Heavyweight stocks lift Sensex by 759 points

Key equity indices on Friday gained about 1% after the previous day’s sharpest fall in nearly two months led by buying in heavyweight stocks. 

The Sensex gained 759.05 points, or 0.96%, to 79,802.79, while Nifty rose 216.95 points, or 0.91%, to 24,131.10.

The Sensex stocks which gained the most included Bharti Airtel (4.30%), Sun Pharma (2.68%), M&M (2.38%), Adani Ports 1.94%, UltraTech (1.78%), and Reliance (1.66%).

Devarsh Vakil, Deputy Head Retail Research, HDFC Securities said, “Heavyweights helped the frontline indices finish the last trading day of November month and the first month of December expiry in the positive territory.”

“U.S. markets were closed Thursday in observance of Thanksgiving. After opening mildly higher, Nifty continued its upward journey throughout the day,” he said.

Most Adani group stocks gained on Friday. Adani Green Energy rose 21.72%, Adani Energy Solutions was up 15.56% and Adani Total Gas rose 1.03% following their inclusion in the F&O segment from Friday.

“Adani Group stocks led the charge, surging up to 9% after Japanese banks reaffirmed their support for the conglomerate,” Vikram Kasat, Head, Advisory, PL Capital – Prabhudas Lilladher said.

At the NSE, all the sectoral Indices closed in the green except Nifty Reality and Nifty PSU banks. Among them, Nifty Pharma, Healthcare, Media and Oil and Gas gained the most.

Traders adjusted positions ahead of the monthly derivatives expiry, boosting market sentiment. The BSE announced a major change to its derivatives contracts, shifting the expiry of its weekly and monthly Sensex, Bankex, and Sensex 50 contracts from Friday to Tuesday, effective January 1, 2025, he said. In another significant development, SEBI proposed the interoperability of stock exchanges across cash, derivatives, currency, and interest rate segments. The reform, set to take effect on April 1, 2025, is expected to enhance market efficiency and ease trading operations, he added.