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Mumbai: After a slide in Indian stocks on Thursday in the wake of the Adani case, bearish selling was halted today and benchmark indices saw big gains led by banking and some Adani Group stocks. Since the Adani case seemed unlikely to have any immediate adverse impact, investors turned their concerns aside and remained at lower levels. Experts also believe that it will take a long time for the outcome of the case to come. Six out of ten Adani shares witnessed a rise today. On the other hand, there is no clear picture of the Russia-Ukraine and Israel-Iran wars. The BSE Sensex fluctuated between a low of 77,226.69 and a high of 79,218.19 points and finally closed at 79,117.11, up 1,961.32 points from its previous close. Nifty 50 index closed at 23907.25, up 557.35. Following the experts’ opinion that the Adani case will not have any significant impact on the banking sector, bank shares rose. Today’s surge was the biggest one-day surge in five months. The market sentiment on BSE was positive with 2396 shares rising and 1539 falling while 106 shares remained unchanged. Reliance rose by Rs 42.75 to close at Rs 1265.95, ITC rose by Rs 17.90 to close at Rs 475.05, Asian Paints rose by Rs 49.80 to close at Rs 2479.
Nifty Bank index rose
Bank stocks rose after analysts said there is no major threat to the country’s banks as a result of the case filed against Adani Group in the US. SBI was up by Rs 35.30 at Rs 816.05, PNB was up Rs 3.45 at Rs 99.82, Bank of Baroda was up Rs 7.50 at Rs 236, Canara Bank was up Rs 2.55 at Rs 97.01. Most of the Nifty bank stocks closed with gains. At the end of March of the current year, the amount outstanding on Adani Group was 0.30 percent of the total outstanding loan of the country’s banks.
IT index rose 1379 points
IT stocks remained attractive on the assumption that strong employment data in the US will benefit Indian IT companies operating there. TCS rose by Rs 171.75 to close at Rs 4244.60, Infosys rose by Rs 68.20 to close at Rs 1902.25, HCL Tech rose by Rs 62.05 to close at Rs 1898.40, Wipro rose by Rs 14.50 to close at Rs 571.65.
Mixed flows in Adani Zurith shares
Sentiment improved after experts said the US court case would not have an immediate impact on Adani Group and Adani shares were bought at lower prices. Ambuja Cement rose by Rs 15.70 to close at Rs 499.85, NDTV rose by Rs 1.72 to Rs 169.39, ACC rose by Rs 62.40 to close at Rs 2089.60. Adani Ports and Adani Ent. were also increased while Adani Green, Adani Power and Adani Energy remained depressed.
FII’s Rs. Sales of Rs 1278.37 crore
Even amid the huge surge in the stock market, FII and DII kept waiting face to face. On Friday, foreign institutional investors (FIIs) made net sales of Rs 1,278.37 crore while selling Rs 18,263.73 crore against purchases of Rs 16,985.36 crore. In comparison, domestic institutional investors (DIIs) made net purchases of Rs 12251.72 crore and sold Rs 10529.57 crore with net purchases of Rs 1722.15 crore. Market cap increased by Rs 7.33 lakh crore to Rs 432.71 lakh crore.