Adani shares gain 2-6% as traders mount fresh bets

Mumbai: Shares of Adani group companies were among the top gainers on Tuesday as easing uncertainty over BJP's prospects in the elections prompted traders to mount bets on them. Shares rose between 2% and 6%, while the Sensex and Nifty gained roughly 0.5%. Adani Enterprises, Adani Power, and Adani Total Gas jumped over 5% each.

"We saw a rally in Adani group companies after the market also gained during the day, as there are growing assertions that the current government will get a strong majority," said Apurva Sheth, head of research at Samco Securities. "The conglomerate, operating in various sectors, is expected to benefit."

On Monday, the stock market rebounded from lows after Union home minister Amit Shah emphasised that the ruling party and its allies will get over 400 seats.


Sheth said the rally in energy and commodity stocks could have also rubbed off on Adani group shares on Tuesday. Nifty Energy index hgained over 1.6% on Tuesday.

"The (Adani) group stocks have been seeing a rally as the continuation of the current government will give a boost to the infra, and Adani being the largest player is set to benefit," said Deven Choksey, managing director of DRChoksey FinServ. "We think all Adani companies are a part of the infrastructure growth story of India, in all segments of renewables, conventional power, power transmission, road, railways, airports, ports and more."