Adani Group stocks continue to party! The stocks of Adani Group have shown remarkable growth for the fourth day in a row. Nine out of ten stocks are trading in the green, with Adani Green Energy and Adani Total Gas witnessing a significant rise of 16%. Adani Enterprises and Adani Ports and Special Economic Zone, both constituents of Nifty, were the top gainers in the early trade, with a rise of 6% and 7% respectively.
As of Wednesday, the combined market capitalization of all Adani Group companies stood at Rs 14.65 lakh crore, according to an ET report.
Furthermore, Adani Energy Solutions, Adani Power, NDTV, Adani Wilmar, and Ambuja Cements also experienced gains ranging from 13% to 1.2% around 9:35 am. The only stock that witnessed a decline was ACC, falling by 0.44%.On Tuesday, Adani Group stocks added Rs 1.93 lakh crore to their combined market capitalization, marking their best single-day performance. The total market capitalization of all the companies was just below the Rs 14 lakh crore mark on that day.
The recent surge in Adani Group stocks can be attributed to the Bharatiya Janata Party’s (BJP) victories in the states of Rajasthan, Madhya Pradesh, and Chhattisgarh, which has instilled more confidence in the market regarding the return of the current government in the 2024 general election.
Additionally, a Bloomberg report quoting an unnamed official from the US International Development Finance Corporation (DFC) stated that the allegations made by Hindenburg Research were not relevant. The US agency recently announced funding of $553 million for the Adani Group’s port business in Sri Lanka.

Experts have commented on the impact of the BJP’s recent victories on the domestic markets. Motilal Oswal has said that while state elections have shown no correlation with Lok Sabha elections in the past, it nonetheless removes a key overhang of political uncertainty for the markets for the next five months.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, added that the market likes political stability and a reform-oriented, market-friendly government. From the market perspective, the results were better than expected, he said.
The rise in Adani Group stock prices can also be attributed to the Supreme Court reserving its verdict on a batch of petitions seeking examination of fraud allegations against the conglomerate, which has generated positive sentiment in the market.