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Sensex, Nifty gain, Reliance Industries among top boosts

Reuters, PTI/Mumbai
Filed on August 19, 2020
Nifty, Sensex, BSE, SBI, HCL Tech, Nestle India, Tata Steel, Kotak Bank

(Reuters)

Reliance Industries climbed as much as 1.56 per cent in early trade after the company said it bought a majority stake in licensed e-pharma portal Netmeds.

Indian shares tracked Asian markets higher on Wednesday, boosted by gains in Reliance Industries Ltd after the conglomerate said it acquired online pharmacy Netmeds for $83 million.

The blue-chip NSE Nifty 50 index rose 0.53 per cent to 11,447.60 by 0348 GMT and the S&P BSE Sensex 0.57 per cent to 38,750.91. Both indexes are up for a third straight session and the Nifty briefly scaled levels last seen on Feb. 27.

Reliance Industries climbed as much as 1.56 per cent in early trade after the company, late on Tuesday, said it bought a majority stake in licensed e-pharma portal Netmeds.

SBI was also the top gainer in the Sensex pack, rising around 2 per cent, followed by L&T, M&M, ICICI Bank, Sun Pharma, Axis Bank, ITC and Bajaj Auto. On the other hand, HCL Tech, Nestle India, Tata Steel, Kotak Bank and Infosys were among the laggards.

In the previous session, the Sensex had settled at 38,528.32, up 477.54 points or 1.26 per cent, while the broader Nifty surged 138.25 points or 1.23 per cent to end at 11,385.35.

Asian shares rose to a seven-month peak after the S&P 500 index closed at an all-time high overnight and the Nasdaq scaled records after some major US retailers reported strong sales growth.

Meanwhile, the number of Covid-19 cases in India stood at 2.77 million as of Wednesday and deaths at 52,889, government data showed.


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