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MC A10 bounces back, thanks to energy portfolio

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The index captures the real-time price movement in all 10 Adani Group stocks.

MC A10 Index – a sentimeter of Adani group stocks – closed 1.35 percent higher on March 21 at 39.34, with most scrips ending in the green.

The index captures the real-time price movement in all 10 Adani group stocks. The individual companies in A10 have weights in proportion to their total market cap.

Barring Adani Ports, Adani Transmission and NDTV, which ended marginally in the red, all other Adani stocks closed higher from the previous day. Adani Green Energy and Adani Power were locked in 5 percent upper circuit. Adani Enterprises gained 0.9 percent while Adani Total Gas rallied 4.8 percent.

The gains pushed up the cumulative market cap of the Adani group stocks to Rs 9.41 lakh crore from Rs 9.23 lakh crore on March 20.

The stocks were buoyed after the group said in an exchange filing that it expects funding for its greenfield coal-to-polyvinyl chloride project to be tied up in the next six months.

After the financial closure, “full-fledged procurement and construction activities at the site will commence,” the ports-to-power conglomerate said in a statement. “We are committed to completing the project in an expeditious manner so as to meet the original timelines.”

On March 21, the market managed to stage a swift recovery driven by positive global cues on the back of easing concerns over the health of the global banking system and hopes of a pause or smaller rate hikes by the US Federal Reserve.

The Nifty erased its losses from the previous day and ended the session 119.10 points or 0.70 percent higher at 17,107.50. The sensex also topped the 58,000-mark and closed above it.

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