Markets shoot up

3 Mar 2023 , 02:08 PM

During Friday’s afternoon session, Indian shares experienced a surge in trading activity following the news of GQG Partners, a U.S. investment firm, investing nearly $2 billion in Adani stocks. This significant investment had a positive impact on market sentiment and encouraged foreign investors to resume buying after a six-session break. Positive global cues from foreign equity markets have also played a role in the markets’ rise today. 

In the wake of U.S. boutique investment firm GQG Partners Inc’s purchase of $1.87 billion worth of shares in four Adani group companies, there was a significant surge in the value of Adani stocks.

On sectoral front, all major indices lifted the chart with gains. Nifty Metal is the top sectoral driver with 3.45% upside. Nifty Bank and Financial Services is trading 2% higher. Nifty Oil & Gas extended over 1% gain. 

At around 2.00 PM, BSE Sensex is trading 955 points higher at 59,862. NSE Nifty gained 284 points at 17,606.

Adani Enterprises (+14.42%) is the top NSE gainer today, followed by Adani Ports (+9.32%). SBI (+5.26%), Bharti Airtel (+2.80%) and IndusInd Bank (+2.58%) are following the trail.

Tech Mahindra (-2.22%) is the top Nifty laggard. UltraTech Cement (-1.01%), Cipla (-0.87%), Sun Pharma (-0.64%) and Divis Lab (-0.39%) also registered marginal downside.

A total of 42 stocks advanced and 8 declined on Nifty index.

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