Sensex, Nifty Regain Momentum as Adani Group Stocks See Mixed Trends

On Friday, the Indian benchmark equity indices — Sensex and Nifty — hit their over-three-month lows as Foreign Institutional Investors (FIIs) offloaded shares worth Rs 5,977.86 crore.[0] The Sensex had tanked 874.16 points or 1.45 per cent to settle at 59,330.90, whereas the Nifty fell 287.60 points or 1.61 per cent to end at 17,604.35.[1]

However, in the early trading session on Monday, the 30-share BSE benchmark Sensex rose 98.89 points to 59,429.79 and the broader NSE Nifty gained 46.35 points to 17,650.70. The BSE midcap and smallcap indices both closed lower, while the India VIX, a measure of fear, surged over 2% to 17.71.[2]

Earlier Wednesday, US-based investment research firm Hindenburg Research released a report alleging that the Adani Group had “engaged in a brazen scheme of stock manipulation and accounting fraud over a decade”.[3] The firm reported that the Adani Group holds “substantial debt” and that their valuations have an 85 percent downside.[4]

Adani group has condemned and challenged the report, calling it malicious and baseless.[4] The firm has also said it is considering whether to take legal action against the US investor.[5] To this, Hindenburg responded by challenging them to file a lawsuit in the US as they want to get hold of further documents related to the investigation.

Meanwhile, shares of Adani Group companies witnessed mixed trends in early trade on Monday.[1] Adani Enterprises surged 10 per cent, while Adani Transmission dropped 14.91 per cent, Adani Green by 20 per cent, Adani Total Gas by 20 per cent, Adani Power by 5 per cent, and Adani Wilmar by 5 per cent.[6]

At 10 am, the BSE Sensex went up 45 points to 59,426.99 while NSE Nifty surged 26 points to 17,622.60. BSE Sensex rose by 169.51 points (0.29%) to finish at 59,500.41, while NSE’s Nifty50 Index ended at 17,648.95, climbing 44.60 points (0.25%).

0. “Business News | Domestic Market Opens with Volatilty, Recovers in Morning Session” LatestLY, 30 Jan. 2023,

1. “Markets trade firm in early trade” The Tribune India, 30 Jan. 2023,

2. “Sensex, tops 59,500, Nifty adds 45 pts; Heranba Industries, Adani stocks tank up to 20%” Business Today, 30 Jan. 2023,

3. “Adani Group, Tata Motors, Dr Reddy’s, DLF, Airtel, IGL are in Focus – Equitypandit” EquityPandit, 27 Jan. 2023,

4. “#Stockmarketcrash trends on Twitter as Adani stocks continue to fall after Hindenburg’s report” Telangana Today, 28 Jan. 2023,

5. “Ambuja Cements, ACC shares crash as Adani Group stocks extend decline | Mint” Mint, 27 Jan. 2023,

6. “Sensex, Nifty close higher in volatile trade as IT, oil shares recover” Devdiscourse, 30 Jan. 2023,