Adani shares fell more due to new controversy; Sensex climbed 500 points, Nifty crossed 23450

Indian benchmark equity indices, Sensex and Nifty 50, opened with gains on Friday after slipping to a five-month low in the previous session. On the last trading day of the week, the BSE Sensex was seen trading 500 points or 0.64% higher at 77,648 after a new controversy related to Adani Group chief Gautam Adani came to light and data indicating strength in the US labor market. Nifty50 was trading 156 points or 0.67% higher at 23,506.

Among the Sensex gainers, the top ones were SBI, followed by ICICI Bank, Tata Motors, Power Grid, IndusInd Bank, and NTPC. On the other hand, only two stocks - Adani Ports and Axis Bank dropped. The Adani Group stocks also remained under pressure on Friday to open down by up to 8 percent.

Adani Green Energy was the biggest loser, which sank nearly 8%, followed by Adani Energy Solutions tumbling 7%. Other group stocks opened 4-7% lower: Adani Enterprises, Adani Power, Adani Total Gas, and Adani Wilmar. The market value of the group companies also fell about $27 billion in the prior session.