Sensex soars for 5th day on RIL gains, closes 300 points up
Sensex ends 300 points higher: Reliance Industries was big gainer as its stocks jumped 2.13% after its retail arm raised Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA) for 1.20% stake.
New Delhi: Stock markets continued its rally for fifth straight session on Wednesday on back of gains in RIL, banking and IT stocks and also mixed global response.
Uncertainty on US stimulus package remains as Donald Trump has stayed non-committal on any such package before US elections.
The benchmark index Sensex opened on a weak note but gained ground to end 304.38 points higher at 39,878.95. Nifty too saw rise of 76.45 points to end the day at 11,738.85.
In five session, the 30-scrip index has gained 1,905.73 points while Nifty has moved 516.45 points up. On Wednesday, Titan emerged as the top gainer, taking a cue from Tata group statement that its businesses are witnessing normalcy in 2nd quarter of this fiscal.
Reliance Industries was another big gainer as its stocks jumped 2.13% after its retail arm raised Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA) for 1.20% stake.
Auto stocks also saw bull run with Bajaj Auto gaining 3.6%, Hero MotoCorp 2.8%, Maruti Suzuki 2.3% and Eicher Motors 1.8%.
Other gainers include Bajaj Auto, Maruti, UltraTech Cement, TCS and others.
Laggards included Bajaj Finance, PowerGrid, Sun Pharma, Tata Steel, NTPC and Bajaj Finserv, slipping upto 4.12% on the bourses.
Meanwhile, Asian stock markets performed fair enough, brushing off Wall Street’s weaker finish coming on back of uncertainty over US economic stimulus.
Trump abruptly cancelled talks with Democrats on the stimulus talks and said that negotiations will stop until after the election, when he promised a major stimulus bill.