Indian stock markets rose half a percent on Wednesday, driven primarily by gains in information technology (IT) and auto stocks.
The S&P BSE Sensex rose 250 points to 37,960 levels and the Nity50 index hovered around the 11,250 mark. Reliance Industries gained 2 percent after the company announced that KKR will invest Rs 5.5 billion for a 1.28 percent stake in Reliance Retail. The stock was the biggest winner on Sensex, followed by Infosys, Maruti and IndusInd Bank (all up 1%).
Shares of Route Mobile rose as much as 13 percent on the National Stock Exchange (NSE) after foreign portfolio investors (FPI) such as Goldman Sachs and the Kuwait Investment Authority acquired shares worth 210 million rupees in the company.
All Nifty industry indices except the Nifty Metal index were trading green, led by the Nifty IT index, up 1%.
In the broader market, the S&P BSE MidCap and SmallCap indices were up 0.7% and 1.2%, respectively.
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