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Monday, May 25, 2020

Sensex rallies 743 pts on Reliance booster; Nifty tops 9,150

Reliance Industries (RIL) was the top gainer in the Sensex pack, rallying over 7 per cent, after Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in Jio Platforms.

By: PTI | New Delhi | Updated: April 22, 2020 6:57:08 pm
stock markets, stock markets slump, BSE Sensex, NSE Nifty, Sensex, Nifty, Business news, Indian Express Nifty advanced 44.50 points to 9,025.95.

Equity benchmark Sensex rallied 743 points Wednesday, buoyed by robust gains in index heavyweight Reliance Industries as it struck a Rs 43,574-crore deal with Facebook, amid positive cues from the global markets.

The 30-share index ended 742.84 points or 2.42 per cent higher at 31,379.55. The wider NSE Nifty surged 205.85 points, or 2.29 per cent, to finish at 9,187.30. Earlier in the day, after hitting a high of 30,856.14, the 30-share index was trading 130.78 points or 0.43 per cent higher at 30,767.49.

Reliance Industries added more than 350 points to the Sensex by soaring over 10 per cent, after Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in Jio Platforms. This deal makes Facebook the largest minority shareholder in Jio Platforms, which is part of Reliance Industries.

Asian Paints, IndusInd Bank, Nestle India, Maruti, Hero MotoCorp and HUL were also among the gainers, spurting up to 5 per cent. On the other hand, ONGC, L&T and PowerGrid ended in the red.

In the previous session, the BSE barometer ended 1,011.29 points or 3.20 per cent lower at 30,636.71, while the Nifty plummeted 280.40 points, or 3.03 per cent, to 8,981.45.

Foreign portfolio investors were net sellers in the capital market on Tuesday, as they offloaded equity shares worth Rs 2,095.23 crore, according to provisional exchange data.

According to traders, domestic market was lifted by heavy buying on RIL counter after the USD 5.7 billion Facebook deal.

Broader market sentiment, however, remained weak as concerns over coronavirus pandemic weighed on global investor mood, they said.

BSE midcap and smallcap indices were trading in the red.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with heavy losses in early deals.

On Wall Street, key indices crashed up to 3 per cent in overnight session.

The death toll due to the pandemic rose to 640, while the number of cases in the country climbed to 19,984.

Global tally of the infections has crossed 25 lakh, with over 1.77 lakh deaths.

Meanwhile, the rout in global oil prices continued, with Brent crude futures plunging 13.30 per cent to USD 16.76 per barrel.

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