Adani Ports Makes Entry in BSE Sensex, Closes in Red!

Historic Day for Adani Ports and SEZ

Monday marked a historic milestone for Adani Ports and SEZ as its shares began trading on the BSE Sensex on June 24, following an index rejig. The Adani Group stock replaced Wipro in the BSE Sensex.

Stock Performance on the First Trading Day

On Monday, shares of Adani Ports closed with a loss of 1.66%. The stock opened at Rs 1,476, reached an intraday high of Rs 1,479.05, and dipped to an intraday low of Rs 1,450 before finally settling at Rs 1,461.

Stock Performance in 2024

Adani Ports has demonstrated consistent performance in 2024, with gains in five out of the six months so far. Although the stock has been flat this month, it recorded gains of 8.5% in May, 9.3% in February, and 18% in January. April saw a marginal loss of 1.26%.

Consistent Annual Returns

Since the end of 2019, Adani Ports has delivered positive annual returns every year. Remarkably, in 2023, despite the Hindenburg controversy, the stock rebounded and closed the year with a gain of 25%.

Technical Analysis

On the daily chart, Adani Ports is trading above its 20, 50, and 200-day moving averages, all of which are in an upward trajectory and arranged in the desired sequence. However, the 14-period RSI on the daily timeframe has been trading below the 60-mark since June 4 and failed to cross the 60-level mark. Additionally, the MACD histogram indicates an increase in bearish momentum.

Shareholding Pattern

As of the quarter ending March 2024, the shareholding pattern for Adani Ports is as follows: promoters hold 65.9%, Foreign Institutional Investors (FII) hold 15%, Domestic Institutional Investors (DII) hold 11.8%, and the public holds about 7.3%. Notably, public holdings saw a slight decline on a quarter-on-quarter basis from 7.4% in the previous quarter to 7.3% in the quarter ending March 2024.

Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.