SENSEX extends gains, hits 81,000 mark; NIFTY50 surges over 1%; Adani Ports top gainer

The Indian stock market on Friday, May 2, opened positively following global cues and corporate earnings. The sentiment was further boosted amid a potential India-US trade deal, record high GST collection in April and continuous foreign fund inflows.

At 10:15 AM, the S&P BSE SENSEX surged 933.93 points, or 1.16%, at the 81,176.17 level, while NSE’s NIFTY50 was trading at 24,583.85 level, rising 249.65 points, or 1.03%.

The market breadth was in the favour of positive in the early sessions as 1,516 stocks advanced on Friday out of 2,461 traded.

In the early session, the midcap and smallcap gauges were also seen trading in green.

Among sectors, Nifty PSU Bank was the top gainer, while Nifty Consumer Durables fell the most.

The stock market on Thursday was closed on account of International Labour’ Day.

Meanwhile, the rupee gained 77 paise to 83.77 against the US dollar in early trade on Friday.

According to exchange data, the foreign institutional investors (FIIs) bought equities worth ₹50.57 crore on a net basis on Wednesday.

Globally, the US stocks rallied on Thursday amid solid earnings from big tech.

The Dow Jones Industrial Average gained 83.42 points, or 0.21%, to 40,752.78, the S&P 500 advanced 35.04 points, or 0.63%, to 5,604.11 levels and the Nasdaq Composite rose 264.40 points, or 1.52%, to 17,710.74 levels.

Tracking this, Asian stock markets on Friday were trading positively as signs of possible trade talks between the US and China brought in optimism among investors.

Japan's Nikkei 225 rose 0.80% to 36,744.91, while Singapore's Straits Times gained 0.15% to 3,838.13. On the other hand, Hong Kong's Hang Seng and South Korea's KOSPI gained 1.61% and 0.19%, respectively.

As many as 2,461 stocks traded on the NSE during the early session, among which 1,516 stocks were trading in the green, 869 in the red and 76 shares remained unchanged.

This indicated that the market breadth was in favour of positives.

Meanwhile, 14 stocks hit their one-year highs in the early trade, while only 15 stocks touched their 52-week lows.

Further, 29 stocks hit their upper circuits while 24 hit their lower circuits.

India VIX, the volatility gauge, was trading 2.48% lower at 17.77 levels.

Adani Ports was the top gainer on the NIFTY50 index, rising 5%, followed by IndusInd Bank (2.99%), Maruti Suzuki (2.7%), Hindalco (2.32%) and Axis Bank (1.9%).

On the flip side, Eicher Motors (-2.74%), Nestle India (-1.2%), ONGC (-1.01%), Titan (-0.98%) and Cipla (-0.88%) were the most losing stocks.

Adani Enterprises was trading 1.31% higher at ₹2,327.70 on the BSE, while Adani Ports was trading 4.75% higher at ₹1,274.75. Both companies released their Q4 results yesterday. The stock rallied as much as 5.33% to ₹1,281.95 in the early trade.

However, the stock saw a sharp recovery, and minutes later, shares were trading at ₹228.30 per unit, down 1.81%.