Reliance helps Sensex jump by 742.84 points; Nifty by 205.85 points
Termed as the largest FDI deal in India, Facebook is set to invest Rs 43,574 crore in Reliance’s subsidiary for digital services-Jio Platforms. As a result on Wednesday, the stock of Reliance Industries gained by 10.30 per cent thereby, leading Sensex to rally by 742.84 points, which is 2.42 per cent higher to be at the level of 31,379.55. Nifty also gained by 205.85 points, which is 2.29 per cent to reach at 9,187.30 level.
Click here to read Facebook & Reliance deal:
https://www.dsij.in/DSIJArticleDetail/ArtMID/10163/ArticleID/12510/Facebook-invests-in-Reliance-strong-value-unlocking-on-cards
Additionally, the economy continues to wait for any announcement related to economic package in order to recover from COVID-19 downfall. SEBI proposed easier pricing guidelines under the preferential route and exempted from making an open offer for the allottees of such an issue in order to ease fundraising for the stressed companies.
Wednesday saw a recovery in rupee as the currency recovered from low levels to settle higher by 15 paise at 76.68 against US dollar. It was a result of Indian markets witnessing gains in the domestic stocks and also, due to a weakness in the greenback (US paper dollar) against other global currencies.
Sensex gainers included RIL-up by 10.30 per cent, Asian Paints-up by 5.04 per cent, IndusInd Bank-up by 3.69 per cent, M&M-up by 2.47 per cent, SBI Bank-up by 2 per cent, ITC-up by 1.50 per cent, Tata Steel-up by 0.94 per cent, etc. While 26 stocks advanced in Sensex basket; four declined including ONGC-down by 5.63 per cent, L&T-down by 2.07 per cent, HDFC fell by 0.37 per cent and Power Grid fell by 0.34 per cent.
A few gainers among the sectoral indices included FMCG which closed up by 2.47 per cent, Auto was up by 2.57 per cent while, Bankex was up by 1.55 per cent, etc. Realty index dropped by 0.89 per cent to reach the level of 1,419.65. Small-Cap and Mid-Cap posted mere gains of 0.73 per cent and 0.78 per cent, respectively.