Sensex Opens 500 Points Higher As Adani Stocks Advance


Share post:

Metal index advanced 2%, aided by a 10% jump in Adani Enterprises. (File)


Indices opened higher today after U.S. investment firm GQG Partners’ almost-$2 billion investment in Adani stocks helped lift sentiment and turned foreign investors into buyers after a six-session hiatus.

The Nifty 50 index rose 0.76% to 17,454.40, while the S&P BSE Sensex gained 0.74% to 59,343.50 as of 9:44 a.m. IST.

Twelve of the 13 major sectoral indexes advanced with high weightage financials and information technology adding 0.7% and 0.5%, respectively.

Metal index advanced 2%, aided by a 10% jump in Adani Enterprises. The flagship Adani firm has over 10% weightage in the metal index.

All the Adani stocks surged after U.S. boutique investment firm GQG Partners Inc bought shares worth $1.87 billion in four of the group companies, the first major investment in the Indian conglomerate since a short-seller’s critical report sparked a stock rout.

Two analysts said the investments will help investor sentiment in the Adani Group in the short term.

Broader Asian markets were also up on Friday, following a higher overnight close in Wall Street equities after Atlanta Fed President Raphael Bostic said he favoured a “slow and steady” quarter-point U.S. rate hike in the upcoming policy meeting.

The MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.65%.

Foreign institutional investors (FII) bought a net 127.71 billion rupees worth of Indian equities on Thursday, aided by investment in Adani group companies.

Among individual stocks, MOIL rose over 2% after reporting a 10% jump in the production of manganese ore in February.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)


Please enter your comment!
Please enter your name here


Related articles

Google Denies Intentionally Destroying Evidence in US Antitrust Lawsuit

Alphabet's Google has denied intentionally destroying evidence in the US Justice Department's antitrust lawsuit over the company's search...

Marcus Rashford Ruled Out Of England Euro Qualifiers

File photo of Marcus Rashford.© AFPEngland will be without Marcus Rashford for Euro 2024 qualifiers against Italy...

Amazon to Lay Off 9,000 Employees in Another Round of Job Cuts; Twitch, E-Commerce, HR Sector to Get Affected on Monday said it would axe another 9,000 roles to make its operation lean and manage...