Indian equity indices, Sensex and Nifty50, rebounded on Friday following a five-month low in the previous session. The rally came after upbeat US labor market data bolstered global sentiment.
- Sensex: Up 804 points (+1.04%) to 77,960.
- Nifty50: Rose 1%, crossing the 23,600 mark.
Top Performers:
- Gainers: SBI, ICICI Bank, Tata Motors, Power Grid, IndusInd Bank, NTPC.
- Losers: Adani Ports, Axis Bank.
Adani Group Slump:
Adani Group stocks extended their losses, following allegations of fraud and bribery against Gautam Adani:
- Adani Green Energy: Down ~8%.
- Adani Energy Solutions: Down 7%.
- Other Group Stocks: Fell 4-7%.
- Total market value lost: ~$27 billion in two sessions.
- Additional Blow: Kenya canceled a $2 billion airport procurement deal involving the Adani Group.
Sectoral Performance:
- Nifty Bank, Financial Services, IT, PSU Bank, and Realty: Gained 1-2%.
- Nifty Smallcap100 and Midcap100: Rose 0.5%.
- India VIX (Volatility Index): Fell 2.5% to 15.6.
Stock-Specific Highlights:
- Tata Power: Gained 2% after a $4.25 billion clean energy project funding deal with ADB.
- SJVN: Jumped 6% following a renewable energy agreement with Rajasthan’s government.
Market Expert Views:
- Dr. V.K. Vijayakumar (Geojit): Despite global headwinds like FII outflows and geopolitical risks, the market correction (11% from September highs) indicates resilience. A sustained recovery remains uncertain.
- Hardik Matalia (Choice Broking): Support levels for Nifty are at 23,300, 23,200, and 23,000. Resistance is seen at 23,500, 23,650, and 23,800.
Global Markets:
- Asia: Chipmakers led gains; Taiwan, South Korea up >1%; Nikkei +0.8%.
- US: S&P 500 futures flat, Nvidia hit record highs after strong earnings.
Commodities:
- Crude Oil: Rose amid Russia-Ukraine tensions.
- Brent Crude: $74.37/barrel (+0.2%).
- WTI Crude: $70.27/barrel (+0.2%).
Currency Update: The Indian rupee hit a record low of 84.4975 against the US dollar due to:
- Dollar strength.
- Sustained portfolio outflows.
- Geopolitical risks.
