Adani Stocks Rally on SEBI Clearance While Broader Market Retreats

Indian equities snapped a three-day winning streak as profit-taking erased early gains, though Adani Group shares defied the downtrend with double-digit surges. The conglomerate's stocks rallied after India's market regulator cleared allegations of corporate malfeasance made by short-seller Hindenburg Research.

The benchmark Sensex fell 0.47% to 82,626.23 while the Nifty 50 declined 0.38%, with financials particularly pressured by rising delinquency concerns in NBFC portfolios. Adani Enterprises led gainers with a 5.25% climb, outpacing modest advances in telecom and insurance stocks.

Market participants attributed the pullback to technical factors rather than fundamental deterioration. 'The absence of fresh catalysts prompted short-term traders to lock in profits,' noted Enrich Money's CEO, highlighting the market's delicate balance between valuation concerns and liquidity-driven momentum.