Nifty jumps to 17500, Sensex skyrockets 700 pts in early trade on Fri, Mar 3; Adani group stocks surge

Indian benchmark equity indices surged on Friday after GQG purchased stakes worth $1.87 billion in four Adani firms. The Nifty 50 rose 201.35 pts or 1.16% to 17,523.25 and Sensex surged 675.81 pts or 1.15% to 59,585.16. Bank Nifty skyrocketed 714.35 pts or 1.77% to 41,104.15.    The top gainers on Nifty 50 were Adani Enterprises (up 10.53 %%), Adani Ports (up 6.44%), SBIN (up 4.11%), HCL Tech (up 1.98%) and Power Grid (up 1.93%) while UltraTech Cement (down 0.88%), Asian Paints (down 0.73%), Divis Lab (down 0.29%), Bajaj Auto (down 0.24%) and Cipla (down 0.20%).

Adani Group stocks in focus today

Adani Group stocks surged on Friday, with the flagship firm Adani Enterprises share price hitting the upper circuit after US investment firm GQG purchased stakes worth $1.87 billion in four group firms. GQG is one of the world’s leading Global and Emerging Markets investors, which manages more than $92 billion in client assets. Adani Enterprises shares hit the upper circuit, surging over 10% to Rs 1778.15, Adani Ports shares rose 6.66% to Rs 664.70, Adani Transmission and Adani Green Energy shares hit the upper circuit rising 5% to Rs 743.75 and Rs 562.00, respectively.

Sectoral Indices

The sectoral indices were trading mixed. Bank Nifty rose 1.89%, Nifty IT surged 0.74%, Nifty Metal climbed 1.89%, Nifty Pharma up 0.14%, Nifty PSU Bank up 4.34% and Nifty Realty up 0.57%.

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Asian and US stock markets

Asian markets were trading broadly in green in the early morning trade. China’s Shanghai Composite index rose 0.08%, Japan’s Nikkei 225 rose 1.41%, and Hong Kong’s Hang Seng was up 0.50%.

Wall Street stocks surged on Thursday. The Dow Jones Industrial Average climbed 341.73 points, or 1.05%, to close at 33,003.57. Salesforce boosted the Dow, rallying 11.5% on a strong quarter and forward guidance. The S&P 500 gained 0.76% to close at 3,981.35. The Nasdaq Composite rose 0.73%, ending the session at 11,462.98.

FII and DII data

Foreign institutional investors (FII) bought shares worth a net Rs 12,770.81 crore, while domestic institutional investors (DII) acquired equities worth a net Rs 2128.8 crore on 2 March, according to the provisional data available on the NSE.

NSE F&O Ban

The National Stock Exchange has no stocks on its F&O ban list for 3 March. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.