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Markets raise a toast as Reliance goes debt-free

The 30-share Sensex gained 523.68 points or 1.53% to close at 34,731.83

The 30-share Sensex gained 523.68 points or 1.53% to close at 34,731.83  

Market cap hits ₹11 -trillion mark, FPIs net buy ₹1,237 cr stocks

Equity benchmarks gained over 1% each on Friday, primarily on the back of Reliance Industries Ltd. (RIL) which touched a new high after announcing that it has become net debt-free. 

The 30-share Sensex gained 523.68 points or 1.53% to close at 34,731.83. 

Reliance Industries contributed the maximum — 306 points to be precise —  to the day’s gains while breaching the ₹11-trillion mark in market capitalisation. The stock touched a new high of ₹1,788.60 before closing at ₹1,759.50, up 6.23% or ₹103.25.

Meanwhile, the broader Nifty closed at 10,244.40, up 152.75 points or 1.51%.

“The surge was led by index heavyweight Reliance Industries, which announced that it has become net debt-free. Besides, the prevailing buoyancy in the banking and financials combined with up move in auto, realty and infra stocks further added to the positivity,” said Ajit Mishra, vice-president, research, Religare Broking.

Earlier in the day, RIL stated in a release it had raised over ₹1.69 lakh crore in 58 days to become a net debt-free entity.

Apart from RIL, stocks such as Bajaj Finance and State Bank of India were among the top gainers in the Sensex pack. The overall market breadth was strong with over 1,700 stocks advancing as against 880 declines on BSE. Foreign portfolio investors net bought ₹1,237 crore while their domestic counterparts sold shares worth ₹881 crore.

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Printable version | Jul 11, 2020 7:23:53 PM | https://www.thehindu.com/business/markets-raise-a-toast-as-reliance-goes-debt-free/article31872750.ece

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