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 run of benchmark indices hitting fresh all-time high continued on Monday with buying seen in the realty, banking and Information Technology stocks. Profit booking was seen at higher levels amid mixed global cues.
Sensex and the Nifty 50 hit their fresh all-time highs of 76,009.68 and 23,110.80, respectively.
The Sensex closed 20 points, or 0.03%, lower at 75,390.50, while the Nifty 50 ended 25 points, or 0.11%, down at 22,932.45.
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Among the sectors, bank, realty and Information Technology indices gained 0.5% each, while oil and gas, power and media were down 0.5-1%.
On Nifty 50, Reliance Industries, ITC, and Mahindra, ended as the top drags. HDFC Bank, Axis Bank, and Larsen & Toubro ended in the green.
Divi’s Labs (2.99%), IndusInd Bank (1.39%) and Adani Ports (1.17%) were the top gainers while Adani Enterprises (2.66%), Wipro (2.17%) and Grasim (2.09%) closed as the top losers.
Mid and small caps out performed the benchmarks. The Nifty Midcap 100 index rose 0.64%, while the Nifty Smallcap 100 index jumped 0.81%.
The IPO subscription of Awfis Space Solutions witnessed upbeat investor interest on the final day of bidding. The issue was subscribed 108 times. Bids pour in for 93.06 crore shares as against the 86.29 lakh shares on offer.
Valued at Rs 599 crore, the IPO comprises a fresh issuance of shares worth Rs 128 crore and an offer-for-sale (OFS) of 1,22,95,699 equity shares by existing shareholders. The price band of the offer was fixed at Rs 364-383 per share.
Adani Energy Solutions said its board has approved a fundraise of up to Rs 12,500 crore. The board of Adani Enterprises will meet on Tuesday (May 28) to approve a fundraising plan
Gold prices saw a slight decrease with the cost of 24 carat gold being Rs 7318.0 per gm down by Rs 72. The cost of 22 carat gold is Rs 6703.4 per gm down by Rs 66.
Notably, the foreign portfolio investors (FPI) continued their selling spree in the Indian stock market during May. They have been dumping financial services, IT and FMCG sector stocks the most.
FPIs have offloaded Indian equities worth more than Rs 22,000 crore this month so far.
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