The Indian stock market experienced a positive upturn on Friday morning, driven by bargain hunting following the previous session's decline. Notably, several Adani Group stocks also witnessed gains.
Key sectors such as banking, technology, metals, and real estate led the charge. The BSE Sensex climbed 704.08 points, translating to a 0.91% increase, reaching 77,859.87 shortly before midday. Simultaneously, the Nifty50 index of the National Stock Exchange rose by 225.20 points, a 0.96% uptick, landing at 23,575.10.
UltraTech Cement saw a gain of 2.3%. Other noteworthy performers included ICICI Bank, Power Grid Corporation, Bajaj Finance, Tech Mahindra, Titan, Larsen & Toubro, and JSW Steel, each advancing between 1% and 2%.
Public sector banks showed strong performance with State Bank of India, Punjab National Bank, and Bank of Baroda increasing between 3% and 3.3%. Additional gains were noted for Canbank, Maharashtra Bank, PSB, Central Bank of India, Union Bank of India, Bank of India, and IOB.
Adani Group stocks, which suffered on Thursday following allegations against founder Gautam Adani and several executives by the U.S. SEC in a $265 million bribery case, rebounded after a weak opening. Adani Ports & Special Economic Zone rose nearly 2%, Adani Enterprises gained 3.6%, Adani Total Gas increased 2.6%, Adani Green Energy climbed 3.5%, Adani Power was up 1.75%, while Adani Wilmar edged up 0.6%, though Adani Energy Solutions saw a decline of about 3%.
In the cement sector, ACC and Ambuja Cements advanced by 3.5% and 5.2%, respectively.
The technology sector saw Wipro, Mphasis, LT MindTree, L&T Technology Services, HCL Technologies, Tata Consultancy Service, Tech Mahindra, and Infosys gaining between 1% and 2.3%.
Real estate stocks also performed well, with Raymond and DLF up 7% and 3.7%, respectively, while Godrej Properties, Lodha, Sobha Developers, and Brigade Enterprises saw gains in the range of 2% to 3%.
JSW Energy Limited might garner attention as it announced plans for a wind turbine blade manufacturing unit in Karnataka for internal use; however, the stock showed a marginal decline.
Afcons Infrastructure revealed it received a Letter of Acceptance for a Rs 1,274 crore project from the Uttarakhand Project Development and Construction Corporation, though its stock fell by over 1%.
SJVN climbed more than 4% after announcing a Memorandum of Understanding with the Energy Department of the Rajasthan government. The agreement involves developing 5 GW of pumped storage projects and 2 GW of floating solar projects in the state.
Economically, preliminary data from S&P Global indicated that the HSBC India Composite PMI rose to 59.5 in November 2024 from October’s final 59.1, marking the highest reading since August. The HSBC India Manufacturing PMI slightly dipped to 57.3 from 57.5 in October, while the HSBC India Services PMI increased to 59.2 from a final reading of 58.5 in October, as per preliminary estimates.
