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RIL lifts markets; Sensex up 304 points, banking and IT stocks shine

There was, however, a mixed trend overseas after US President Donald Trump dashed hopes of a pre-election stimulus package

NSE, national stock exchange, nifty50
Nifty jumped 76.45 points or 0.66 per cent to close at 11,738.85

The benchmark indices ticked higher for the fifth straight session on Wednesday, following gains in RIL as well as banking and IT stocks. 

There was, however, a mixed trend overseas after US President Donald Trump dashed hopes of a pre-election stimulus package.

After opening on a weak footing, the Sensex gained ground to close up 304.38 points or 0.77 per cent at 39,878.95. 

Similarly, the broader Nifty jumped 76.45 points or 0.66 per cent to close at 11,738.85.

The Sensex has now gained 1,905.73 points in five sessions, while the Nifty has advanced 516.45 points during the same time period.

Titan was the top gainer among Sensex components on Wednesday, climbing 4.44 per cent, after the Tata group firm said business was seen returning to normal during the second quarter of this financial year, led by the jewellery division. Reliance Industries surged 2.13 per cent a day after its retail arm raised Rs 5,512.50 crore from the Abu Dhabi Investment Authority (ADIA) for a 1.20 per cent stake.

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Bajaj Auto, Maruti Suzuki, UltraTech Cement, and ONGC were among the other promiment gainers.  TCS inched up 0.78 per cent ahead of its quarterly results on Wednesday. 

Bajaj Finance, PowerGrid, Sun Pharma, Tata Steel, NTPC, and Bajaj Finserv were among the laggards, losing up to 4.12 per cent.

On the global front, Wall Street tumbled after US President Donald Trump said he was calling off negotiations for a fresh stimulus package until after the elections next month. 

“Markets remained upbeat amid signs of stabilisation in India’s services sector and optimism over earnings. Business updates have been strong for companies like HDFC, HDFC Bank, Titan. Global sentiment remained cautious after US President Trump abandoned Covid-19 relief talks. Banks, IT, auto and FMCG stocks remained in traction while metals, pharma and realty stocks were subject to profit-booking,” said Paras Bothra, president (equity research), Ashika Stock Broking.

BSE consumer durables, energy, auto, IT, teck and financial indices rose up to 1.74 per cent, while metal, realty, power, utilities, capital goods and industrials lost as much as 2.97 per cent.