Markets

Sensex rallies over 350 points in early trade; RIL jumps 2%

Sharebrokers and holders checking Sensex and Nifty at a share market.

Sharebrokers and holders checking Sensex and Nifty at a share market.   | Photo Credit: PTI

On the global front, bourses in Shanghai, Hong Kong and Tokyo were in the red, while those in Seoul were trading with gains.

Equity benchmark Sensex surged over 350 points in early trade on Friday, tracking gains in index-heavyweights Reliance Industries and HDFC twins amid sustained foreign fund inflow.

After hitting a high of 34,357.30, the 30-share index was trading 366.91 points, or 1.08%, higher at 34,347.61.

Similarly, NSE Nifty rose 112.15 points, or 1.12%, to 10,141.25.

Tata Steel was the top gainer in the Sensex pack, rising around 4%, followed by ONGC, SBI, L&T, IndusInd Bank and Sun Pharma.

Shares of Reliance Industries (RIL) surged around 2% after the company announced the sale of 1.85% stake in its digital unit Jio Platforms to Abu Dhabi-based sovereign investor Mubadala for ₹9,093.60 crore.

The sixth deal in many weeks will inject a combined ₹87,655.35 crore in the oil-to-telecom conglomerate to help it pare debt.

On the other hand, TCS, Bajaj Auto, Infosys and PowerGrid were among the laggards.

In the previous session, the BSE barometer settled 128.84 points or 0.38% lower at 33,980.70, while the broader Nifty slipped 32.45 points or 0.32% to close at 10,029.10.

On a net basis, foreign portfolio investors bought equities worth ₹2,905.04 crore in the capital market on Thursday, provisional exchange data showed.

According to traders, while Jio Platforms-Mubadala deal boosted domestic benchmarks, persistent foreign fund inflow led to bullish sentiment in the overall market.

On the global front, bourses in Shanghai, Hong Kong and Tokyo were in the red, while those in Seoul were trading with gains.

Exchanges on Wall Street ended on a negative note in overnight trade.

International oil benchmark Brent crude futures rose 0.35% to USD 40.13 per barrel.

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Printable version | Jul 12, 2020 10:54:06 AM | https://www.thehindu.com/business/markets/sensex-rallies-over-350-points-in-early-trade-ril-jumps-2/article31754290.ece

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