Market News Wrap: Adani Group stocks rally post-clarification on bribery charges; 380 stocks hit upper circuit on BSE

The S&P BSE SENSEX ended at 80,234.08, up 230.02 points, or 0.29%, while the NSE's NIFTY50 index ended at 24,274.90, up 80.40 points, or 0.33%.

Adani Group stocks made an impressive comeback after the group issued a clarification that Gautam Adani, Sagar Adani, and Vneet Jain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US Department of Justice or the civil complaint of the US Securities and Exchange Commission (SEC).

"These directors have been charged on three counts in the criminal indictment, namely alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud," Adani Green said in the filing.

All Adani Group stocks post the development ended with sharp gains. Adani Energy Solutions ended 10% higher at ₹661.25 on the BSE, while Adani Enterprises rallied 11.56% to ₹2,398.35. Adani Green also rallied 10% while Adani Ports jumped over 6%. 

Buzzing Stocks

Shares of NTPC Green Energy Ltd, the renewable energy arm of NTPC, were listed with a premium of over 3% against the issue price of ₹108 on Wednesday.

The stock made its debut at ₹111.60, up 3.33% from the issue price on the BSE. Later, it climbed 12.40% to ₹121.40.

On the NSE, it listed at ₹111.50, up 3.24%.

However, later the stock jumped as much as 13.5% to hit a high of ₹122.65. 

The stock ended at ₹106.95, up 12.76%. 

Market Statistics

The market breadth was in favour of gainers as of 4,040 stocks traded on the BSE; 2,593 advanced, and 1,338 declined, while 109 scrips remained unchanged. 

Further, 216 stocks hit their 52-week highs while 37 scrips touched their 52-week lows. 

As many as 380 stocks hit their upper circuits, and 210 stocks touched their lower circuits. 

Broader Market

The BSE SmallCap index ended 1.18% higher at 54,560.93 levels, while the BSE MidCap index settled at 45,957.59, up 0.34%.