Stock Market: Sensex Surges 900 Points, Nifty Nears 17,600 On Positive Cues. All Sectors In The Green

Stock update: On the 30-share Sensex platform, SBI, Airtel, Reliance, ITC, Tata Steel, IndusInd Bank, HDFC Bank were the main winners

The two key equity benchmarks, Sensex and Nifty, on Friday rallied smartly tracking positive global cues

The S&P BSE Sensex surged to a high of 59,967, and ended with a gain of 900 points at 59,809. In the process, the BSE benchmark was up 345 points for the week. On the other hand, the NSE Nifty 50 touched a high of 17,645, before signing-off at 17,594, up 272 points. The Nifty was up 128 points for the week.

On the 30-share Sensex platform, SBI, Airtel, Reliance, ITC, Tata Steel, IndusInd Bank, HDFC Bank were the main winners. On the flip side, TechM, UltraCemco, Nestle, Asian Paints, Sun Pharma emerged losers.

Among specific stocks, shares of Adani Group logged strong gains on the bourses after US-based GQG Partners acquired stake worth Rs 15,446 crore in four of the group companies. The promoters plan to use the proceeds to retire debt and other purposes.

Shares of the flagship firm - Adani Enterprises soared 17 per cent to Rs 1,879. The stock has now skyrocketed over 70 per cent from its low of Rs 1,103 hit on Tuesday. Adani Ports surged 9.7 per cent. Adani Power, Adani Green, Adani Transmission, Adani Wilmar, Adani Total Gas and NDTV were locked at the 5 per cent upper limits. ACC and Ambuja Cements too gained around 5 per cent each.

Meanwhile, the positive sentiment had a spillover effect on PSU Banks. The Nifty PSU Bank index soared 5.4 per cent to 3,970. UCO Bank and Union Bank galloped over 8 per cent each.

In the broader markets, the BSE Midcap and Smallcap indices added 0.5 per cent each.

All the sectoral indices on Friday ended in the green.

In the previous session on Thursday, the BSE Sensex plunged 502 points to 58,909. On the other hand, the NSE Nifty closed trade at 17,322, down 129 points.

In Asian markets, Seoul, Japan, China and Hong Kong ended in the green. Equity markets in Europe were trading in the positive territory. The US markets had ended higher on Thursday.

Foreign Portfolio Investors (FPIs) bought shares worth Rs 12,770.81 crore on Thursday, according to exchange data.

"The market had more reasons to cheer today than to worry about concerns regarding inflation. PSU banks led the sectoral rally as reports of foreign investments in Adani stocks helped the sector in recouping the dampened sentiments. The sentiment was further lightened as FIIs turned in strong buyers," said Vinod Nair, Head of Research at Geojit Financial Services.

The embattled Adani Group has sold minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore as the apple-to-airport conglomerate, recovering from a sell-off triggered by a short-seller report, looks to shore up liquidity ahead of the $2 billion debt repayment due in the coming months.

International oil benchmark Brent crude dipped 0.07 per cent to $84.69 per barrel.

Meanwhile, the rupee appreciated by 63 paise to close at a one-month high of 81.97 (provisional) against the US dollar on Friday, as fresh foreign fund inflows and positive domestic equities supported investor sentiments.

Forex traders said positive PMI services data also boosted investor sentiments.

At the interbank foreign exchange market, the local unit opened at 82.28 against the American currency and finally settled at 81.97 (provisional) against the greenback, registering a gain of 63 paise over its previous close of 82.60.

During the trading session, the rupee touched a high of 81.92 and a low of 82.35 against the dollar.