IANS | 06 Dec, 2023
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 -- 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 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,
LTIMindtree, ITC, L&T and TC were among top gainers on the Nifty,
while losers includes Adani Enterprises, Eicher Motors, Cipla, NTPC and
UltraTech Cement.
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.
