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Markets rebound as Adani stocks in focus
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Benchmark equity indices Sensex and Nifty rallied for a second straight session on Monday following buying in index heavyweight Reliance Industries (RIL) and IT stocks amid optimism in Asian markets.
Mumbai: Benchmark equity indices Sensex and Nifty rallied for a second straight session on Monday following buying in index heavyweight Reliance Industries (RIL) and IT stocks amid optimism in Asian markets.
The 30-share BSE Sensex climbed 234 points or 0.38 per cent to settle at 61,963.68 points as 19 of its components closed in green. During the day, it jumped 314.78 points or 0.50 per cent to a high of 62,044.46 points. The broader NSE Nifty rallied 111 points or 0.61 per cent to end at 18,314.40 with 34 of its constituents closing with gains and 15 closing lower, while one settled unchanged.
“The domestic market inched higher in anticipation of possible progress in US debt ceiling negotiations. Despite a weak fourth-quarter performance, IT stocks rebounded on account of bargain opportunities and pent-up demand. Investors remain watchful ahead of the release of US FOMC minutes on Wednesday, as the minutes may give some indication of a pause on rate hikes,” said Vinod Nair, Head of Research at Geojit Financial Services.
“Nifty opened flat, but gradually recovered to close with gains of 111 points. The market has resumed its upward journey after taking a pause last week,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
All the ten listed Adani group stocks ended with significant gains as a Supreme Court-appointed expert committee said it has found no evidence of stock price manipulation in group companies, while a separate Sebi probe into alleged violation in money flows from offshore entities has drawn a blank. Adani Enterprises zoomed 18.84 per cent and Adani Wilmar jumped 10 per cent, the biggest gainers among the ten listed group firms.
In the broader market, the BSE midcap gauge climbed 0.73 per cent and smallcap index gained 0.41 per cent. Among the indices, services jumped 2.48 per cent, IT rallied 2.15 per cent, teck (1.69 per cent), commodities (1.47 per cent), utilities (1.27 per cent), healthcare (1.20 per cent) and oil & gas (0.97 per cent). Financial Services, telecommunication and bankex were the laggards.
Foreign institutional investors (FIIs) offloaded equities worth Rs 113.46 crore on Friday after remaining buyers for a number of days, according to exchange data.
