It was a fantastic Friday on Dalal Street as Sensex zoomed over 1008 points to hit a day’s high of 59,967.04 and Nifty also jumped 300 points to hit a day’s high of 17,644.75.
The domestic benchmarks were on a roll led by gains in SBI, Bharti Airtel and Reliance Industries. All the Nifty sectors were trading in the green with Nifty Metal, Nifty Realty and Nifty Bank among the top gainers.
Investor wealth, as suggested by the BSE m-cap, rose over Rs 3 lakh crore to Rs 263.56 lakh crore compared with a valuation of Rs 259.99 lakh crore recorded yesterday.
Domestic equity markets opened sharply higher at open on Friday amid firm global cues. Lesser aggressive commentary from the US Federal Reserve official boosted the morale of markets. Eased US-bond yields supported the markets’ sentiments.
Adani Group stocks in focus
Adani Group stocks were in demand on Dalal Street on Friday, with Adani Enterprises leading the pack by rallying up to 18 per cent after Gautam Adani announced a Rs 15,446 crore deal with US-based GQG Partners. The remaining stocks in the 10-pack Adani Group were also trading in the green territory.
GQG Partners on Thursday via block deals bought 38,701,168 Adani Enterprises shares at Rs 1,410.86 apiece for Rs 5,460 crore. It purchased 88,600,000 Adani Ports shares at Rs 596.20 apiece for Rs 5,282 crore. In Adani Transmission, it bought 28,400,000 shares at Rs 668.40, totalling Rs 1,898 crore. Besides, it bought 55,600,000 shares of Adani Green Energy at Rs 504.60, valuing Rs 2,806 crore.
“The US-based investment firm GQG partners investing Rs 15,446 crores in four Adani stocks might influence the market positively. This money is mainly to be used for retiring debt, which means that the banks that had funded Adani companies will not face any stress, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
What’s next?
“Investors are likely to remain positive & look for bargain buy opportunities and also react to the results of assembly elections. The lack of follow-through strength above Wednesday’s bull candle signifies prolonged consolidation amid oversold conditions, said ICICIDirect Research.
Also read: Adani Enterprises, Adani Ports, Adani Transmission, Adani Green shares in focus as GQG buys stake Rs worth 15,446 crore
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