New Delhi: Shares of Adani Group companies soared today, significantly contributing to the benchmark equity indices Sensex and Nifty climbing over 2 percent, resulting in record closing highs. This surge comes on the heels of the Reserve Bank of India (RBI) revising the gross domestic product (GDP) growth projection upwards to 7.2 percent for the fiscal year 2024-25, up from the previous estimate of 7 percent.
The Sensex experienced a substantial gain of 1,618 points, closing at a record 76,693 in intraday trading, while the Nifty saw an impressive rise of 468 points, settling at 23,290. This performance marks a historic peak for both indices, driven by broad-based gains across all sectoral indices.
Adani Group’s stocks showed remarkable resilience and growth, particularly those of NDTV, which climbed by 4 percent. Adani Green Energy and Adani Ports were notable performers, leading the group’s recovery from Tuesday’s market dip, which coincided with the day votes were counted for the Lok Sabha election.
Other market leaders included Mahindra and Mahindra, and Wipro, both seeing their shares rise by over 5 percent. Analysts attribute this market buoyancy to perceived stability and positive investor sentiment.
The RBI’s decision to maintain its key interest rates unchanged played a pivotal role in bolstering market confidence. The central bank’s Monetary Policy Committee, which includes three RBI officials and three external members, unanimously voted to keep the repo rate steady at 6.50 percent for the eighth consecutive policy meeting. RBI Governor Shaktikanta Das emphasized the focus on inflation control amid strong economic growth, which offers the new Modi government leeway for potential reforms.
“Markets are cheering as they see stability,” noted an expert, reflecting the overall optimistic mood. The unchanged interest rates, coupled with the upward GDP growth revision, have provided a robust foundation for this market rally.
In conclusion, the surge in Adani Group shares, along with the overall market’s record highs, underscores a phase of renewed investor confidence and economic optimism. As the Modi government settles in, the financial landscape appears poised for continued growth and stability, with the RBI’s policies supporting this positive trajectory.
- Adani Group Surge: Shares of Adani Group companies surged significantly, contributing to market gains.
- Market Record Highs: Sensex climbed 1,618 points to 76,693, and Nifty rose 468 points to 23,290, both reaching record highs.
- RBI GDP Revision: The Reserve Bank of India (RBI) revised the GDP growth projection for 2024-25 upwards to 7.2 percent from 7 percent.
- Sectoral Gains: All sectoral indices performed well, indicating broad-based market strength.
- NDTV Share Increase: Shares of Adani Group company NDTV climbed by 4 percent.
- Other Major Gainers: Mahindra and Mahindra, and Wipro stocks gained over 5 percent.
- Post-Election Recovery: Adani Green Energy and Adani Ports led the recovery from Tuesday’s market dip following the Lok Sabha election vote count.
- RBI Interest Rates: The RBI kept the repo rate unchanged at 6.50 percent for the eighth consecutive policy meeting.
- Inflation Focus: RBI maintained a hawkish stance on inflation while supporting robust economic growth.
- Expert Opinion: Analysts attribute market buoyancy to perceived stability and positive investor sentiment.
Economic Optimism: The unchanged interest rates and upward GDP revision support a positive economic outlook.
