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Adani Shares Rise as Indian Benchmarks Recover
Indian stock markets finished higher after recovering earlier losses.
The Sensex rose by more than 1%, and the Nifty gained 1.30%.
Adani Ports and Ambuja Cements were among the strongest stocks, each rising by more than 3%.
Other Adani companies also ended higher.
Reliance Industries and BSE Ltd went down even as many shares rose.
Technology stocks helped lead the market’s gains.
Their rise came amid news that the US Department of Labor had suspended eight technology and outsourcing companies from a programme used for some green-card applications.
Oil and gas was the only sectoral index reported to finish lower.
The Sensex rose more than 1% to close at 72,472.33, while the Nifty gained 1.30% to 22,520.45.
Adani Ports and Special Economic Zone gained 3.10%, and Ambuja Cements rose 3.08%.
Adani Green Energy advanced 1.63%, while Adani Enterprises finished 1.48% higher.
Reliance Industries fell 0.65% and BSE Ltd declined 1.43%, despite the broader market rally.
Nifty IT gained about 3% amid news of US suspensions affecting green-card sponsorship applications at eight technology and outsourcing companies.
- Who
- Indian equity markets, including Adani Group companies, Reliance Industries and BSE Ltd.
- What
- Benchmark indices rose, with Adani Ports and Ambuja Cements among the leading gainers; Reliance Industries and BSE Ltd fell.
- Where
- Indian stock markets, including trading on the NSE.
- When
- October 9; the article also describes the trading day as Friday.
- Why
- The market recovered and technology stocks rallied; the articles link technology-sector buying to news of US Department of Labor suspensions affecting green-card sponsorship applications.
Key facts
- Sensex close
- 72,472.33, up more than 1%
- Nifty close
- 22,520.45, up 1.30%
- Adani Ports
- Up 3.10% to ₹1,761; intraday high ₹1,770
- Ambuja Cements
- Up 3.08% to ₹351.50
- Reliance Industries
- Down 0.65% to ₹1,170.30
- BSE Ltd
- Down 1.43% to ₹3,287.20
- Sector performance
- Nifty IT rose about 3%; Nifty Oil and Gas fell 0.09%
- US programme action
- The US Department of Labor suspended eight technology and outsourcing companies from the Permanent Labour Certification Programme, halting new and pending green-card sponsorship applications at affected companies.
Sources
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