India’s stock markets managed to end with gains for the sixth straight session on Monday, April 10th. The markets posted the longest gaining streak in four months as the BSE’s Sensex closed 14 points higher at 59,847, while the NSE’s Nifty closed 25 points higher at 17,624.
One of the major interesting events on Monday was the revival of the controversial port-to-power conglomerate Adani Group’s shares as all its listed companies ended up gaining, while the stocks of three companies ended up in the upper circuit.
It’s a major development for the Adani Group since its shares nosedived after the US-based short seller Hindenburg Research accused it of brazen manipulation to inflate stock prices in a report published in January.
Adani Group’s total market capitalisation is now up by Rs 250bn. It’s not yet clear who is fuelling this revival of the controversial conglomerate.
The BSE companies gained a market cap of more than Rs 700bn on Monday. Capitalising on the gas price cut, the state-owned ONGC saw its stocks up by 4% and became one of the top Nifty gainers on Monday.
Following strong updates on the last quarter (Q4) of the financial year (FY) 2022-23, Tata Motors stocks shot up to 8% on Monday.
Investors look forward to this week with hope and anxiety as major information and technology giants like Tata Consultancy Service (TCS) and Infosys, along with banking giant HDFC Bank will publish their Q4 FY 2022-23 reports this week.
