India’s benchmark indices Sensex and Nifty recovered sharply on Friday as relentless fall in the Adani group stocks halted.
Sensex rose by 909 points or 1.52 per cent to close at 60,841. The Nifty index gained 243 points or 1.38 per cent at 17,854.
Data showed that foreign portfolio investors (FPIs) were net sellers to the tune of ₹932 crore in the cash markets and domestic institutions bought shares worth ₹1,264 crore.
Shares of Adani group rose after the worst-ever fall of the past few days. Adani Enterprises gained 1.25 per cent, and Adani Ports and Special Economic Zone rose by 7.98 per cent. Adani Power closed lower by 5 per cent.
Exchanges are now demanding a 100 per cent margin for allowing derivative positions in the Adani stocks that are part of the futures and options segment. Also, the selling pressure subsided after weekly derivatives expired on Thursday.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said, “Short-term trend of the Nifty continues to be positive. The upside breakout of crucial resistance at 17,800 levels suggests an upside target for Nifty around 18,250 levels in the next one or two weeks. Immediate support is at 17,650 levels.”