Markets shrug off Adani's indictment blues with a MAHA rally on D-Street
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Mumbai: India's equity indices soared 2.5% on Friday-the biggest single-day gain in five months-as traders rushed to cover bearish bets in an oversold market ahead of the Maharashtra state election results on Saturday. The bounce-back follows Thursday's 0.7% slump in the wake of the US indictment against Gautam Adani and others over corruption charges. Seven out of 11 Adani Group stocks recouped some of their losses on Friday. The NSE Nifty gained 2.4%, or 557 points, to close at 23,907. The BSE Sensex advanced 2.5%, or 1,961 points, to close at 79,117. The surge was also the third-biggest advance in a trading session in 2024 so far though money managers and analysts are sceptical about whether the renewed strength is here to stay. The occasions on which both indices gained more than they did on Friday were on June 3 after the general election exit polls and on June 5, after results were announced. Agencies Agencies IT and Banks ...