NSE Nifty 50, Bank Nifty and BSE Sensex surged on Friday surpassing crucial levels under watch. NSE Nifty 50 rose 215.05 pts or 1.24% today to 17,536.95; BSE Sensex climbed 803.43 pts or 1.36% to 59,712.78; and Bank Nifty skyrocketed 841.75 pts or 2.08% to 41,231.55. Analysts attribute today’s rise to Adani-GQG’s $1.87 billion deal. “The US-based investment firm GQG partners investing Rs 15,446 crores in four Adani stocks might influence the market positively. This money is mainly to be used for retiring debt, which means that the banks that had funded Adani companies will not face any stress. This is positive news for Bank Nifty,”

Bank nifty has support at 40661-40381 while resistance is placed at 41081-41222 range,” said Om Mehra, Equity Research Analyst, Choice Broking. “This week should witness a strong recovery up to 41300 to 41500 if Bank Nifty is able to hold onto 40700 in the next few days,” said Ameya Ranadive, CMT, CFTe, Equity Research Analyst Choice broking. “We can anticipate a short covering move in Bank Nifty in the direction of the 41500-42000 region

“After a protracted period of downturn, the market is currently experiencing a significant rebound led by BankNifty. The market’s mood has altered as a result of the global market’s recovery and relief over the Adani case, which is fueling a significant short-covering move. The India VIX was close to a multi-month low, therefore, despite the market’s extremely oversold condition, there was no panic. There are indications that the market has established a base and is prepared to rise, but US bond yield signals will be crucial. Technically, a 20-DMA of 17700 will be a key hurdle for the Nifty; above this, we can expect any meaningful strength in the market. Both the PSU banking sector and all PSU stocks are something we consider to be strong. PSU banks will continue to do well since they are fundamentally in a much healthier stage and the prognosis is still positive. In terms of the Nifty PSE index, it is poised for a multiyear breakout, and if it occurs, we can anticipate a significant outperformance in the PSU sector over the course of the next few months,

Adani stocks surged on Friday after US-based GQG partners purchased stakes worth $1.87 billion in four Adani group companies. Apart from that, Goldman Sachs also purchased stakes in Adani Enterprises, Adani Ports, Adani Green and Adani Transmission. Out of the total amount of Rs 15,446 crore invested by GQG, Rs 5,460 crore went to Adani Enterprises; Rs 5,282 crore to Adani Ports and Special Economic Zone Ltd; Rs 1,898 crore to Adani Transmission; and Rs 2,806 crore to Adani Green Energy. Due to this deal, foreign institutional investors turned net buyers in the Indian share market on Thursday, purchasing shares worth a net Rs 12,771 crore.