MARKETS STAGE SHARP RECOVERY; SENSEX RECLAIMS 79k LEVEL, NIFTY SURGES 557 POINTS

Mumbai, November 22 - Benchmark equity indices rebounded sharply on Friday, with the Sensex climbing 2.54 per cent to reclaim the historic 79,000 level, driven by an across-the-board rally and value buying at lower levels.

The S&P Ratings agency stated that the recent indictment of Adani Group's founder Gautam Adani by US prosecutors may renew questions over the ports-to-energy conglomerate's governance practices and damage its reputation.

Stock exchanges have also sought clarification on disclosure violations by Adani Group entities regarding a bribery case in the US and the subsequent cancellation of Kenya's airport expansion deal.

In a move that helped the rupee recover from its all-time low level, it appreciated 9 paise to close at 84.41 against the US dollar on Friday, supported by positive domestic equities.

Investors became richer by Rs 7.32 lakh crore on Friday as markets made a smart comeback with the BSE benchmark Sensex surging 1,961 points to reclaim the 79,000-level.

The shares of six Adani group firms bounced back from a sharp drubbing in the previous day's session, following the bull rally in the equity market. However, some Adani group stocks continued to face pressure.

Meanwhile, India's forex reserves plummeted by USD 17.761 billion to USD 657.892 billion for the week ended November 15, according to the RBI.

Last but not least, gold prices surged Rs 1,100 to hit a two-week high of Rs 89,300 per kilogram in the national capital on Friday due to persistent buying by jewellers and retailers during the ongoing wedding season, according to the All India Sarafa Association.