Adani, IT stocks shine; all sectors in the green: Top market updates

The Nifty 50 index rose 0.85% to 17,744.20, while the S&P BSE Sensex gained 0.83% to 60,309.16 as of 9:37am.

Updated on: Mar 6, 2023, 10:51:58 IST

By HT News Desk, New Delhi

Prefer HTon Google

Share via

Copy link

Benchmark stock indices in India rose substantially to start the fresh week's trade on Monday. The equity market opened on a strong note on Monday, with the benchmark crossing the 60,000 level and Nifty making strong gains amid positive global cues.

There has been a rise in high-weightage financial and information technology stocks after strong economic data from the United States and investment in the Adani group of companies boosted risk appetite, reported Reuters.

The Nifty 50 index rose 0.85% to 17,744.20, while the S&P BSE Sensex gained 0.83% to 60,309.16 as of 9:37am.

Top updates on the stock markets:

> All 13 major sectoral indexes rose, with financials and information technology adding 0.8% and 1.5%, respectively.

> All the Adani group stocks advanced as well, extending gains after US boutique investment firm GQG Partners' $1.87 billion investment in the conglomerate on Thursday.

> Asian markets advanced on Monday, with the MSCI's broadest index of Asia-Pacific shares outside Japan adding 0.71%.

> Among individual stocks, Mahanagar Gas jumped nearly 5% after the company acquired Unison Enviro for 5.31 billion rupees.

> Kansai Nerolac climbed over 2% after approving the acquisition of 40% of the total shareholding of Nerofix from Polygel for 370 million rupees.

Indian stocks had fallen for over a week on weak global market conditions over concerns that global growth will continue to slow in 2023 due to monetary policy tightening by various central banks to control inflation. "The rally in banking stocks may gather momentum taking cues from the GQG investment in four Adani stocks. The oversold IT stocks also have the potential to stage a mild rally. Oil & Gas and capital goods segments appear strong," news agency ANI quoted VK Vijayakumar, chief investment strategist at Geojit Financial Services as saying.

(With inputs from ANI, Reuters)

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News on Petrol Price, Gold Rate, Silver Rates, Diesel Prices along with Income Tax Calculator