Adani stocks boost Tuesday's market gain

The Adani group was the star of the stock markets on Tuesday, with its 10 listed companies contributing over 65% of the day’s overall market gains. The surge also erased much of the 10 stocks’ losses since the explosive Hindenburg report in January. On a day the market gained ₹2.9 trillion, investors in Adani group companies turned wealthier by ₹1.9 trillion, marking the biggest single-day jump in value for the infrastructure conglomerate.

- Anirudh Laskar

On Tuesday, three Adani stocks shot up 20% each to hit their upper circuit limits - Adani Green Energy Ltd (₹1,348.50), Adani Energy Solutions Ltd (₹1,084.40) and Adani Total Gas Ltd (₹878.70). The group's market cap neared ₹14 lakh crore on Tuesday. While that is a fair bit away from the ₹19.2 lakh crore market cap of January 24, just before Hindenburg hit, the group has still recovered a large chunk of the ₹12.5-lakh crore fall in market cap it had suffered.

In the two trading sessions since the Bharatiya Janata Party (BJP) clinched thumping victories in three state polls, Adani stocks have now contributed 30% to the ₹8.79 trillion addition in investor wealth.