Indian market surges 2000 points, ignores Adani case
PrashantNews
The Indian share market on Friday bounced back strongly with BSE Sensex witnessing a remarkable surge of over 2000 points ignoring the case against the Adani group in the US.
Except a couple of stocks like Adani Green and Adani Energy, most of other Adani group stocks rebounded as the Indian market showed fresh signs of great resilience against the US case where the billionaire Adani was indicted in an alleged bribery case.
The market experts said despite the despondency caused by the US case against Adani conglomerate on Thursday, the group stocks rose up to three percent. Adani Enterprise after touching the year’s low of Rs 2030 turned green in the afternoon. Most of the group stocks bounced back, a move that further lifted the market sentiments pushing the indices higher.
The strong performance by the market resulted in the fresh boost which increased the market capitalization by Rs 7 lakh crore.
The rally was spearheaded by banking and financial heavyweights like ICICI and SBI. IT majors like Infosys and TCS also joined the bandwagon to give further push to the market. Energy giant Reliance Industries and infra major L&T also gave the market considerable support to lift the overall sentiments.
“We believe that the case against Adani is more political in nature. The Friday’s rally clearly indicated that the Indian fundamentals are very strong,” said Arjun Singh, a market analyst.
The benchmark BSE Sensex closed at 79,117 points up by 2.54 percent (1961 points).