Extending their winning streak to the fifth straight session, the benchmark indices finished nearly a percent higher on Wednesday, led by purchases at Reliance Industries (RIL) and HDFC Bank.
Among the major indices, the S&P BSE Sensex closed 304 points, or 0.77 percent higher at 39,879 levels, and the Nifty50 index came in above the 11,700 mark at 11,739, up 76 points, or 0.66 percent. . India VIX rose more than 2 percent to 20 levels.
RIL gained more than 2 percent to Rs 2,257 after the company said the Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore in the company’s subsidiary, Reliance Retail Ventures (RRVL) for a stake. 1.2 percent. READ MORE
Titan (up 4.5%) finished as the biggest Sensex winner after the company said its jewelry business performed very well in the September quarter (Q2FY21), with a payback rate of around 98 % (excluding the sale of crude gold). compared to revenue for the corresponding quarter in the last year. READ MORE
The trend among the Nifty sectoral indices was mixed. Nifty Auto gained the most, 1.4 percent, while Nifty Media was the biggest loser (less than 2.5 percent).
Meanwhile, the overall market underperformed. The S&P BSE MidCap Index fell 0.6 percent, while the S&P BSE SmallCap Index closed 0.4 percent lower at 15,049 levels.
Global markets
European stocks rose on Wednesday, when initial dismay over US President Donald Trump’s decision to cancel fiscal stimulus negotiations with lawmakers in Washington was replaced by optimism about an aid package after the US elections.
Asian stocks hit two-week highs.
In commodities, oil prices extended their slide after US President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and a larger-than-expected rise in US crude inventories.
(With input from Reuters)
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