Stock Market Gains on FII Inflows, Adani Surge
By Rediff Money Desk, MUMBAI Nov 28, 2023 17:31
Indian stock markets rebounded on Tuesday, driven by FII buying and gains in auto, power and metal sectors. Adani group shares surged up to 20%.
Mumbai, Nov 28 (PTI) Benchmark equity indices Sensex and Nifty snapped two days of losses and closed higher on Tuesday following last-hour buying in auto, power and metal shares helped by fresh foreign fund inflows.
The 30-share BSE Sensex rose by 204.16 points or 0.31 per cent to settle at 66,174.20 in a volatile trade. The During the day, it hit a high of 66,256.20 and a low of 65,906.65.
The Nifty gained 95 points or 0.48 per cent to settle at 19,889.70 as 39 of its components closed in the green and 11 ended lower.
Among the Sensex firms, Tata Motors, Bajaj Finserv, UltraTech Cement, Bharti Airtel, Bajaj Finance, NTPC, Titan and Axis Bank were the major gainers.
ITC, Hindustan Unilever, ICICI Bank and Power Grid were among the laggards.
"The gradual return of FIIs in the month of November post the global sell-off during the past three months (Aug to Oct) is having a steady positivity in India," said Vinod Nair, Head of Research, Geojit Financial Services.
"Oil prices are stable ahead of the OPEC meeting and OMCs stand to benefit from the ease. Metal sector gained in line with expectations of Chinese stimulus, and PSU banks are doing well due to better peer performance," Nair added.
Shares of Adani group firms surged up to 20 per cent as the Supreme Court heard and reserved its verdict on a batch of petitions seeking examination of allegations of fraud against the conglomerate.
Adani Total Gas shares zoomed 20 per cent, Adani Energy Solutions surged 19.06 per cent, Adani Power soared 12.32 per cent, Adani Green Energy jumped 12.27 per cent, NDTV advanced 11.73 per cent, Adani Wilmar went up by 9.96 per cent and Adani Enterprises climbed 8.66 per cent on the BSE.
Adani Ports gained 5.20 per cent, Ambuja Cements climbed 4.22 per cent and ACC went up by 2.62 per cent.
In the broader market, the BSE midcap gauge climbed 0.30 per cent while the smallcap index gained marginally by 0.06 per cent.
Among the indices, utilities rallied 3.64 per cent, power jumped 3.47 per cent, oil & gas climbed 3.13 per cent, energy (2.27 per cent), services (2.02 per cent), commodities (1.27 per cent) and metal (1.13 per cent).
FMCG, industrials, telecommunication and capital goods were the laggards.
In Asian markets, Seoul and Shanghai settled with gains while Tokyo and Hong Kong ended lower.
European markets were trading mostly lower. The US markets ended marginally down on Monday.
Global oil benchmark Brent crude climbed 1.19 per cent to USD 80.93 a barrel.
Equity markets were closed on Monday for Guru Nanak Jayanti.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,625.21 crore on Friday, according to exchange data.
The BSE benchmark declined 47.77 points or 0.07 per cent to settle at 65,970.04 on Friday. The Nifty slipped 7.30 points or 0.04 per cent to 19,794.70.
The 30-share BSE Sensex rose by 204.16 points or 0.31 per cent to settle at 66,174.20 in a volatile trade. The During the day, it hit a high of 66,256.20 and a low of 65,906.65.
The Nifty gained 95 points or 0.48 per cent to settle at 19,889.70 as 39 of its components closed in the green and 11 ended lower.
Among the Sensex firms, Tata Motors, Bajaj Finserv, UltraTech Cement, Bharti Airtel, Bajaj Finance, NTPC, Titan and Axis Bank were the major gainers.
ITC, Hindustan Unilever, ICICI Bank and Power Grid were among the laggards.
"The gradual return of FIIs in the month of November post the global sell-off during the past three months (Aug to Oct) is having a steady positivity in India," said Vinod Nair, Head of Research, Geojit Financial Services.
"Oil prices are stable ahead of the OPEC meeting and OMCs stand to benefit from the ease. Metal sector gained in line with expectations of Chinese stimulus, and PSU banks are doing well due to better peer performance," Nair added.
Shares of Adani group firms surged up to 20 per cent as the Supreme Court heard and reserved its verdict on a batch of petitions seeking examination of allegations of fraud against the conglomerate.
Adani Total Gas shares zoomed 20 per cent, Adani Energy Solutions surged 19.06 per cent, Adani Power soared 12.32 per cent, Adani Green Energy jumped 12.27 per cent, NDTV advanced 11.73 per cent, Adani Wilmar went up by 9.96 per cent and Adani Enterprises climbed 8.66 per cent on the BSE.
Adani Ports gained 5.20 per cent, Ambuja Cements climbed 4.22 per cent and ACC went up by 2.62 per cent.
In the broader market, the BSE midcap gauge climbed 0.30 per cent while the smallcap index gained marginally by 0.06 per cent.
Among the indices, utilities rallied 3.64 per cent, power jumped 3.47 per cent, oil & gas climbed 3.13 per cent, energy (2.27 per cent), services (2.02 per cent), commodities (1.27 per cent) and metal (1.13 per cent).
FMCG, industrials, telecommunication and capital goods were the laggards.
In Asian markets, Seoul and Shanghai settled with gains while Tokyo and Hong Kong ended lower.
European markets were trading mostly lower. The US markets ended marginally down on Monday.
Global oil benchmark Brent crude climbed 1.19 per cent to USD 80.93 a barrel.
Equity markets were closed on Monday for Guru Nanak Jayanti.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,625.21 crore on Friday, according to exchange data.
The BSE benchmark declined 47.77 points or 0.07 per cent to settle at 65,970.04 on Friday. The Nifty slipped 7.30 points or 0.04 per cent to 19,794.70.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
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