Sensex Mumbai/IBNS: India’s stock market saw a robust recovery on Friday (Nov. 22), with benchmark indices rallying significantly during intraday trade.
The upswing was driven by a sharp rebound in most Adani Group stocks and strong performance across key sectors.
The S&P BSE Sensex surged 1,034.76 points to reach 78,190.55 by midday, while the NSE Nifty50 advanced 329.15 points to touch 23,679.05.
This market rebound added approximately Rs 5 lakh crore to the total market capitalization of the Bombay Stock Exchange (BSE).
The recovery was supported by sectoral gains in banking, financials, IT, and energy stocks.
Prominent contributors to the rally included ICICI Bank, State Bank of India (SBI), Reliance Industries (RIL), Infosys, Tata Consultancy Services (TCS), Larsen & Toubro (L&T), and Bharti Airtel.
Adani Group stocks, which had faced sharp declines in earlier trading sessions, rebounded strongly.
Ambuja Cements led the recovery with a 6 percent gain, followed by ACC, which rose nearly 4 percent.
Flagship Adani Enterprises climbed 2.5 percent, while Adani Green Energy, Adani Ports, Adani Power, and Adani Total Gas posted gains of 1 percent to 2 percent.
However, Adani Energy Solutions remained under pressure, sliding 3 percent.
The rebound followed a statement from the Adani Group dismissing allegations of bribery and fraud involving chairman Gautam Adani and senior executives.
These accusations, brought by the US Securities and Exchange Commission (SEC), alleged bribery schemes to advance renewable energy projects in India, which the group has called "baseless."
Despite Friday’s recovery, the Adani Group continues to face scrutiny.
The day before, shares of Adani Enterprises hit a 52-week low, plummeting 23 percent, while Adani Energy Solutions and Adani Green Energy fell by 20 percent and 19 percent, respectively.
Adding to the challenges, the Kenyan government recently terminated a $736 million agreement with an Adani unit for power transmission lines, citing investigative findings.
The ongoing controversies have raised concerns about governance practices within the Adani Group, as well as its ability to access funding.
Ratings agencies like S&P and Moody’s have revised their outlooks for certain Adani entities, reflecting heightened risk perceptions.
While the broader market shows signs of resilience, the Adani Group’s ongoing challenges continue to cast a shadow over its long-term stability.
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