Markets gain 1%, driven by Reliance Industries and Bharti Airtel

Benchmark indices rose 1 per cent on Friday driven by gains in index heavyweight Reliance Industries Ltd (RIL) and telecom major Bharti Airtel.

 

Moderation in selling by foreign portfolio investors (FPIs) also aided the recovery. In an earlier session, the Sensex and the Nifty had declined 1.5 per cent each amid a Rs 11,756 crore pullout by FPIs. On Friday, overseas funds sold shares worth Rs 4,384 crore, while domestic institutions pumped in over Rs 5,700 crore. 

The Sensex rose 759 points, or 0.96 per cent, to end at 79,803, while the Nifty 50 index closed at 24,138, recording gains of 223 points, or 0.93 per cent. Both the indices ended the week about 1 per cent higher with Bharatiya Janata Party’s strong showing in Maharashtra assembly polls and MSCI rebalancing supporting gains. 

 

Shares of Bharti Airtel rose 4.3 per cent following an upgrade by domestic brokerage ICICI Securities. The telecom major was the top gainer and also top contributor to both Sensex and Nifty gains on Friday followed by RIL, which rose 1.7 per cent. Overall, market breadth was positive with 2,347 stocks advancing and 1,606 declining.   

Adani Green soars 22%

 

Shares of nine of the 11 listed Adani Group firms ended higher on Friday, with Adani Green Energy surging almost 22 per cent and Adani Energy climbing nearly 16 per cent. The stock of Adani Green Energy zoomed 21.72 per cent, Adani Energy Solutions surged 15.56 per cent, Ambuja Cements jumped 3.73 per cent, Adani Ports climbed 1.94 per cent, ACC went up 1.59 per cent, Adani Total Gas (1.03 per cent), Adani Enterprises (1.02 per cent), NDTV (0.60 per cent), and Adani Wilmar (0.05 per cent) on the BSE.

 

However, shares of Adani Power declined 1.01 per cent and Sanghi Industries dipped 0.45 per cent.