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Shares of Adani Power tumbled for a second straight session on Wednesday, falling as much as 6.7% to Rs 151.55 on the BSE, extending Tuesday’s 6% drop. The two-day slide of 11% comes just after the stock surged 35% in three sessions following a 1:5 stock split, upbeat brokerage coverage, and a regulatory clean chit that briefly sent the shares into a 20% upper circuit.The stock, still up 21% over the past week and 45% in 2025, has faced sharp profit booking after a split-driven liquidity surge. Adani Power turned ex-split this week, a move aimed at making its shares more affordable to retail investors, and jumped 20% on Monday before cooling off.“Adani Power has delivered a sharp move post its stock split, rising nearly 30% in a week and over 55% year-to-date, but the near-term setup looks stretched,” said Harshal Dasani, Business Head at INVasset PMS. Dasani highlighted the RSI near 87 as “deep overbought territory,” adding that while momentum remains bullish, “volatility will remain elevated.”Technical indicators flash warningsThe stock is trading just below its all-time high and remains above all key moving averages, with the MACD still signaling bullish momentum, but the RSI at 76.6 points to overbought conditions. “Immediate resistance is placed around Rs 183–Rs 185,” Dasani said. “A close above this level could extend the rally towards Rs 190–Rs 195, with Rs 200 as a potential stretch target if momentum persists. On the downside, today’s low around Rs 160 acts as the first line of support, followed by a stronger base near Rs 150.”Amruta Shinde, Research Analyst at Choice Broking, noted the stock has formed a rounding bottom pattern and is trading comfortably above its 20, 50, 100, and 200-day EMAs. “Immediate support is seen at Rs 150, with a protective follow up around Rs 145, while a sustained move above the key resistance of Rs 180 could open further upside toward the Rs 200–220 range in the near term,” Shinde said.Both analysts cautioned that while the stock split has boosted retail participation, trading volumes, and sentiment, much of the optimism may already be priced in. “The stock’s 20% spike on the ex-split date and subsequent profit booking highlight how crowded positioning has become,” Dasani said. “With YTD gains already substantial, the risk-reward is more favorable for disciplined traders to buy on dips rather than chase fresh breakouts.”Brokerages back long-term growthInvestor excitement has also been stoked by Morgan Stanley’s recent initiation of coverage on Adani Power with an 'Overweight' rating and a price target of Rs 818, projecting revenue of Rs 70,000 crore by FY28 and EBITDA nearly tripling by FY33. The brokerage cited the company’s plan to lift capacity from 18.15 GW today to 41.9 GW by FY32, lifting its coal-based market share from 8% to 15%.Dasani cautioned, however, that execution risks are significant. “Building capacity at this scale requires synchronized environmental clearances, land acquisition, PPA tie-ups, fuel linkages, and supporting evacuation infrastructure,” he said, warning that regulatory delays, discom stress, or rising renewables could cap utilization levels.Valuation premium leaves little room for errorThe stock has re-rated sharply following Sebi’s dismissal of U.S. short-seller Hindenburg Research’s allegations of stock manipulation. “At current levels, valuations are richer than historic averages and trade at a premium to most peers,” Dasani said. “This premium reflects market confidence in Adani Power’s growth trajectory, but it also means the stock now embeds an execution premium that leaves little margin for error.”Shinde said the near-term outlook remains constructive, supported by momentum and structural benefits from the split. Still, Dasani urged caution and said “For investors, accumulating on corrections closer to support levels around Rs 160–Rs 165 may offer a more balanced entry than chasing the stock near resistance while technicals remain overheated.”Also read | YES Bank shares rally 10% in 1 month as Sumitomo ups stake. Analysts eye Rs 25, is it a buy?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The Congress Working Committee (CWC) held a landmark meeting in Patna on September 24, its first in Bihar since Independence, as the party sharpened its focus on the upcoming state assembly elections and mounted a fresh attack on the Bharatiya Janata Party (BJP) over alleged electoral malpractice."Vote Chori" emerged as a dominant motif of the party's poll strategy structure that took shape at the meeting, and with this, all focus has now shifted to the poll-bound state.The extended session, which brought together permanent and special invitees alongside chief ministers, Pradesh Congress Committee presidents and Legislature Party leaders, began at Sadaqat Ashram in the morning. Party president Mallikarjun Kharge inaugurated the proceedings by unfurling the Congress flag at the state headquarters.Senior figures, including Rahul Gandhi, treasurer Ajay Maken, general secretaries KC Venugopal, Jairam Ramesh and Sachin Pilot and Bihar unit chief Rajesh Kumar, were among those present.The timing and venue of the meeting underscored the centrality of Bihar to the Congress’s immediate political plans. Assembly elections are expected in November, and sources said resolutions were likely to be passed to guide campaign strategy and set the tone for coalition talks with Mahagathbandhan allies.The meeting follows Gandhi’s recent “Voter Adhikar Yatra” and successive press conferences, in which he alleged systematic deletion of Congress votes and accused the Election Commission (EC) of favouring the BJP. These interventions, party insiders said, have energised grassroots workers in the state and brought the issue of electoral fairness to the fore."Vote Chori"The Congress has framed “vote chori” — or vote theft — as a central theme of its campaign. Gandhi, now Leader of Opposition in the Lok Sabha, has directly accused Chief Election Commissioner Gyanesh Kumar of shielding those “destroying democracy.”He recently cited examples from a Karnataka assembly constituency to argue that Congress votes were being deliberately removed from rolls.The EC, for its part, dismissed the allegations as “incorrect and baseless.” It is conducting a Special Intensive Revision (SIR) of electoral rolls in Bihar, a process the Congress claims is being misused to its disadvantage.The CWC discussions also come as seat-sharing negotiations within the Mahagathbandhan coalition gather pace. Party leaders stressed that the meeting aimed to project unity, send a strong message on the integrity of elections and prepare for what could turn out to be a closely contested battle later this year.

