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.
The stock market on Friday ended on a positive note with Nifty hitting fresh record high maintaining a consolidation bias closing marginally in the green.
Sensex opened higher at 76,912.38, and pared some of its gains to close at 76,992.77, up 181.87 points, or 0.24%. The index touched an intraday high of 77,081.30.
However, the Nifty 50 opened higher at 23,464.95, and closed at 23,465.60, up 66.70 points, or 0.29%. It created a fresh record high of 23,490.40.
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On the BSE Sensex, Mahindra & Mahindra, Titan, HDFC Bank, Reliance Industries, and UltraTech Cement were the top gainers.
However, Tech Mahindra, TCS, Wipro, HCLTech, and Larsen & Toubro were the top drags.
In a sector wise analysis, except IT, which was down 0.7%, all other indices ended in the green.
Auto, telecom, capital goods, healthcare, metal, oil & gas, power, realty up 0.5-1%. FMCG ended in green with gains in the range of 0.4% to 1.30%.
Indian rupee ended flat at 83.56 per dollar on Friday versus Thursday’s close of 83.54.
On the Nifty 50, Eicher Motors, Adani Ports & SEZ, Mahindra & Mahindra, Shriram Finance, and Titan, were the top gainers, while Tech Mahindra, TCS, Wipro, HCLTech, and Larsen & Toubro were the top drags of the day.
In another key milestone, the Mahindra & Mahindra’s market capitalisation had briefly overtaken that of Tata Motors to become India’s second most valuable automobile company.
Automotive major M&M is the top Sensex gainer in trade on a day the Mahindra group has scheduled its Investor Day.
For the year so far, shares of Tata Motors are higher by 25% while M&M shares are a whopping 70%.
On the global landscape, the European stocks headed for their worst week since January on growing concerns about political turmoil in France.
The Stoxx 600 held at Thursday’s low as France’s CAC 40 index dropped 1%.
The euro fell to its lowest against the dollar since April.
S&P 500 futures, meanwhile, held steady after notching up four record highs for the week.
In Asia, MSCI’s Asia Pacific index slipped as losses in Australian and Chinese stocks offset gains in Japan’s benchmark.
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