Stock Market Today: Sensex, Nifty Post Biggest Single-Day Gain In Four Weeks; FPIs Remain Net Buyers
The S&P BSE Sensex closed up 900 points or 1.53% at 59,808.97 while the NSE Nifty 50 was 273 points or 1.57% higher at 17,594.35.
KEY HIGHLIGHTS
Deven Choksey's Views On Adani Group Stocks
FPIs Stay Net Buyers
Overseas investors in Indian equities remained net buyers for second straight day on Friday.
Foreign portfolio investors bought equities worth Rs 246.24 crore, according to data from the National Stock Exchange.
Domestic institutional investors were also net buyers for the eighth straight day and mopped up stocks worth Rs 2,089.92 crore.
Foreign institutions have remained net sellers of Rs 39,963.16 crore worth of Indian stocks so far in 2023.
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 62 paise to 81.97 against the greenback on Friday. It closed at 82.59 on Thursday.
Rupee last closed below 82-level, a month ago on Feb. 3, 2023.
Source: Bloomberg
Sensex, Nifty Rise The Most In A Month
Indian equity benchmarks rebounded sharply in trade on Friday after closing at its lowest level in over four months on Thursday.
Asian markets advanced and the European shares rose on Friday as investors took comfort in underlying economic strength and started March on a high note. Bonds halted declines.
S&P 500 futures steadied after the underlying index on Thursday posted its biggest gain in more than two weeks on renewed Fed policy pivot hopes. Asian equities rose about 1%, led higher by gains in Hong Kong and Tokyo.
The S&P BSE Sensex closed up 900 points or 1.53% at 59,808.97 while the NSE Nifty 50 was 273 points or 1.57% higher at 17,594.35.
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., State Bank of India, Bharti Airtel Ltd., SBI Life Insurance Co., Reliance Industries Ltd., ITC Ltd., Tata Steel Ltd., IndusInd Bank Ltd., and HDFC Bank Ltd. were the top gainers in the gauge.
Whereas, Tech Mahindra Ltd., UltraTech Cement Ltd., Cipla Ltd., Divi's Laboratories Ltd., and Asian Paints Ltd. were the top losers amongst the NSE Nifty 50 constituents.
Shares of Adani Group company rallied in trade on Friday. All the stocks ended higher for the third-straight day since the release of U.S. short-seller Hindenburg Research's report on Jab. 24, 2023.
After snapping its eight day-long losing run on Wednesday the markets ended higher on a weekly basis.
Nifty logged weekly gain of 0.74%, whereas Sensex rose 0.58% in trade this week..
Indices ended lower in trade last week, Sensex declined 2.52%, and Nifty was down 2.67%.
Nifty PSU Bank was the top sectoral performer this week, followed by Nifty Realty, Metal and Bank.
Nifty IT and Pharma along with Nifty Auto were the losers for the week.
The broader market indices were traded higher; S&P BSE MidCap was up 0.58% whereas S&P BSE SmallCap ended higher by 0.68%.
All the 20 sectors compiled by BSE advanced with in trade with S&P BSE Bankex, S&P BSE Financial Services and S&P BSE Utilities gaining the most.
The market breadth was tilted in the favour of buyers. About 2,183 stocks rose, 1,331 declined, and 125 remained unchanged on the BSE.
Stocks At 52-Week High On Friday
Adani Ports and SEZ Rises Most In 23 Months Intraday
Shares of Adani Ports and SEZ Ltd. rose 10.91% to Rs 690.85 apiece in trade on Friday. It gained as much as 13.02% intraday, the most in 23 months or nearly two years since April 6, 2021.
Source: Bloomberg
