Shares of Adani Group companies surged as high as 18% in the early morning trade today amid a strong market opening after the exit polls predicted an emphatic victory for the BJP-led NDA in the Lok Sabha Elections 2024. Shares of five out of 10 companies of the Adani group hit 52-week high amid a rally in the Benchmarks Sensex and Nifty, which surged 2208.41 points and 679.60 points, respectively.
The flagship company, Adani Enterprises Ltd, hit a 52-week high at ₹3,743 today, up 8.8% compared to the previous session close, taking the company's m-cap to ₹4.18 lakh crore. Adani Energy Solutions shares surged 13% to ₹1,250 to hit a near 52-week high on the BSE. The company's m-cap at the current share price stands at ₹1.35 lakh crore. Adani Ports and Special Economic Zone Ltd also touched its 52-week high at ₹1,607.95 on the BSE, taking its m-cap to ₹3.43 lakh crore.
Similarly, Adani Power shares hit a one-year high at ₹890.40, up 18% compared to the previous session close, taking its m-cap to ₹3,30,732.51 crore. Adani Green Energy Ltd also touched a one-year high at ₹2,173.65 on the BSE, up 11.8% compared to ₹1,915.25 in the previous session, taking the company's m-cap to ₹3.15 lakh crore.
Other companies, including Ambuja Cement, also hit a one-year high at ₹676.05 at the BSE, and its m-cap surged to ₹1.63 lakh crore. Shares of ACC Ltd gained 4.13% to ₹2,651.35 on the BSE, with its m-cap surging to ₹49,788.98 crore. NDTV shares surged 7% to ₹274.90 on BSE. Adani Total Gas Ltd shares hit 13.2% up at ₹1,197.95 on the BSE, while its m-cap stood at ₹1,23,596.66 crore. Adani Wilmar shares surged 6.8% to hit the day's high at ₹382, and its m-cap stands at ₹47,412.28 crore.
The Adani group stocks had witnessed a similar rally on Friday as well, which has helped the conglomerate add ₹2.6 lakh crore in its m-cap in the past two sessions alone. With this, the total m-cap of the Adani group has touched ₹19.24 lakh crore today.
The domestic benchmark indices, meanwhile, opened at fresh record highs today. The market witnessed broad-based buying, led by public sector entities, defence, and infrastructure companies, as experts believe that possible election outcomes will provide "stability and continuity" in policy-making.
The BSE Sensex opened higher for the second straight session at 76,583, up 2,622 points against the previous closing level of 73,961. In the early trade, the 30-share benchmark rallied as much as 2,777 points to hit a fresh record high of 76,739 mark. In a similar trend, NSE Nifty belled the day at a new high of 23,338, up 807 points as compared to Friday’s closing mark of 22,530. Extending opening gains, the Nifty50 surged 808 points to attain a new all-time high of 23,339.
