Stock Market Highlights: Sensex Surges 1,961 Points to Close at 79,117; Nifty Ends at 23,874; SBI and Bajaj Finance Lead Gains

Indian equity markets exhibited a robust recovery on Friday, driven by positive global cues and easing concerns over the Adani Group’s recent market turmoil. The benchmark BSE Sensex soared 1,961.32 points or 2.54% to close at 79,117.11, marking one of its best sessions in recent months. The NSE Nifty 50 followed suit, gaining 524.50 points or 2.25% to settle at 23,874.40.

Top Gainers and Losers

Leading the charge on the NSE were State Bank of India (SBI), up by 4.33%, followed by Bajaj Finance (3.93%), Titan (3.89%), ITC (3.69%), and TCS (3.66%). The only stock to close in the red among the Nifty constituents was Bajaj Auto, slipping 0.39%.

The recovery was particularly notable in the banking and financial sectors, which had faced significant pressure in the prior session due to the sharp decline in the Adani Group’s stock valuations. On Thursday, the Adani Group saw its market capitalization plummet by ₹2.2 lakh crore, its worst performance since the Hindenburg report controversy.

Expert Analysis

Commenting on the day’s rally, Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated, “The recent market dip of approximately 11% from the September peak is a correction, not a crash. Today’s performance indicates underlying strength in the market amidst volatility.”

Key Developments in the Market

Rupee Gains Against the Dollar

The Indian rupee staged a modest recovery, appreciating 6 paise to close at ₹84.44 against the US dollar. This marked an improvement from its recent all-time low, supported by buoyant equity markets and robust foreign inflows.

IPO Market Update

Enviro Infra Engineers Limited: The company’s IPO received an impressive 1.61 times subscription on its first day, with bids totaling 4.97 crore shares against 3.08 crore shares on offer.

NTPC Green Energy Limited: The IPO was subscribed 1.93 times by mid-afternoon, with strong demand from qualified institutional buyers (QIBs) and retail investors.

Corporate News

NLC India Limited: The company secured its third commercial coal mine, the New Patrapara South block in Angul, Odisha. The stock surged 4.21% to close at ₹263.65.

Kitex Garments: The Kerala-based garment manufacturer announced a 2:1 bonus share issue, providing shareholders with two additional shares for each existing one. However, its stock declined by 3.67% to ₹642.55.

Swan Energy: The company announced a Scheme of Arrangement involving its subsidiary Triumph Offshore and Reliance Naval and Engineering, leading to a 10.23% jump in its stock to ₹582.

Sectoral Performance

The rally was broad-based, with most sectors ending in the green:

Banking & Financial Services: PSU banks were standout performers, led by SBI (4.51%), PNB (3.55%), and Canara Bank (3.07%).

IT and Tech: Top gainers included TCS (4.25%), Infosys (4.21%), and Wipro (3.89%).

Consumer Goods: Stocks like ITC and Titan also saw strong buying interest, gaining 3.69% and 3.89%, respectively.

Adani Group Rebounds

After a significant sell-off on Thursday, shares of Adani Enterprises, Adani Green Energy, and Adani Ports staged a recovery, gaining over 3%. The rebound helped stabilize investor sentiment in the broader markets.

Notable Market Activity

Nucleus Software Exports: The company’s shares traded marginally lower at ₹1,053, even as it celebrated its 30th anniversary during a Singapore fintech event.

National Fertilizers Limited (NFL): The company announced its entry into the nano urea segment, launching a cutting-edge product at its Nangal plant. The stock rose 1.66% to ₹106.25.

Star India: The company reported a consolidated loss of ₹12,718 crore in FY24, compared to a ₹1,272 crore profit in FY23, driven by declining revenues and rising operational costs.

Global Cues

Global markets provided a positive backdrop, with US indices closing higher overnight and Asian markets following suit. Optimism over easing interest rates and stronger economic data contributed to the bullish sentiment.

Closing Market Data

Advances vs. Declines: On the BSE, 2,411 stocks advanced, while 1,482 declined, and 126 remained unchanged.

52-Week High/Low: A total of 159 stocks hit new 52-week highs, while 106 stocks reached 52-week lows.

Looking Ahead

The sharp recovery in the markets reflects resilience amid global and domestic uncertainties. Investors will closely monitor key economic data and corporate developments in the coming weeks, with a focus on inflation trends, RBI policy decisions, and global cues.

This surge also highlights opportunities for long-term investors, especially in the banking, IT, and infrastructure sectors, which continue to show strength.