India's benchmark stock indices extended gains by noon trade on Friday, led by advances in financials and NBFC stocks.
However, there was no respite in the route of Gautam Adani's companies. All ten of the group's stocks fell as the Indian billionaire battles to restore confidence in his conglomerate's financial health after accusations by short-seller Hindenburg Research. Shares of Adani Enterprises Ltd. dropped 35%, the most ever during intraday trading.
Asian shares were mixed and the U.S. and European equity futures declined as disappointing earnings from Apple Inc., Amazon.com Inc. and Alphabet Inc. weighed on market sentiment.
As of 12:00 p.m., S&P BSE Sensex was up 323 points or 0.54% at 60,254.99 while the NSE Nifty 50 was higher by 61 points or 0.34% up at 17,671.05.
Titan Co., Bajaj Finserv Ltd., Bajaj Finance Ltd., HDFC Bank Ltd. and IndusInd Bank Ltd. were the top gainers in the gauge.
Whereas, Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., BPCL Ltd., Divi's Laboatories Ltd. and Hindalco Industries Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices traded lower; S&P BSE MidCap was down 0.93%, whereas S&P BSE SmallCap was lower by 0.79%.
Thirteen out of the 20 sectors compiled by BSE declined, while the seven advanced in trade.
The market breadth was skewed in favour of the bears. About 941stocks rose, 2,416 declined and 122 remained unchanged on the BSE.
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