Sensex, Nifty Notably Higher As Stocks Rise On Bargain Hunting; Adani Group Shares Recover

The Indian stock market is up in positive territory Friday morning thanks to bargain hunting at several counters after the setback in the previous session. A few stocks from the Adani Group have moved up as well.

Bank, technology, metal and realty stocks are among the prominent gainers.

The BSE benchmark Sensex was up 704.08 points or 0.91% at 77,859.87 a few minutes before noon. The broader Nifty50 index of the National Stock Exchange was up 225.20 points or 0.96% at 23,575.10.

UltraTech Cement is up 2.3%, while ICICI Bank, Power Grid Corporation, Bajaj Finance, Tech Mahindra, Titan, Larsen & Toubro and JSW Steel are gaining 1 to 2%.

PSU bank stocks State Bank of India, Punjab National Bank and Bank of Baroda are up 3 to 3.3%. Canbank, Maharashtra Bank, PSB, Central Bank of India, Union Bank of India, Bank of India and IOB are also up with strong gains.

Adani Group stocks which tumbled on Thursday following the indictment of Adani Group founder Gautam Adani and a few other top executives by the U.S. SEC for their alleged role in a $265 million bribery case, moved higher today after a very weak start.

Adani Ports & Special Economic Zone is up nearly 2%, Adani Enterprises is gaining 3.6%, Adani Total Gas is rising 2.6%, Adani Green Energy is advancing 3.5%, Adani Power is up 1.75% and Adani Wilmar is up 0.6%, while Adani Energy Solutions is down by about 3%.

ACC and Ambuja Cements are up 3.5% and 5.2%, respectively.

Technology stocks Wipro, Mphasis, LT MindTree, L&T Technology Services, HCL Technologies, Tata Consultancy Service, Tech Mahindra and Infosys are up 1 to 2.3%.

Realty stocks Raymond and DLF are up 7% and 3.7%, respectively. Godrej Properties, Lodha, Sobha Developers and Brigade Enterprises are up 2 to 3%.

JSW Energy Limited is likely to see some action after the company said that it is planning to set up a wind turbine blade manufacturing unit in Karnataka for captive usage by the company. The stock is down marginally.

Afcons Infrastructure announced that it has received a Letter of Acceptance for a project worth Rs 1,274 crore from the Uttarakhand Project Development and Construction Corporation. The stock is down more than 1%.

SJVN is up more than 4%. The company announced that it has signed a Memorandum of Understanding (MoU) with the Energy Department of the Rajasthan government for the development of renewable energy in the state. According to the MoU, SJVN would develop 5 GW of pumped storage projects and 2 GW of floating solar projects in the state.

On the economic front, flash data from S&P Global said the HSBC India Composite PMI rose to 59.5 in November of 2024 from a final 59.1 in the previous month, the highest reading since August.

The HSBC India Manufacturing PMI fell to 57.3 in November 2024, slightly down from 57.5 in October, and the HSBC India Services PMI increased to 59.2 in November 2024 from a final reading of 58.5 in October, according to preliminary estimates.