Sensex soars 900 pts, Nifty ends near 17,600; PSBs, Adani Group stks sizzle

CLOSING BELL: The Rs 15,446 cr stake buy by GQG Partners in Adani Group, coupled with positive global cues buoyed sentiment on Friday. Heavyweights RIL, ITC and Airtel also rallied up to 3 per cent.

Stock Market Highlights: 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. HERE’s WHAT DROVE THE RALLY

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 market had more reasons to cheer today than to worry about concerns regarding inflation. PSU Banks led the sectoral rally as reports of foreign investments in Adani stocks helped the sector in recouping the dampened sentiments. The sentiment was further lightened as FIIs turned in strong buyers. Positive global sentiments also played a vital role in uplifting the market, as a Fed official commented on a favourable level of rate hike in the next meeting.", said Vinod Nair, Head of Research at Geojit Financial Services in a note.", said Vinod Nair, Head of Research at Geojit Financial Services in a note.

Adani Group & PSU Banks Sizzle

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. READ MORE

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. READ MORE

Among the other Nifty 50 stocks, Bharti Airtel jumped 3.3 per cent. SBI Life, Tata Steel, ITC, Reliance Industries and IndusBank Bank were up over 2 per cent each. On the flip side, Tech Mahindra slipped 2 per cent. UltraTech Cement and Cipla were the other notable losers.

The broader indices lagged in terms of overall gains on Friday. The NSE Midcap and Smallcap indices were up 0.8 per cent each, while the benchmark Nifty 50 added 1.6 per cent.

Apart from the Nifty PSU Bank index, the Metal index surged 3.5 per cent. The FMCG and Realty indices too were up over a per cent each.

Primary Market Update

Divgi TorqTransfer Systems IPO was subscribed 5.4 times as of 04:15 PM on final day of the offer. The retail portion received bids of over 4 times of the alloted quota. QIBs was subscribed 7.8 times, and HNIs 1.4 times.

 

4:31 PM

Nifty: Short-term trend remain negative; resistance seen at 17,800

"Indian equities have witnessed a smart recovery during the day. On the daily chart, the index has given a consolidation breakout, suggesting a rise in optimism. On the higher end, it found resistance around the 14-day moving average. The short-term trend remains negative as the index has closed below the critical short-term moving average. The momentum oscillator RSI is in bullish crossover on the daily timeframe. On the higher end, the Nifty may move higher once it moves above 17,650; on the higher end, resistance is visible at 17,800. On the lower end, support is visible at 17,470."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:29 PM

Bank Nifty:: Likely to test 42,000 level

"The BANK NIFTY bulls came back strong and surpassed the hurdle of 40,800 with a sharp surge in volumes. The momentum indicator has given a positive crossover on the daily chart which confirms the buy signal. The index is likely to touch the level of 42,000 where fresh call writing has been observed."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:19 PM

Imagicaaworld Entertainment zooms 20%

The stock has sored over 27 per cent in the last two days, after the opening of 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. READ MORE

4:16 PM

WPIL hit 10% upper limit on securing Rs 1,225 cr order from Madhya Pradesh Jal Nigam

Meanwhile, in the past one month, the stock of the industrial products company has zoomed 83 per cent after it reported robust December quarter (Q3FY23) results. READ MORE

4:14 PM

Adani Group shares zoom up to 17% as GQG Partners picks stake in four firms

Shares of Adani group companies rallied up to 17 per cent on the BSE on Friday after the promoters sold shares worth Rs 15,446 crore in four of its listed entities to GQG Partners, a US-based global equity-investment boutique firm. READ MORE

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4:11 PM

Alembic Pharma slipped intra-day after board approved Rs 1,150 cr as impairment charges

This one time impairment impact notwithstanding, we believe this move bodes well for future return ratios and profitability. We expect more impairments in the due course, ICICI Securities said in a note. READ MORE

4:09 PM

Techno Electric surges 6.5% on healthy growth outlook

The management expects growth momentum of business as well as execution to continue for the coming three years. READ MORE

4:08 PM

Nifty Realty index ends 1.5% higher; Godrej Properties jumps 3.7%

4:05 PM

Nifty FMCG index gains 1.3%; McDowell, ITC led

4:03 PM

Nifty Metal index vaults 3.5%; Vedanta, Tata Steel gain up to 5%

4:01 PM

Nifty PSU Bank index surges 5.4%; Union Bank, UCO Bank gallop over 8%

Shares of PSU Banks logged solid gains on Friday amid a sharp rebound in Adani group stocks. READ MORE

3:57 PM

BSE Smallcap Heatmap:: Finolex Cables, Indigo Paints zoom up to 10%; Zensar, GE Shipping dip

3:55 PM

BSE Midcap Heatmap:: Union Bank, PolicyBazaar soar up to 8%; Yes Bank sheds 3.6%

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3:54 PM

Market Breadth extremely positive, nearly 3:1

3:52 PM

Broader indices lag in terms of benchmark gains; VIX dips 6%