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Sensex opens up 500 points on gains in Adani shares




The metal index advanced 2% led by a 10% jump in Adani Enterprises. (file)


Indices opened higher today after US investment firm GQG Partners infused nearly $2 billion in Adani shares and turned foreign investors into buyers after a six-session hiatus.

The Nifty 50 index was up 0.76% at 17,454.40, while the S&P BSE Sensex was up 0.74% at 59,343.50 at 9:44 AM IST.

Twelve of the 13 major sectoral indices advanced with higher weightages financial and information technology adding 0.7% and 0.5% respectively.

The metal index advanced 2% led by a 10% jump in Adani Enterprises. The flagship Adani firm has more than 10% weightage in the metals index.

Adani shares soared after US boutique investment firm GQG Partners Inc bought shares in four group companies worth $1.87 billion, the first major investment in the Indian conglomerate since a critical report from a short-seller sent the stock rout. broke the

Two analysts said the investment would help investor sentiment in the Adani group in the near term.

Broader Asian markets also edged higher on Friday after Wall Street equities closed overnight higher after Atlanta Fed President Rafael Biostic said he supported a “slow and steady” quarter-point US rate hike at the upcoming policy meeting.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.65%.

Foreign institutional investors (FIIs) bought Indian equities worth Rs 127.71 billion on Thursday with the help of investments in Adani group companies.

Among individual stocks, MOIL climbed over 2% after it reported a 10% rise in manganese ore production in February.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)