Relationship between Nifty 50 and Adani Ports and Special Economic Zone Ltd
Author: Aarti Malunjkar
Roll No: 88
Introduction
Adani Ports and Special Economic Zone Ltd (APSEZ) is India’s largest private port operator and an integrated logistics player. Established in 1998 and headquartered in Ahmedabad, the company specializes in port operations, logistics, and the development of Special Economic Zones. APSEZ manages a diverse portfolio of ports across India’s coastline, facilitating critical trade and maritime infrastructure. The company plays a vital role in India’s global trade connectivity and infrastructure development. It contributes significantly to the national economy by enhancing port efficiency and supporting the “Make in India” initiative through robust logistics chains.
Objective
The primary objective of this study is to calculate the Beta coefficient for Adani Ports and Special Economic Zone Ltd and determine its statistical significance relative to the market.
Literature Review
- GDP Growth and Market Returns: Research indicates a weak relationship between India’s GDP growth and stock market returns during the period 2008–2024 (Phalle et al., 2026).
- Market Drivers: Stock markets are influenced more by global cues, policy changes, and political stability, with the Nifty and Sensex reaching record highs due to these expectations (Joshi, 2024).
Data Collection
The data for Nifty 50 and Adani Ports and Special Economic Zone Ltd was sourced from nseIndia.com for the period January 1, 2025, to December 31, 2025. The data was processed to obtain Friday closing prices, from which weekly returns were calculated. In this model, the weekly returns of the Nifty 50 are designated as the independent variable (X), and the weekly returns of Adani Ports are the dependent variable (Y). Y was regressed on X using 48 total observations.
Data Analysis
Y = -0.24 + 1.00X
N 48
R square 0.961
F 1155.028
P- value 3.09E-34
t Stat 33.9857
B 1.00
The above Equation shows the relationship between Nifty 50 and Adani Ports and Special Economic Zone Ltd. Positive means their Direct relation which means if Nifty 50 stock rises Adani Ports and Special Economic Zone Ltd. stock rise and vice versa. If Nifty 50 stock increases by 1 unit, the Adani Ports and Special Economic Zone Ltd. stock increases by 1.00 unit. Number of observations is 48. t-stat for beta 33.9857.
P value is 3.09E-34 less than 0.05 meaning Beta is statistically significant at 5% level. No. of observations are 48. R square is 0.961 meaning 96.1% of Adani Ports and Special Economic Zone Ltd. Returns is explained by Nifty 50 Returns 3.9% is the error due to the variable not included in model. F is 1155.028 and P value of which 3.09E-34 less than 0.05 meaning Beta is statistically significant at 5% level.
Conclusion
Since the Beta for this company is 1.00, this stock is a market-aligned stock to be invested when we expect the Nifty 50 to rise.
References
- Joshi, A. (2024, June 18). India’s stock market is experiencing a positive trend, with the Nifty and Sensex reaching new records due to expectations of political stability. Bloomberg.com.
- Phalle, M., Patil, V., Wukkadada, B., Mohite, R. A., & Tike, M. R. (2026). Dynamics of GDP growth and stock market performance in India. Advances in Consumer Research.