On Thursday, Domestic stock markets bounce after two days of losses, due to a rally in heavyweight Reliance Industries. The The S&P, Bombay Stock Exchange Sensex index raised at as much as 684 points and the National Stock Exchange Nifty 50 was broader and the benchmark reclaimed its important psychological level of 11,400. Reliance Industries deepen as much as 8.5 per cent to stroke a record high of ₹ 2,344.95 on the National Stock Exchange, before closing with profit of 7.2 per cent at ₹ 2,319. The Reliance Industries Ltd stock itself contributed more than 400 points to get benefit in Sensex.
On Thursday, The Sensex ended at 646 points or 1.69 per cent higher at 38,840, and the Nifty assembled with 1.52 per cent or 171 points and ended at 11,449.
Reliance Industries strengthen its ranks as the country’s most significant company, that is crossing a market capitalization of ₹ 14 crore for the first time ever.
Powerful buying interest in Reliance Industrial Limted shares came a day after the conglomerate done of ₹ 7,500 crore investment in its retail business from the US-based private equity firm Silver Lake.
On the other hand, the leading gainers on the Sensex was Axis Bank, Infosys, Asian Paints, HDFC and Larsen & Toubro. Whereas, Telecom, metal and consumer durables shares witnessed selling pressure.
Bharat Petroleum, Asian Paints, Indian Oil, Axis Bank, Grasim Industries, HDFC Life, UltraTech Cement and IndusInd Bank increased at 2.5-6 per cent each.
Reliance Industries was highest Nifty gainer. The stock raised at 7 per cent to touch at ₹ 2,319.
On the other side, Bharti Infratel, Hindalco, Tata Steel, Dr Reddy’s Labs, Adani Ports, UPL, JSW Steel, Sun Pharma and Titan were among the loser.
Overall market condition was positive, as shares were ended at 1,824 on the BSE, whereas 887 closed lower.