Equity indices on upswing, Reliance hits new high

Mumbai (Maharashtra): Equity benchmark indices edged higher during early hours on Friday due to gains in index heavyweight Reliance Industries and metal stocks.

At 10:15 am, the BSE S&P Sensex was up by 117 points or 0.34 per cent at 34,098 while the Nifty 50 edged higher by 67 points or 0.67 per cent at 10,096.

All sectoral indices at the National Stock Exchange were in the positive zone with Nifty PSU bank up by 2.4 per cent, metal by 2.1 per cent and private bank by 1.3 per cent.

Among stocks, Reliance Industries Ltd (RIL) share price touched a record high of Rs 1,602, rising 1.4 per cent after the announcement that Abu Dhabi fund Mubadala is going to invest Rs 9,093 crore in its digital arm Jio Platforms.

Tata Motors gained by 5.58 per cent at Rs 104 per share while Bharti Infratel was up by 4.3 per cent at Rs 228.40.

Metal majors Tata Steel, Hindalco and JSW Steel ticked up by 4.8 per cent, 5.5 per cent and 4.3 per cent respectively while State Bank of India moved up by 2.8 per cent. UPL, Larsen & Toubro, Grasim and ONGC traded with a positive bias.

However, IT stocks lost. Tata Consultancy Services was down by 2 per cent, HCL Technologies by 0.5 per cent, Infosys by 0.4 per cent and Wipro by 0.09 per cent. FMCG majors Britannia and Hindustan Lever were also in the red.

Meanwhile, Asian stocks were in the green with investors hoping for a global economic rebound. Japan’s Nikkei was up by 0.46 per cent, Hong Kong’s Hang Seng by 0.02 per cent and South Korea’s Kospi by 1.31 per cent. (ANI)