Market posted strong gains, most of Adani Group stocks recover
At close, the Sensex was up 1,961.32 points or 2.54% at 79,117.11, and the Nifty was up 557.35 points or 2.39% at 23,907.25.
Domestic equity benchmarks, Sensex and Nifty, ended in red territory after a choppy session on Friday, dragged by index majors like Reliance Industries, Infosys and TCS.
The S&P BSE index closed 110.02 points or 0.25 per cent lower at 44,149.72. Of the 30 constituents, 18 ended in the negative zone with PowerGrid being the top loser (falling over 2 per cent), followed by HCL Tech, ONGC, M&M, Axis Bank, TCS, Reliance Industries and Infosys.
The gainers, on the other hand, were led by Asian Paints, Titan, Tata Steel, Bajaj Finance and Bajaj Auto.
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The broader NSE Nifty slipped 18.05 points or 0.14 per cent to 12,968.95.
Domestic market swung between gains and losses in a narrow range. While most of Asian markets recovered in green after witnessing tepid opening, Indian broader indices remained choppy throughout the day, said Binod Modi, Head- Strategy at Reliance Securities.
“However, strong buying remained visible in midcap and small cap stocks as investors find midcaps more attractive now due to wider valuations gap compared to large caps,” he added.
As current valuations look to be reasonably stretched and street is factoring a robust earnings growth, sustainability of rebound in key economic indicators will be crucial for the market in the near term, he said.
Unlike Sensex and Nifty, S&P MidCap and SmallCap ended with gains at 1.91 per cent and 2.4per cent respectively.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.
Stock exchanges in Europe were largely trading with gains in early deals.
Meanwhile, Brent crude futures, the global oil benchmark, was trading 0.67 per cent higher at USD 48.11 per barrel.
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