NEW DELHI: Stock indices ended higher Thursday with the benchmark BSE Sensex rising nearly 650 points led by gains in banking and financial stocks amid positive global signals.
The 30-share BSE index rose 646 points, or 1.69 percent, to close at 38,840; while the broader NSE Nifty stood near 11,450.
Reliance Industries was the main winner in the sensex package, which rose as much as 7.10 percent after Wednesday’s announcement that US private equity firm Silver Lake Partners would buy a 1.75 percent stake in the retail division. RIL for Rs 7.5 billion. The company’s market valuation rose to Rs 14.66,589.53 crore ($ 199.64 billion) in afternoon trading.
Asian Paints, Axis Bank, Ultra Cemco, IndusInd Bank and Bajaj Finance were the other winners with their shares climbing as much as 4.25 percent.
While Tata Steel, Bharti Airtel, Kotak Bank, HDFC Bank and Titan were the main losers with their shares falling as much as 2.24%.
On the NSE platform, the NSE PSU Bank, Financial Services and Media sub-indices rose as much as 2.46%.
According to traders, domestic stocks soared following strong gains in global markets.
“Reliance has gained experience in the investment process through fundraising in (their Jio Platforms digital business) and now they are repeating it in retail … there may be more advantages in the short term,” he said Deepak Jasani, head of research at HDFC Securities, told Reuters news agency.
On the foreign exchange front, the rupee strengthened by 9 paise and closed at 73.46 (provisional) against the US dollar on Thursday, supported by the weakness of the US currency and positive domestic actions.
Meanwhile, currency data showed that foreign institutional investors sold shares worth a net worth of Rs 959.09 crore on Wednesday.
(With contributions from the agency)
On video: Closing bell: Sensex jumps 646 points, Reliance climbs 7.1% to hit record
The 30-share BSE index rose 646 points, or 1.69 percent, to close at 38,840; while the broader NSE Nifty stood near 11,450.
Reliance Industries was the main winner in the sensex package, which rose as much as 7.10 percent after Wednesday’s announcement that US private equity firm Silver Lake Partners would buy a 1.75 percent stake in the retail division. RIL for Rs 7.5 billion. The company’s market valuation rose to Rs 14.66,589.53 crore ($ 199.64 billion) in afternoon trading.
Asian Paints, Axis Bank, Ultra Cemco, IndusInd Bank and Bajaj Finance were the other winners with their shares climbing as much as 4.25 percent.
While Tata Steel, Bharti Airtel, Kotak Bank, HDFC Bank and Titan were the main losers with their shares falling as much as 2.24%.
On the NSE platform, the NSE PSU Bank, Financial Services and Media sub-indices rose as much as 2.46%.
According to traders, domestic stocks soared following strong gains in global markets.
“Reliance has gained experience in the investment process through fundraising in (their Jio Platforms digital business) and now they are repeating it in retail … there may be more advantages in the short term,” he said Deepak Jasani, head of research at HDFC Securities, told Reuters news agency.
On the foreign exchange front, the rupee strengthened by 9 paise and closed at 73.46 (provisional) against the US dollar on Thursday, supported by the weakness of the US currency and positive domestic actions.
Meanwhile, currency data showed that foreign institutional investors sold shares worth a net worth of Rs 959.09 crore on Wednesday.
(With contributions from the agency)
On video: Closing bell: Sensex jumps 646 points, Reliance climbs 7.1% to hit record
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