Stock Market: Sensex Rises 298 Points, Nifty Ends Above 18,200. Adani, IT Stocks Shine

Stock update: On the 30-share Sensex platform, Tata Motors, TechM, Infosys, HCL, Axis Bank, M&M were among the winners

The key equity benchmarks, Sensex and Nifty, reversed their three-day losing streak on the back of renewed buying interest in auto and IT stocks. Adani Group shares also finished with strong gains on Friday after the Supreme Court appointed panel report revealed that it could not pinpoint regulatory failure.

The S&P BSE Sensex ended 298 points higher at 61,730. On the other hand, the NSE Nifty 50 gained 158 points from the day’s low of 18,060, to hit the day’s high of 18,218. The Nifty settled at 18,203, up 73 points.

On the 30-share Sensex platform, Tata Motors, TechM, Infosys, HCL, Axis Bank, M&M were among the winners. On the downside, NTPC, Asian Paints, Titan, PowerGrid, Tata Steel, Sun Pharma emerged losers.

Among specific stocks, Gautam Adani Group flagship firm, Adani Enterprises ended 3.5 per cent higher. Adani Power, Adani Green and Adani Transmission were locked at the 5 per cent upper limit. Adani Wilmar zoomed nearly 7 per cent. Whereas, Adani Ports, ACC, Ambuja Cement, NDTV and Adani Total Gas were up 1 – 4 per cent each.

In the broader markets, the BSE Midcap and Smallcap indices underperformed and ended on a flat note.

Sectorwise, the BSE IT index surged 1.4 per cent. The Auto and Realty indices were up over 0.5 per cent each, while the Healthcare index slipped 0.5 per cent.

In the previous session on Thursday, the BSE Sensex settled the day with a loss of 129 points at 61,432. On the other hand, the NSE Nifty 50 closed the day at 18,130, down 52 points.

"The domestic market, though experienced a lack of decisive direction, closed the day on a positive note. The optimism in the US market was fuelled by progress in debt ceiling talks. However, the prospect of a stronger US economy suggests that the Federal Reserve may keep policy rates elevated for an extended duration," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asia, Seoul, and Tokyo markets ended in the green, while Shanghai and Hong Kong settled lower. European markets were trading with gains. The US market ended on a positive note on Thursday.

Foreign Institutional Investors (FIIs) continued their buying activity as they bought equities worth Rs 970.18 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude climbed 0.78 per cent to $76.45 per barrel.

Meanwhile, the rupee fell 5 paise to close at 82.67 (provisional) against the US currency on Friday, weighed down by a strong greenback overseas and surging crude prices in the international market. However, a firm trend in domestic equities and persistent foreign capital inflows supported the rupee and restricted the fall, traders said.

At the interbank foreign exchange, the domestic unit opened at 82.71 against the dollar, and finally settled at 82.67 (provisional), down 5 paise from its previous close. During the day, the rupee touched a high of 82.64 and a low of 82.80 against the greenback. On Thursday, the rupee had settled at 82.62 against the dollar.