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Sensex, Nifty rebound; Vodafone Idea zooms 14 per cent, Adani Green locks in at upper circuit

Geyatee Deshpande
/ Categories: Mindshare, DSIJ Academy
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Sensex, Nifty rebound; Vodafone Idea zooms 14 per cent, Adani Green locks in at upper circuit

On Friday, the bears lost their week-long grip on the domestic markets, as the benchmark indices such as Sensex and Nifty rebounded to climb up high, closing in the green. Sensex soared by 835.06 points or 2.28 per cent to settle at 37,388.66 levels while Nifty zoomed by 244.70 points or 2.26 per cent to close at 11,050.25 level.

Besides, a rally in auto and telecom stocks was witnessed during today’s trading session. The rally in the markets seemed to be mostly based on hopes of more stimulus from the government to boost demand as the festive season is around the corner. Also, as the valuation of some stocks came down sharply, it attracted more buyers. Tech stocks rallied in US markets on Thursday leading to boost in Indian IT stocks as well.

The shares of Vodafone Idea jumped after Vodafone won an arbitration case in International Court of Justice (ICJ) against the Indian government over retrospective tax demand of Rs 20,000 crore.

Enthusiasm in European markets was low as Coronavirus cases continued to surge. FTSE 100, DAX, and CAC 40 were trading down by 0.62 per cent, 1.68 per cent and 1.67 per cent, respectively. Asian indices remained mixed as Shanghai index and Hang Seng dropped by 0.12 per cent and 0.32 per cent, respectively whereas, Nikkei and KOSPI advanced by 0.51 per cent and 0.27 per cent, respectively.

After days of declines, on Friday, all stocks in the Sensex basket advanced. The top gainers included Bajaj Finserv that went up by 6.64 per cent, HCL Technologies rose by 5.01 per cent, Bharti Airtel gained by 4.98 per cent, IndusInd Bank surged by 4.97 per cent, Larsen & Toubro increased by 4.58 per cent, TCS gained by 3.89 per cent, etc.

Amongst sectoral indices on BSE, the Telecom index was the biggest gainer, up by 5.73 per cent while BSE TECK index and BSE IT index rose by 4.02 per cent and 3.63 per cent, respectively. BSE Auto index gained by 3.40 per cent, BSE Healthcare index was up by 2.37 per cent, BSE Metal index was up by 2.96per cent and BSE Realty index increased by 2.06 per cent.

In the broader markets, BSE Small-Cap index surged by 2.31 per cent. The top small-cap index gainers included Rushil Décor, NCC, Anant Raj Ltd, IFB Industries, Bhansali Engineering Polymers Ltd (BEPL), etc. Meanwhile, BSE Mid-Cap index zoomed by 2.90 per cent. The top mid-cap gainers included GMR Infrastructure, Varroc Engineering, IDFC First Bank, Jindal Steel, Muthoot Finance, and so on.

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