Equity indices in positive zone, Reliance up 3 pc
Oct 07, 2020
Mumbai (Maharashtra) [India], October 7 : Equity benchmark indices ticked up by over half per cent during early hours on Wednesday following mixed global cues amid uncertainty on US stimulus package and surging coronavirus cases.
At 10:15 am, the BSE S&P Sensex was up by 282 points or 0.71 per cent at 39,857 while the Nifty 50 gained by 66 points or 0.57 per cent at 11,728.
Most sectoral indices at the National Stock Exchange were in the red except for Nifty auto, FMCG and pharma.
Among stocks, Reliance Industries jumped by 2.99 per cent to Rs 2,276.35 per share after the announcement a day earlier that Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512 crore in its retail arm, becoming the latest marquee name to join a rush of global investors in the company.
Titan moved up by 4.2 per cent, UPL by 2.3 per cent and ONGC by 1.8 per cent. Auto stocks also gained marginally with Maruti Suzuki, Mahindra & Mahindra, Hero MotoCorp, Bajaj Auto and Eicher Motors gaining by nearly 1 per cent each.
However, Bajaj Finance and Bajaj Finserv dipped by 3.6 per cent and 1.3 per cent. Sun Pharma, JSW Steel, GAIL, NTPC and Power Grid Corporation too traded with a negative bias.
Meanwhile, Asian stock markets edged higher and brushed off Wall Street's weaker finish which came after US President Donald Trump abruptly broke off economic stimulus negotiations with lawmakers.
He cancelled talks with Democrats in a tweet saying that negotiations will stop until after the election, when he promises a major stimulus bill.
MSCI's broadest index of Asia Pacific shares outside Japan moved up by 0.2 per cent higher to a two-week peak.
Broad gains in Hong Kong lifted the Hang Seng by 0.7 per cent while Japan's Nikkei fell by 0.2 per cent.
