Sensex soars 900 points, Nifty ends near 17,600; PSBs, Adani Group stocks sizzle
Domestic markets rallied smartly in trades on Friday, as positive global cues coupled with the Rs 15,446 crore stake buy by GQG Partners in Adani Group boosted sentiment. The Group shares along with PSU Banks and select index heavyweights were the major gainers.
The S&P BSE Sensex soared to a high of 59,967, and ended with a gain of 900 points at 59,809. In the process, the BSE benchmark was up 345 points for the week.
The NSE Nifty 50 touched a high of 17,645, before signing-off at 17,594 – up 272 points. The Nifty was up 128 points for the week.
The positive sentiment had a spillover effect on PSU Banks. The Nifty PSU Bank index soared 5.4 per cent to 3,970. UCO Bank and Union Bank galloped over 8 per cent each. Maharashtra Bank, Punjab & Sind Bank, Indian Overseas Bank, Bank of India and Indian Bank rallied over 6 per cent each. SBI and Canara Bank vaulted over 5 per cent each.
Shares of Adani Group logged strong gains on the bourses after US-based GQG Partners acquired stake worth Rs 15,446 crore in four of the group companies. The promoters plan to use the proceeds to retire debt and other purposes.
Shares of the flagship firm – Adani Enterprises soared 17 per cent to Rs 1,879. The stock has now skyrocketed over 70 per cent from its low of Rs 1,103 hit on Tuesday. Adani Ports surged 9.7 per cent. Adani Power, Adani Green, Adani Transmission, Adani Wilmar, Adani Total Gas and NDTV were locked at the 5 per cent upper limits. ACC and Ambuja Cements too gained around 5 per cent each.
Alembic Pharma slipped intra-day after the board approved Rs 1,150 cr as impairment charges.
Imagicaaworld zoomed 27% in two days after launching Aquamagicaa in Surat. The company said business continues to show an excellent rebound after two years of adverse COVID-19 impact as well as overall improvement in the health of operations.
Vodafone Idea (VIL) has started preliminary talks with leading global private equity investors, including Singapore-based Temasek Holdings and US-based KKR, to raise money through equity and debt.
Here are some picks from the week gone by.
