Sensex rallies over 600 pts in early trade; RIL jumps 2%

NSE Nifty surged 175 points, or 1.90%, to 9,374.05.

May 08, 2020 10:57 am | Updated 10:58 am IST - Mumbai

An employee of a stock broking firm looking at a screen as Sensex goes down. File

An employee of a stock broking firm looking at a screen as Sensex goes down. File

Equity benchmark Sensex rallied over 600 points in opening session on May 8 as strong gains in index-heavyweight Reliance Industries, massive foreign fund inflow and positive global cues boosted market sentiment.

After touching a high of 32,088.51, the 30-share index was trading 559.96 points or 1.78% higher at 32,003.34.

Similarly, NSE Nifty surged 175 points, or 1.90%, to 9,374.05.

IndusInd Bank was the top gainer in the Sensex pack, soaring over 4%, followed by Kotak Bank, Hindustan Unilever and Axis Bank.

Shares of Reliance Industries jumped over 2% after the company announced that U.S.-based private equity firm Vista Equity Partners has picked up 2.32% stake in Jio Platforms for ₹11,367 crore.

On the other hand, PowerGird, HCL Tech, Asian Paints and NTPC were trading in the red.

In the previous session, the BSE barometer dropped 242.37 points or 0.76% to close at 31,443.38. The broader NSE Nifty slipped 71.85 points, or 0.78%, to 9,199.05.

Foreign portfolio investors purchased equities worth ₹19,056.49 crore in the capital market on May 7, provisional exchange data showed.

According to traders, besides stock-specific action, massive foreign fund inflow and firm cues from global markets enthused buying activity in the domestic market.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains as moves to ease lockdown measures and reopen economies around the world fuelled positive investor sentiment.

Top stock exchanges on Wall Street ended over 1% higher in overnight session.

International oil benchmark Brent crude futures were trading 1.29% higher at $29.84 per barrel.

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