Adani stocks celebrating

The markets have gone through the roof and the stocks leading this fantastic surge are the Adani group stocks. Every single listed Adani stock is up in the green, most hitting new highs. Adani Power hit a new high at Rs.896.40, Adani Enterprises at Rs.3743, Adani Ports at Rs.1607.95, Adani Green at Rs.2173.65. Adani Energy rose is just Re.1 short of a new high while Adani Total rose 15%, Adani Wilmar is up 7% and NDTV is up 11%.

The reason for this is obviously the Exit polls which have clearly predicted that Narendra Modi is all set to return on a rare third term (first time ever in independent India) and will be re-elected with a landslide victory. The exit polls indicate that the victory this time would be much better than 2019. At least seven exit polls released by Indian media organisations predicted that the BJP and its allies would win 350-380 seats of the 543 in the Lok Sabha.

And given the closeness of Gautam Adani with the PM, naturally all stocks of the group are up in the sky.

What also added to the euphoria was the GDP for Q4FY24 which surpassed all estimates, coming in at 7.8% though lower than 8.4% in Q3FY24. FY24 GDP has been revised upwards to 8.2% from the second advance estimate of 7.6%.