Friday proved to be an exceptional day for the Indian stock market after several months of sluggishness. Following a significant downturn linked to issues with the Adani Group on Thursday, the market witnessed a substantial rally on Friday.
The stock market opened with enthusiasm, and this vigor persisted throughout the day. By the closing bell, the Sensex had soared by 1,961.32 points, up 2.54%, to settle at an impressive 79,117.11 points, marking an intraday high of over 2000 points.
Meanwhile, the Nifty closed at 23,907.25 points, rising by 557.35 points or 2.39%. This remarkable upswing led to a market capitalization hike of approximately 7.2 trillion INR for all companies listed on the BSE, rewarding investors with sizable profits, contrasting sharply with the previous 5.35 trillion INR loss on Thursday.
Out of the top-30 BSE Sensex companies, 29 showcased gains. Conversely, the shares of Bajaj Auto edged down slightly. SBI shares recorded the most significant rise at 4.73%, followed by Tata Group's TCS at 4.13%, Titan at 4.10%, and Reliance at a robust 3.44% increase.
Source: aajtak
Additionally, stocks like PowerGrid (3.55%), ITC (3.50%), NTPC (2.85%), M&M (2.77%), Bharti Airtel (2.71%), and Tata Motors (2.20%) closed with notable increases. In the midcap segment, stocks like MRPL surged by 8.62%, and Paytm by 6.50%.
Did Exit Polls Influence the Market?
Analysts suggest that this rally was expected on Thursday, yet concerns involving the Adani Group delayed it. Consequently, the market remained vibrant on Friday. This upward trend is attributed to the Maharashtra and Jharkhand elections, where exit polls commonly project an NDA lead in Maharashtra, spurring market growth from the lower bands. However, the real picture will emerge following Saturday's counting.
Adani Group's Shares Face Volatility
Nonetheless, Friday was a day of turbulence for Adani Group shares, witnessing initial pressure across the board. Stocks like Adani Green experienced over 10% declines yet gained ground throughout the trading session due to vigorous buying. Ambuja Cements and ACC saw surges surpassing 4%. Nevertheless, by the market's close, while some Adani Group shares ended in the green, others witnessed downturns.
Ambuja Cements gained 3.21%, NDTV rose by 1.03%, Adani Total Gas increased by 0.84%, Adani Ports climbed by 1.83%, ACC saw a lift of 3.38%, and Adani Enterprises closed 1.56% higher. Yet, Adani Energy Solutions fell approximately 7%, Adani Green Energy dropped 8%, Adani Power declined 3%, and Adani Wilmar dipped nearly 1%.
On the previous day, revelations by an American investigating agency had caused significant plunges in Adani Group shares, which, in turn, created turmoil in government bank shares.