Shares of Sri Lotus Developers and Realty surged as much as 5.5% in intraday trade on Wednesday, hitting a high of Rs 195.75 on the BSE, after domestic brokerage house Motilal Oswal initiated coverage on the stock with a ‘Buy’ rating and a target price of Rs 250. The target implies an upside potential of over 27.7% from the day’s intraday peak.The sharp uptick in the stock price came after the brokerage’s coverage initiation report was made public, drawing investor attention to the company’s strong fundamentals and sectoral tailwinds.Motilal Oswal’s note outlined a compelling investment thesis for Sri Lotus Developers and Realty, citing favorable industry dynamics, improving operating metrics, and a robust project pipeline.According to the brokerage, Sri Lotus Developers and Realty is well-positioned to benefit from the ongoing structural growth in India’s real estate sector, particularly in the mid-income and affordable housing segments. The company’s presence in high-demand micro-markets, along with its execution track record and asset-light development model, were highlighted as key strengths.The report also pointed to the company’s healthy balance sheet, low leverage, and prudent capital allocation approach as supportive factors for sustained growth. Motilal Oswal expects revenue visibility to improve further on the back of upcoming launches and better monetization of existing land banks.Additionally, the company’s investments in digitization, customer outreach, and streamlined approval processes are seen as catalysts for margin expansion and faster inventory churn.Motilal Oswal’s analysts believe that the stock is undervalued relative to its peers when compared on metrics like price-to-book and EV/EBITDA. The target price of Rs 250 reflects a blend of valuation multiples applied to projected earnings and asset base, supported by expected improvements in profitability and scale.The brokerage also cited regulatory tailwinds, rising urban demand, and government incentives for housing as broader enablers that can benefit players like Sri Lotus Developers and Realty.This favorable assessment appears to have triggered renewed buying interest in the counter, pushing the stock to its day’s high amid strong trading volumes.Also read: Who is Shrikant Badve, the newest addition to India’s billionaire club?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Gold prices eased on Wednesday, slipping Rs 900 from their record high of Rs 1,14,179 after US Federal Reserve officials tempered expectations around immediate rate cuts. Despite the pullback, the yellow metal remains up by Rs 9,600 month-to-date, keeping bullish sentiment alive amid global uncertainty.Gold October futures prices were trading at Rs 1,13,400/10 grams, lower by Rs 436 or 0.38% around 9:10 am.Silver December futures prices on MCX mirrored the sentiment and opened lower by Rs 312 or 0.23% at Rs 1,34,750/kg. The white metal prices also witnessed an overall surge of Rs 12,877 in the month so far.In the international market, gold prices fell on Wednesday as investors booked profits after hitting a record high in the previous session, while markets weighed US Federal Reserve Chair Jerome Powell's cautious remarks on potential interest rate cuts.Spot gold slipped 0.3% to $3,753.22 per ounce, as of 0224 GMT.On Tuesday, gold and silver settled on a positive note in the domestic market and international markets. Gold October futures contract settled at Rs 1,13,836 per 10 grams with a gain of 1.43% and silver December futures contract settled at Rs 1,35,062 per kilogram with a gain of 1.13%.Gold and silver extended their gains and set new records amid profit-taking in the dollar index and safe-haven buying. Gold prices hit a lifetime high and silver prices hit a 14-1/2-year high in the international markets, while both precious metals set new record highs in the domestic markets.The dollar index dropped again and the rupee slipped to lifetime lows against the US dollar, supporting gold and silver prices. Today, the US Dollar Index (DXY) was hovering near the 97.35 mark, gaining 0.08 or 0.09%.“Robust global central bank buying, increasing ETF inflows and safe-haven buying are supporting gold and silver prices. However, the Fed Chairman shows concerns about inflation and the US job markets, and if the US Fed’s wait-and-see policy on further rate cuts continues, it could limit gains of precious metals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Powell said on Tuesday the central bank needed to continue balancing the competing risks of high inflation and a weakening job market in coming rate decisions, even as his colleagues staked out arguments on both sides of the policy divide.Markets anticipate two more 25-basis-point rate cuts this year, with a 93% probability in October and a 77% probability in December, according to the CME FedWatch tool.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global financial markets and ahead of the US core PCE price index data. Gold is expected to trade in the range of $3,654–3,840 per troy ounce and silver is expected to trade in the range of $42.40–45.50 per troy ounce this week,” he added.How to trade gold?Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:Gold has support at Rs 1,13,200–1,12,650 and resistance at Rs 1,14,200–1,14,800Silver has support at Rs 1,33,600–1,32,400 and resistance at Rs 1,36,600–1,38,000Jain suggests buying gold around Rs 1,12,500 with a stop loss of Rs 1,11,880 for a target of Rs 1,14,400 and waiting for some corrective dips in silver before initiating fresh long positions.Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 86,496/8 grams while pure gold (24 carat) prices stand at Rs 92,896/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 85,144/8 grams while pure gold (24 carat) prices stand at Rs 91,520/8 grams.Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 85,024/8 grams while pure gold (24 carat) prices stand at Rs 91,352/8 grams.Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 85,184/8 grams while pure gold (24 carat) prices stand at Rs 91,544/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)