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Sensex Rises Over 300 Points, Nifty Near 10,200; Reliance Industries Hits New Record High

Sensex Rises Over 300 Points, Nifty Near 10,200; Reliance Industries Hits New Record High

The S&P BSE Sensex and NSE Nifty 50 indexes extended gains in late morning trading on Friday powered by a rally in shares of Reliance Industries and banking shares. Reliance Industries shares surged to new record high after the company became net debt free much ahead of the declared deadline of March 2021 as it raised more than Rs 1.68 lakh crore by selling stake in Jio Platforms and raising money via selling shares to existing shareholders through rights issue. The Sensex rose as much as 330 points and Nifty 50 index touched an intraday high of 10,188.90.

As of 11:51 am, the Sensex was up 327 points or 0.96 per cent at 34,535 and Nifty advanced 91 points or 0.9 per cent to 10,183.

Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Realty index’s over 4 per cent gain. Nifty PSU Bank, Private Bank, Auto, Financial Services and Media indexes also rose between 1.5-2.5 per cent each.

On the other hand, Nifty IT index was top loser, down 0.4 per cent.

Mid- and small-cap shares were witnessing buying interest as the Nifty Midcap 100 index rose 1.08 per cent and Nifty Smallcap 100 index climbed 1.9 per cent.

Bajaj Finance was top Nifty gainer, the stock rose 7 per cent to Rs 2,706. Tata Motors, Bajaj Finserv, Axis Bank, Maruti Suzuki, Adani Ports, Bharti Infratel, BPCL, State Bank of India, ONGC and ICICI Bank were also among the gainers.

On the flipside, Infosys, HCL Technologies, Coal India, Wipro, Nestle India, HDFC, ITC and Vedanta were among the losers.

The overall market breadth was extremely positive as 1,677 shares were advancing while 648 were declining on the BSE.

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