In a robust opening today, the Indian stock market witnessed a significant surge as the Sensex leaped 303.25 points, reaching a new pinnacle at 69,599.39 during early trade. Simultaneously, the Nifty displayed strong performance by climbing 100.05 points, establishing a fresh record high at 20,955.15.
Adani Green Energy witnesses 20% surge
Adani Green Energy experienced a significant uptick of almost 20%, reaching Rs 1,608 per share, following its announcement of securing follow-on funding of $1.36 billion for construction financing. The funding has been facilitated by an international consortium of banks, elevating the company's construction financing framework to $3 billion. This green loan facility is earmarked for the development of a renewable energy park in Khavda, Gujarat, touted by the company as the world's largest renewable energy park.
In early trade, broader market indices, including small and midcaps, sustained strong gains. Despite initial declines in Nifty Bank and Nifty Financial Services indices, Nifty IT rose by 1.6%, influenced by positive global cues, providing vital support to the benchmark indices. Nifty Oil & Gas also saw a 1.29% increase in early trade, attributed to the moderation of crude oil prices.
The top performers on the Nifty 50 included Adani Ports, LTIM, Wipro, UPL, and ITC, while the leading losers were Bajaj Auto, Eicher Motors, ICICI Bank, NTPC, and Hero MotoCorp. The rally in the stock market is attributed to the BJP's recent electoral successes, along with favorable global factors and a decrease in crude oil prices, creating an optimistic atmosphere for domestic markets.