Shares of Adani Group firms surged after an Adani Group entity said that Gautam Adani and his aides have not been charged under the U.S. Foreign Corrupt Practices Act. File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty rebounded on Wednesday (November 27, 2024), driven by a sharp rally in Adani group stocks and fresh foreign fund inflows.

The BSE benchmark Sensex climbed 230.02 points, or 0.29%, to settle at 80,234.08. During the day, it surged 507.09 points, or 0.63%, to 80,511.15.

The NSE Nifty rose 80.40 points, or 0.33%, to 24,274.90.

From the 30-share Sensex pack, Adani Ports surged 6%. NTPC, HDFC Bank, Bajaj Finance, Maruti and Axis Bank were among the other gainers.

In contrast, Titan, State Bank of India, Asian Paints, Tata Consultancy Services, HCL Tech, Sun Pharma, IndusInd Bank, and ICICI Bank were among the laggards.

Shares of Adani Group firms, including Adani Power, Adani Total Gas, Adani Enterprises, Adani Energy Solutions, and Adani Green Energy, surged after an Adani Group entity said on Wednesday (November 27, 2024) that Gautam Adani and his aides have not been charged under the U.S. Foreign Corrupt Practices Act, adding that they faced three other charges, including securities and wire fraud that are punishable with monetary fines.

Some of the group firms hit their upper circuit limits.

Foreign Institutional Investors (FIIs) bought equities worth ₹1,157.70 crore on Tuesday (November 26, 2024), according to exchange data.

In Asian markets, Shanghai and Hong Kong settled in the green, while Seoul and Tokyo ended lower.

European markets were trading mostly lower. The U.S. markets ended in positive territory on Tuesday (November 26, 2024).

Global oil benchmark Brent crude climbed 0.63% to $73.23 a barrel.

On Tuesday (November 26, 2024), the BSE benchmark declined 105.79 points, or 0.13%, to close at 80,004.06. The Nifty dipped 27.40 points, or 0.11%, to 24,194.50.

Adani Group Chairperson Gautam Adani. File
| Photo Credit: PTI

The U.S. State Department refused to comment on the disruptions in the Indian Parliament over the indictment of billionaire Gautam Adani in a U.S. court on charges of bribery.

“That is a law enforcement matter,” State Department Spokesperson Matthew Miller told reporters at his daily news conference on Monday, November 26, 2024.

He was responding to a question about Leader of Opposition in Lok Sabha Rahul Gandhi demanding the immediate arrest of Adani. “Is this something you support, such as the arrest and investigations, charges against Adani” he was asked.

“I would defer to my colleagues at the Department of Justice to speak to it,” Mr. Miller said.

The U.S. authorities have indicted Gautam Adani and seven others including his nephew Sagar Adani, for being part of an alleged $265 million bribery scheme.

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Lok Sabha and Rajya Sabha proceedings were adjourned for the day on Monday as opposition parties led by Gandhi’s Congress tried to raise the issue of Adani’s indictment.

Last week, a five-count criminal indictment was unsealed in federal court in Brooklyn charging Gautam Adani, Sagar Adani and Vneet Jaain, executives of an Indian renewable-energy company with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme.

This was done to obtain funds from U.S. investors and global financial institutions on the basis of false and misleading statements.

The indictment also charges Ranjit Gupta and Rupesh Agarwal, former executives of a renewable-energy company with securities that had traded on the New York Stock Exchange.

It charges Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra, former employees of a Canadian institutional investor, with conspiracy to violate the Foreign Corrupt Practices Act in connection with a bribery scheme also perpetrated by Gautam Adani, Sagar Adani and Jaain involving one of the world’s largest solar energy projects.

The indictment further alleged that Cabanes, Saurabh, Malhotra and Rupesh conspired to obstruct the grand jury, FBI and U.S. SEC investigations into the Bribery Scheme.

The Adani group has denied all charges in the US indictment, calling them baseless.