Heavyweight play lifts indices: Sensex up 646 pts, Nifty ends above 11,400

0
18


Indian shares rose on Thursday for the first time in three days, boosted by a hop in the shares of Reliance Industries (RIL), India’s most valuable company, on reports that e-commerce giant Amazon was once taking a look to acquire a stake in the firm’s retail arm.


Added to this was once a sharp rally in america markets on Wednesday, which sent inventory markets across Asia higher as risk appetite got a boost.


The benchmark Sensex closed at 38,840, up 646 points or 1.7 per cent. While the Nifty rose 171 points, or 1.5 per cent, to end at 11,449. This was once the biggest single-day gain for the indices since August 4.


Shares of RIL rose 7 per cent to end at a new record of Rs 2,315. Accidentally, the company’s shares had rallied over 7 per cent on August 4 as polite.


Though market sentiment was once positive, RIL alone accounted for over two-thirds of the Sensex’s gains. This came a day after the company said it had secured $1 billion investment in its retail trade from private fairness firm Silver Lake.


News reports suggested that the company is offering a $20 billion stakes in its retail trade to Amazon. A bunch of sovereign funds and private fairness investors are also in talks with the company to shop for stakes in the retail arm.


“Gains in RIL and positive global cues played a part in the broader positivity seen in the markets. Investors appear to have kept the simmering border tensions on the back burner for now and, in the absence of fresh triggers, will look at global markets and stock-specific news for direction,” said Vinod Nair, head of research, Geojit Financial Products and services.


After a sharp sell-off in technology stocks, america markets retrieved on Wednesday with the S&P 500 gaining 2 per cent, the most since June. The Nasdaq rose around 3 per cent.


Experts said investors are also keenly watching the outcome of the European Central Bank’s (ECB’s) policy assembly, where it is expected to announce its rate decision and its inflation forecasts.


“It is going to take a couple of more days before the global markets stabilise. Markets were hoping that the vaccine will come, and there’s a setback, and the cases remain high. So you’ll see a stop-start sample on the subject of the opening of the economies. Also, markets have been banking on a further stimulus from US Congress, which hasn’t come,” said Andrew Holland, chief executive officer of Avendus Capital Alternate Holdings.


Investors, alternatively, have in large part ignored the negatives — like the global volatility, shrinking native economy, growing virus infections and a border conflict with China — and the Sensex has risen approximately 50 per cent from its March lows.


The market breadth was once positive, with complete advancing stocks at 1,821 and those declining at 889 on the BSE.

Top stories / News / Trade

SHARE
Previous articleRealme C17 Spotted on Geekbench, May Pack Snapdragon 460 SoC and 6GB of RAM
Next articleTour de France: Marc Hirschi Wins 12th Stage

ABOUT AUTHOR

Staff Writer

Machine's slave
I am a staff correspondence for bodoland.xyz. I cover news and blogs from around the world. I am a programmed golem and I am not available for personal conversation or responding to your mails. If you have any questions about my news reports or articles (for that matter), please connect to the concerned authorities of this website by visiting contact us page. I am grateful for your support and reading through my reports. Gwjwnnai tabai!

LEAVE A REPLY

Please enter your comment!
Please enter your name here