Investors Earn Rs 3.43 Lakh Crore After Stock Market Rally On Friday

Investors Earn Rs 3.43 Lakh Crore After Stock Market Rally On Friday

Stock market investors earned Rs 3.43 lakh crore on Friday after the two key equity benchmarks, Sensex and Nifty, rallied tracking positive global cues. According to the news agency PTI, the market capitalisation of BSE-listed firms jumped Rs 3,43,173.59 crore to Rs 2,63,42,218.11 crore.

The S&P BSE Sensex surged to a high of 59,967 and ended with a gain of 900 points at 59,809. On the other hand, the NSE Nifty 50 touched a high of 17,645, before ending at 17,594, up 272 points. 

Vinod Nair, Head of Research at Geojit Financial Services, told PTI, “The market had more reasons to cheer today than to worry about concerns regarding inflation. PSU banks led the sectoral rally as reports of foreign investments in Adani stocks helped the sector in recouping the dampened sentiment. The sentiment was further lightened as FIIs turned in strong buyers.”

On the 30-share Sensex platform, SBI, Airtel, Reliance, ITC, Tata Steel, IndusInd Bank, and HDFC Bank were the main winners. On the flip side, TechM, UltraCemco, Nestle, Asian Paints, and Sun Pharma emerged as losers.

Also Read: Stock Market: Sensex Surges 900 Points, Nifty Nears 17,600 On Positive Cues. All Sectors In The Green

Among specific stocks, shares of Adani Group logged strong gains on the bourses after US-based GQG Partners acquired a stake worth Rs 15,446 crore in four of the group companies. The promoters plan to use the proceeds to retire debt and for other purposes.

Shares of the flagship firm – Adani Enterprises soared 17 per cent to Rs 1,879. The stock has now skyrocketed over 70 per cent from its low of Rs 1,103 hit on Tuesday. Adani Ports surged 9.7 per cent. Adani Power, Adani Green, Adani Transmission, Adani Wilmar, Adani Total Gas, and NDTV were locked at the 5 per cent upper limits. ACC and Ambuja Cements too gained around 5 per cent each.

“Adani group development will also lead to better sentiments for the market and increase retail participation, which was down due to uncertainty. The investment also leads to a belief that Adani group stocks have stabilised and can raise capital if they want at current prices,” Naveen Kulkarni, chief investment officer at Axis Securities told MoneyControl.

In the broader markets, the BSE Midcap and Smallcap indices added 0.5 per cent each. All the sectoral indices on Friday ended in the green.

In the previous session on Thursday, the BSE Sensex plunged 502 points to 58,909. On the other hand, the NSE Nifty closed trade at 17,322, down 129 points.

In Asian markets, Seoul, Japan, China and Hong Kong ended in the green. Equity markets in Europe were trading in positive territory. The US markets ended higher on Thursday.

Foreign Portfolio Investors (FPIs) bought shares worth Rs 12,770.81 crore on Thursday, according to exchange data.

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