All the Adani group stocks advanced as well, extending gains after U.S. boutique investment firm GQG Partners' $1.87 billion investment in the conglomerate on Thursday.
The investment spurred a broad-based rally on Friday with both the Nifty 50 and Sensex posting their best day in nearly four months. "When you have a credible long-term investor putting in a significant chunk of money into Adani group stocks, it's a confidence booster," said Atul Suri, CEO of Marathon Trends - PMS. Analysts added that Adani group stocks have a "collateral" effect on markets. "Banks have risen after the news. The weightage of financials on the index is so large that the sector can lift the index and the entire market sentiment," Suri added. Financial services stocks had a 37.40% weightage on the Nifty 50 as of Feb. 28. The rise in domestic equities is also aided by an uptick in global equities after data showed the U.S. services sector grew at a steady clip in February, indicating expansion of the economy in the first quarter of 2023. Among individual stocks, Mahanagar Gas jumped nearly 7% after the company acquired Unison Enviro for 5.31 billion Indian rupees ($64.93 million), while Bajaj Electricals surged 5% after winning contracts worth $69 million. ($1 = 81.7775 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng and Janane Venkatraman)
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