Sensex, Nifty zoom on heavy buying in banking stocks

Mumbai, February 3

Equity benchmarks Sensex and Nifty rallied over 1% on Friday due to heavy buying in banking and financial counters amid mixed trend in the global markets.

The 30-share BSE benchmark Sensex zoomed 909.64 points to settle at 60,841.88. During the day, it jumped 973.1 points to 60,905.34. The broader NSE Nifty advanced 243.65 points to end at 17,854.05.

“Markets are rising, assuming that we are in the last phase of the rate hike cycle as indicated by the Fed statement,” said Vinod Nair, Head of Research at Geojit Financial Services.

Some Adani Group stocks revived post the confident statement by TotalEnergies, a French energy company, raising the sentiment of the market, Nair added.

From the Sensex pack, Titan, Bajaj Finserv, Bajaj Finance, HDFC Bank, HDFC, State Bank of India, Mahindra & Mahindra and IndusInd Bank were among the major winners.

HCL Technologies, Wipro and Tech Mahindra were among the laggards. In the broader market, the BSE smallcap gauge declined 0.47% and midcap index dipped 0.04 per cent.

Among sectoral indices, consumer durables climbed 2.61%, financial services rallied 2.15%, bankex jumped 2.02%, services advanced 1.64% and consumer discretionary gained 0.85%.

Utilities fell 2.79%, power declined 2.24%, oil & gas (0.88%) and realty (0.53%). Elsewhere in Asia, equity markets in Seoul and Tokyo ended in the green, while Shanghai and Hong Kong settled lower.

Equities in Europe were trading mostly lower during mid-session deals. Markets in the US ended mostly in the positive territory on Thursday. — PTI

Four Adani Group stocks rebound

• Shares of four Adani Group firms, including Adani Enterprises and Adani Ports bounced back on Friday after facing heavy drubbing in the past 6 days
• Adani Enterprises rebounded 1.25% to settle at Rs 1,584.20 apiece on the BSE. During the day, it tumbled 35% to Rs 1,017.10 — its one-year low
• Shares of Adani Ports also bounced back and climbed 7.98% to Rs 498.85 after falling 14.51% to Rs 394.95 — its one-year low — during the day
• Ambuja Cements rallied 6.03% while ACC climbed 4.39%

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