Markets climb on steep rally in Adani group firms, fresh foreign fund inflows

Equity benchmark indices Sensex and Nifty rebounded on Wednesday, driven by a sharp rally in Adani group stocks and fresh foreign fund inflows.

The BSE benchmark Sensex climbed 230.02 points or 0.29% to settle at 80,234.08. During the day, it surged 507.09 points or 0.63% to 80,511.15.

The NSE Nifty rose 80.40 points or 0.33% to 24,274.90.

From the 30-share Sensex pack, Adani Ports surged 6 per cent. NTPC, HDFC Bank, Bajaj Finance, Maruti and Axis Bank were among the other gainers.

In contrast, Titan, State Bank of India, Asian Paints, Tata Consultancy Services, HCL Tech, Sun Pharma, IndusInd Bank and ICICI Bank were among the laggards.

Shares of Adani Group firms, including Adani Power, Adani Total Gas, Adani Enterprises, Adani Energy Solutions and Adani Green Energy, surged after an Adani Group entity said on Wednesday that Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act, adding that they faced three other charges, including securities and wire fraud that are punishable with monetary fines.

Some of the group firms hit their upper circuit limits.

Foreign Institutional Investors (FIIs) bought equities worth ₹1,157.70 crore on Tuesday, according to exchange data.

In Asian markets, Shanghai and Hong Kong settled in the green, while Seoul and Tokyo ended lower.

European markets were trading mostly lower. The US markets ended in positive territory on Tuesday.

Global oil benchmark Brent crude climbed 0.63% to $73.23 a barrel.

On Tuesday, the BSE benchmark declined 105.79 points or 0.13% to close at 80,004.06. The Nifty dipped 27.40 points or 0.11% to 24,194.50.