India’s benchmark indexes jumped nearly 1% on Friday, recouping a large chunk of their losses from the prior session and ending the week higher, helped by gains in heavyweight Reliance Industries and drugmakers.
The NSE Nifty 50 rose 0.91% to 24,131.1, while the BSE Sensex gained 0.96% to 79,802.79.
The benchmarks slid nearly 1.5% each in the prior session, but the day’s gains ensured they ended the week with about 1% higher.
The broader smallcap and midcap indexes gained 0.75% and 0.16%, respectively, for the day, to log weekly gains of 5% and 2.5%, outpacing the benchmarks.
“The current situation is a clear stock picker’s market,” said Krishna Appala, a senior research analyst at Capitalmind Research.
“After the recent downturn, investors are now focusing more on individual stocks rather than market indices, signaling a shift in trading strategy.”
India shares end higher led by Adani stocks
The market slipped into correction territory – a 10% drop from its record high – earlier in the month, on concerns over dull corporate earnings and persistent foreign outflows.
This month, the Nifty has shed about 0.3%, weighed down by the plunge in the two Adani Group stocks that are on the index. In contrast, the Sensex, which has no Adani stocks, rose about 0.5% in November. The small and midcaps logged marginal gains. On the day, Reliance, the second-heaviest Nifty stock, rose 1.7% after shedding a similar amount on Thursday.
Nine of the 10 Adani Group stocks ended higher, with Adani Green surging 22% and Adani Energy climbing 16%, recouping some of the losses triggered by a U.S. indictment against key officials last week. The Group has denied the allegations.
Pharma stocks jumped 2.35%, driven mainly by a 3.7% rise in Divi’s Lab after Citi said the stock was its top pick in the sector.
Source: Brecorder
