Sensex closes 700 points higher as Reliance Industries stocks jump by 10%

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The S&P BSE Sensex index rose to an intra-day high of 31,471.
The S&P BSE Sensex index rose to an intra-day high of 31,471.

Dubai - Reliance Industries spurted by 10.2 per cent on the BSE after Facebook bought a 9.9 per cent stake in Reliance Jio.

By Staff Report


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Published: Wed 22 Apr 2020, 2:59 PM

Last updated: Mon 27 Apr 2020, 2:20 PM

Indian stocks closed on a strong note, on Wednesday, led by surge in Reliance Industries stocks after Facebook invested in its digital business, while expectations of a fiscal stimulus to combat the coronavirus pandemic bolstered sentiment.
The S&P BSE Sensex index rose to an intra-day high of 31,471 and the broader NSE Nifty 50 benchmark climbed to a high of 9,209 in late-noon trading. The Sensex ended the day at 31,380, higher by 743 points or 2.4 per cent and Nifty settled at 9,187, up 206 points or 2.2 per cent.
Reliance Industries spurted by 10.2 per cent to Rs1,364 on the BSE after Facebook bought a 9.9 per cent stake in Reliance Jio, the telecom subsidiary of Reliance Industries for $5.7 billion (Rs43,574 crore). This is the largest investment for a minority stake by a tech company anywhere in the world. The deal is subject to regulatory approval, reported a section of Indian media.
The NSE Nifty 50 index climbed 1.13 per cent to 9,082.9 by 0557 GMT, while the benchmark S&P BSE Sensex gained 1.43 per cent to 31,071.01.
Financial stocks like Kotak Mahindra Bank Ltd and Axis Bank Ltd jumped 1.8 per cent and 3.2 per cent, respectively.
Automakers Maruti Suzuki India Ltd and Hero MotoCorp Ltd gained 3.7 per cent and 4.2 per cent respectively, driving the Nifty Auto Index 2.5 per cent higher.
In Mumbai, energy giant Oil and Natural Gas Corp Ltd slid for a third straight day, falling as much as 12.3per cent to a more than three-week low. "The current crude prices are an effect of the fear of demand destruction due to the virus, the main issue is the duration of this pandemic, its impact on economic growth and how macros of different economies are going to get hurt along the way," said Deepak Jasani, head of research, HDFC Securities.
India is one of the world's top importers of oil and usually tends to benefit from lower crude prices.
The country has extended the world's largest lockdown into early May to contain the virus. The number of cases rose to nearly 20,000, including 640 deaths, as of Wednesday morning.
Indian stocks edged higher in morning ssession as NSE Nifty 50 index inched up 0.5 per cent to 9,028.2 by 0349 GMT, while the benchmark S&P BSE Sensex rose 0.5 per cent to 30,813.29.
Indian rupee erased early losses and ended 17 paise higher at 76.66 per dollar amid heavy buying seen in the domestic equity market. It opened at fresh record low of 76.90 per dollar, quoting at Dh20.95. On April 21, rupee ended 29 paise lower at 76.83 per dollar amid selling seen in the domestic equity market on the back of drop in the oil prices.
- with inputs from agencies  - business@khaleejtimes.com



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