Sensex, Nifty Close On Buoyant Note As Stocks Rally On Strong Buying

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(RTTNews) - Indian stocks rallied sharply and lifted the benchmark indices Sensex and the Nifty50 to a buoyant close on Friday, a day after suffering a setback following the indictment of Adani Group founder Gautam Adani and a few top executives by U.S. Securities Exchange Commission in an alleged bribery case.

Exit polls indicating a victory for the BJP-led front in Maharashtra and Haryana assembly elections, fairly positive global cues, strong buying in technology and bank stocks, and active buying by domestic funds contributed to the rally in the Indian market.

Technology, automobile, bank, FMCG, metal, realty and healthcare sectors, all had a pretty good outing, with several counters attracting attention past mid afternoon.

The BSE benchmark Sensex ended with a gain of 1,961.32 points or 2.54% at 79,117.11. The broader Nifty50 of the National Stock Exchange closed up 557.35 points or 2.39% at 23,907.25.

On the economic front, flash data from S&P Global said the HSBC India Composite PMI rose to 59.5 in November of 2024 from a final 59.1 in the previous month, the highest reading since August.

The HSBC India Manufacturing PMI fell to 57.3 in November 2024, slightly down from 57.5 in October, and the HSBC India Services PMI increased to 59.2 in November 2024 from a final reading of 58.5 in October, according to preliminary estimates.

State Bank of India, Tata Consultancy Services and Titan gained 4.1 to 4.6%. ITC, Infosys, Larsen & Toubro, Reliance Industries, Bajaj Finance, HCL Technologies, JSW Steel and UltraTech Cement climbed 3.2 to 4%.

Bharti Airtel, Power Grid Corporation, NTPC, M&M, Hind Unilever, Tech Mahindra, Tata Motors, ICICI Bank, Bajaj Finserv, Asian Paints, Maruti Suzuki, Tata Steel, Nestle and IndusInd Bank gained 1.7 to 3%.

Adani Group stocks bounced back fairly strongly, but some of the counters in the Group failed to hold gains and closed weak. Among the gainers, Adani Ports gained about 2%. Adani Enterprises closed up 2.1% and Adani Total Gas gained 1.5%. ACC and Ambuja Cements gained 3.1% and 3.8%, respectively.

Adani Energy Solutions lost nearly 7% and Adani Green Energy tumbled 8%. Adani Power closed down 3%, and Adani Wilmar ended 0.6% down.

The market breadth was quite positive. On BSE, 2,446 stocks closed higher, while 1,475 stocks ended weak, and 120 stocks settled flat.

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