Business

Sensex Surges Over 600 Points, Nifty Reclaims 11,400 Led By RIL

Sensex Surges Over 600 Points, Nifty Reclaims 11,400 Led By RIL

The S&P BSE Sensex and NSE Nifty 50 indexes rebounded after two days of losses powered by a rally in Reliance Industries. The Sensex rose as much as 684 points and Nifty 50 index reclaimed its important psychological level of 11,400. Reliance Industries surged as much as 8.5 per cent to Rs 2,344.95 on the National Stock Exchange, contributing more than 400 points to the gain in Sensex.

The Sensex ended 1.69 per cent or 646 points higher at 38,840 and Nifty 50 index rallied 1.52 per cent or 171 points to close at 11,449.

Reliance Industries reinforced its position as the country's most valuable company, crossing a market capitalization of Rs 14 lakh crore for the first time ever. Strong buying interest in RIL shares came a day after the conglomerate secured Rs 7,500 crore investment in its retail business from US-based private equity firm Silver Lake.

Infosys, Axis Bank, Asian Paints, HDFC and Larsen & Toubro were also among the leading gainers on the Sensex.

Sixteen of 19 sector gauges compiled by the BSE ended higher led by the S&P BSE Energy index's over 6 per cent gain. Oil & gas, capital goods, banking, capital goods, auto and consumer discretionary goods & services shares also witnessed buying interest.

On the other hand, telecom, metal and consumer durable shares witnessed selling pressure.

Reliance Industries was top Nifty gainer, the stock rose 7 per cent to close at Rs 2,319. Bharat petroleum, Asian Paints, Indian Oil, Axis Bank, Grasim Industries, HDFC Life, UltraTech Cement and IndusInd Bank also rose between 2.5-6 per cent.

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On the flipside, Bharti Infratel, Hindalco, Tata Steel, Dr Reddy's Labs, Adani Ports, UPL, JSW Steel, Sun Pharma and Titan were among the losers.

The overall market breadth was positive as 1,824 shares ended higher while 887 closed lower on the BSE.