Adani Group stocks fall amid weak market sentiment; Adani Enterprises, Adani Ports shares top Nifty 50 laggards
Adani Group stocks trading weak in overall market; Adani Enterprises and Adani Ports top laggards. Adani Enterprises stock consolidating around crucial support; Adani Ports short term momentum weak.
All ten of the Adani Group stocks were trading in red in an overall weak market. Of the ten companies in the Adani Group, the Nifty 50 top laggards were Adani Enterprises (down 3.14%) and Adani Ports and Special Economic Zone (down 2.34%).
According to analysts, Adani Enterprises share price has been consolidating in a range since last few weeks. The stock is now trading around it's crucial support of 2,300. On the other side, for Adani Ports and Special Economic Zone shares price's short term momentum looks weak as the stock has breached it's support of 785. A follow up move below this can lead to further correction in the short term.
"Adani Enterprise stock is currently trading near its 200-day Simple Moving Average (SMA) and the crucial support level of 2,340. A close below 2340 may lead to a further decline towards 2,210 and 2,160 in the near term. Immediate resistance is looking around 2,375, above which the stock may exhibit signs of a reversal.
Adani Ports stock is presently trading close to its 100-day Simple Moving Average (SMA). A close below 770 could trigger the next downward movement for Adani Ports. A break below 770 may extend the downtrend towards 725 and 700. Immediate resistance is near 800, and a breakthrough above this level may indicate the stock is showing signs of a reversal," said Riyank Arora, Technical Analyst of Mehta Equities.
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Shares of Adani Wilmar dropped 2.04%, Adani Power slumped 4.71%, Adani Energy Solutions slipped nearly 3%, Adani Total Gas fell over 2.5%, New Delhi Television (NDTV), which is likely to announce its results today was trading 3.35% down, Ambuja Cements lost over 2% and ACC lost over 1% on Monday's trade.
On Monday's trading session, the market sentiment was sluggish overall due to the combination of mixed quarterly corporate results and increased geopolitical uncertainties. All sectors indicators and the overall market were trading in red. The Midcap index fell to its lowest points in almost a fortnight. The Nifty Smallcap index 200 was down 2.09%, and the Nifty Midcap 100 was down 1.72%.
The Adani group announced on Friday that it has secured a $3.5 billion debt restructure deal with a group of at least ten foreign lenders to pay back the loans that the the company's promoters had taken out to finance the $6.6 billion acquisition of ACC and Ambuja Cements last year.
Last week, Adani Group of stocks were in focus, after The Economic Times, quoting sources, reported that CK Birla reached out to Gautam Adani after turning down initial offers from other domestic players that did not meet his valuation requirements.
The article stated that senior management officials from both sides have met to talk about a possible acquisition for Adani, which currently holds the second-largest cement capacity in India.
Orient Cement was questioned by the stock exchanges on the stake sale. But Orient Cement retorted that it is not aware of any such conversations and is unable to provide commentary.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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