Stock Market Live: GIFT Nifty Trades Above 22,500; JSW Steel, Torrent Power, Bank Stocks In Focus

Adani Group stocks added as much as Rs 50,246.87 crore in investor wealth, taking their total market capitalisation to Rs 16.26 lakh crore during the day.

At 9:34 p.m., the shares added Rs 35,107 crore to investor wealth at a market capitalisation of Rs 16.12 lakh crore.

The scrip rose as much as 2.13% to Rs 1,529.95 apiece, the highest level since March 22. It was trading 1.22% higher at Rs 1,516.35 apiece, as of 09:34 a.m. This compares to a 0.80% advance in the NSE Nifty 50 Index.

It has risen 7.8% in 12 months. Total traded volume so far in the day stood at 3.2 times its 30-day average. The relative strength index was at 34.70.

Out of X analysts tracking the company, 31 maintain a ‘buy’ rating, eight recommend a ‘hold,’ and seven suggest ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies an upside of 11.7%.

Extending gains for a third day in a row, India’s benchmark share indices opened higher in the first trading session of FY25 as HDFC Bank Ltd., and Infosys Ltd. rose.

As of 09:19, the NSE Nifty 50 was trading 174.65 points or 0.78% higher at 22,501.55, and the S&P BSE Sensex was trading 552.03 points or 0.75% up at 74,203.38.

The Nifty 50 index has witnessed a strong move to test the recent high of 22,500 levels and closed 1% higher with positive momentum, said Vikas Jain, senior research analyst at Reliance Securities.

The breakout of 22,200 levels will act as strong support on the downside while the upside could get extended to 22,800 levels over the next few weeks. RSI is moving upwards and trending above the averages lines along with the broader markets momentum, Jain added.

HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and Larsen & Toubro Ltd added to the gains in the index.

SBI Life Insurance Co. Ltd., Bharti Airtel Ltd. limited gains in the index.

Broader markets outperformed benchmark indices. The S&P BSE Midcap index rose 1.19%, and the S&P BSE Smallcap rose 1.77%.

On BSE, all 20 sectors were trading higher, with the S&P BSE Utilities sectoral rising the most.

• Total sales at 8,587 units vs 10,305 units, down 16.7% YoY

• Domestic sales at 8,054 units vs 9,601 units, down 16.1% YoY

• Exports at 533 units vs 704 units, down 24.3% YoY

Source: Exchange filing