Adani stocks outperform Nifty over last seven days

  • IANS
  • Stock Market News
Adani stocks outperform Nifty over last seven days
Credit: © Reuters.

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.

Nifty closed on a positive note, while most sectorial indices closed in the green. Nifty IT and Nifty Energy were among the outperforming sector up by 1.67 per cent and 1.55 per cent respectively.

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.

--IANS

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