PTI, March 3, 2023, 5:52 PM IST
Following positive trends in global equities and fresh foreign fund inflows, the Sensex jumped nearly 900 points and the Nifty gained over 272 points on Friday, recovering from the previous day’s decline.
The BSE Sensex ended up 899.62 points or 1.53 percent at 59,808.97 after opening trade on a positive note. During the day, it jumped 1,057.69 points or 1.79 percent to 59,967.04.
The NSE Nifty settled up 272.45 points, or 1.57 percent, at 17,594.35.
“Markets posted a strong rebound on Friday and gained over one and a half percent tracking supportive global cues. Today’s rebound can be attributed to the recovery in the US as we mirror global markets and we expect the same trend to continue,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd
Among the Sensex pack, State Bank of India, Bharti Airtel, Reliance Industries, ITC, Tata Steel, IndusInd Bank, HDFC Bank, Tata Motors, HDFC and Titan were the major gainers.
Trailing behind were Tech Mahindra, Ultratech Cement, Nestlé and Asian Paints.
In the broader market, the BSE smallcap gauge gained 0.68 percent and the midcap index rose 0.58 percent.
Sectoral indices ended in the green, with services up 3.17 percent, banks up 2.13 percent, utilities (1.84 percent), financial services (1.76 percent), commodities (1.69 percent) and power (1.60 percent).
In Asian markets, Seoul, Japan, China and Hong Kong finished in the green.
European equity markets were trading in positive territory. US markets were higher on Thursday.
Foreign portfolio investors (FPIs) bought shares worth Rs 12,770.81 crore on Thursday, according to exchange data.
“Markets had more reason to cheer today than to worry about inflation concerns. PSU banks led the sectoral rally as reports of foreign investment in Adani stocks helped the sector recover from subdued sentiment. Sentiment lightened as FIIs turned in strong buyers,” said Vinod Nair, head of research at Geojit Financial Services.
The beleaguered Adani Group has sold minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore as Apple-to-Airport conglomerate recovers from a sell-off triggered by short-seller reports. Increased liquidity ahead of USD 2 billion debt repayments due in the coming months.
Shares of all Adani group companies rose on Friday, with Adani Enterprises jumping nearly 17 percent. In the last three trading sessions, the combined market value of the ten listed companies rose by over Rs 1.42 lakh crore.
The seasonally adjusted S&P Global India Services PMI Business Activity Index rose to 59.4 in February from 57.2 in January – the highest level in 12 years.
Services sector expansion was supported by favorable demand conditions and new business gains, the monthly survey said on Friday.
International oil benchmark Brent crude fell 0.07 percent to USD 84.69 a barrel.
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