BENGALURU: India’s blue-chip index Nifty 50 closed at a fresh two-month high boosted by a rise in Adani group stocks, while energy companies jumped on stable crude prices.

The NSE Nifty 50 index settled 0.48% higher at 19,889.70, highest since Sept. 20, 2023. The S&P BSE Sensex rose 0.31% to 66,174.20.

Adani group stocks jumped between 2.6% and 20%, with Adani Enterprises and Adani Ports and Special Economic Zone climbing 8.90% and 5.30% to top the Nifty 50 gainers.

India’s Supreme Court reserved its verdict on petitions against the conglomerate on Friday on allegations raised by U.S. short-seller Hindenburg Research in Jan. 2023 after the country’s markets regulator said that it would not seek more time to complete its probe.

“A section of the market believes the worst is over and that the group has got an all-clear,” said Ajay Bodke, an independent market analyst.

Adani Total Gas, which was among the worst hit after the Hindenburg report jumped 20% on the day.

Energy and Oil & Gas gained 2.43% and 2.28%, respectively as crude prices remained stable near $81 per barrel, after falling below $80 in the previous session, ahead of a crucial meeting of Organisation of the Petroleum Exporting Countries and its key allies on Nov. 30.

A fall in crude prices is positive for importers of the commodity like India and its oil marketing companies.

Bharat Petroleum Corporation and Hindustan Petroleum Corporation added 2.97% and 7.04%, respectively.

Metal index jumped 1.85%, lifted by Adani Enterprises which has a 16.43% weightage in the index.

“Despite today’s rise, markets will be in wait-and-watch mode ahead of Dec. 3 when the state assembly elections will be announced,” said Avinnash Gorakshakar, head of research at Profitmart Securities.

The election results will decide the near term trajectory of markets, added Gorakshakar.