Markets@10: Surge in Nifty & Sensex; Adani Group shares see volatility

The market, which started the day with gains, continued to rise throughout the morning. Within the first hour of trading, the Nifty reached 23,607 and the Sensex hit 77,990. All sectors saw gains today, except for the media sector. The Bank Nifty gained as much as 1.15%.

Adani Group shares, which had dragged the market down yesterday, began the day lower but later reduced their losses. Some even briefly turned positive. Adani Green Energy, which had fallen 12% earlier in the day, trimmed its losses to 10%. Adani Energy Solutions dropped 8%, and Adani Enterprises fell 4%. Shares of Adani Ports, Adani Power, Wilmar, and Adani Total also declined by 3-4%.

Public sector banks, which have provided significant loans to the Adani Group, saw an upward movement today after dropping yesterday.

Shares of GQG Partners, the investment firm led by Rajiv Jain that helped the Adani Group last year, also rose today. GQG's shares climbed as much as 12% on the Sydney Exchange after the company announced a buyback plan worth 100 million Australian dollars. The stock had fallen 26% the previous day.

S&P Global Ratings has downgraded the credit outlook for five companies within the Adani Group. The agency warned that the financial stability of these companies could be at risk if the US court’s investigation proves the allegations against them.

Mahanagar Gas raised the price of gas by 2 rupees per kilogram, which led to a 3% rise in the company’s stock price.

Shares of Reliance Industries saw a slight rise after both Morgan Stanley and JP Morgan placed the stock on their "buy" lists and raised their target prices. JP Morgan set a target of Rs 1,648, while Morgan Stanley’s target was Rs 1,662. Reliance shares ended the day at Rs 1,230.

Shares of Sagl Prepaid surged 5% after the company announced a partnership to provide software, payment, and card products to Strada India's customers. The stock has increased by 16% in the last five days following strong earnings growth.

The Indian rupee showed slight gains today. The dollar opened at Rs 84.49, unchanged from yesterday’s closing rate, and later inched down to Rs 84.48.

Gold update

Gold prices continued to rise on the global market. The price reached $2,689 per ounce in the morning before slightly dipping to $2,685. In Kerala, the price of gold jewelry increased by Rs 640 per gram to Rs 57,800. Over the last five days, the price has risen by Rs 2,320 per gram.

Crude oil prices also saw an uptick, with Brent crude reaching $74.62 per barrel.