India's blue-chip indexes were flat as Tuesday as a rise in Adani and energy stocks offset a fall in information technology (IT) stocks after a recent rally.
The NSE Nifty 50 index was up 0.06% at 19,807.15 points and the S&P BSE Sensex fell 0.06% to 65,932.97, as of 10:20 a.m IST.
Nine of the 13 sectors logged gains. Metals gained 1.1%, lifted by a jump in Adani Enterprises, which has a 16.43% weightage on the index.
Adani Enterprises and Adani Ports and Special Economic Zone were the top Nifty 50 gainers, rising 7% and 3.6%, respectively.
All the Adani group stocks rose between 3% and 15% on the day. The Supreme Court on Friday reserved its judgment in a batch of petitions that sought court-monitored investigations into allegations made by short seller Hindenburg Research against the group, which it has denied.
Market regulator Securities and Exchange Board of India (SEBI)
said on Friday that it would not seek an extension to complete the probe into the Adani group.
"The jump in Adani group stocks is because markets believe that nothing significantly negative has been found against the group by market regulator SEBI in its probe on the Hindenburg allegations," said Avinash Gorakshakar, head of research at Profitmart Securities.
"But one cannot be sure how sustainable is this sharp jump seen today," added Gorakshakar
Energy and oil and gas rose nearly 1% each, aided by a moderation in oil prices to near $80 per barrel ahead of a meeting of the Organisation of Petroleum Exporting Countries (OPEC) and its allies on Nov. 30.
Falling oil prices are beneficial for importers of the commodity like India and its oil marketing companies.
IT stocks fell 0.6% on Tuesday. They jumped 5.07% in the week-ended Nov. 17 after soft U.S. inflation data elevated bets of an end to rate hikes.
The index fell 0.42% last week.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)