said that a strong rebound in IT, driven by reduced US recession risks and in anticipation of robust summer demand, fuels the momentum in the power sector.
He said that despite a promising outlook, short-term profit booking may occur due to domestic premium valuation concerns.
He said that lingering El Nino risks, a drop in reservoir levels, and reduced sowing may hold RBI to profoundly upgrade H2FY24 growth and reduce future inflation estimates.
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