Sensex Ends 86 Points Higher, Nifty Reclaims 12,700 Led By Reliance Industries, ICICI Bank

Reliance Industries, ICICI Bank and Axis Bank were the biggest boosts to Sensex

Domestic stock markets resumed an upmove on Friday a day after benchmark indices halted a rally that lasted for eight sessions in a row. The S&P BSE Sensex index recovered 468.88 points from an intraday low of 43,053.37 to touch 43,522.25 on the upside in late afternoon deals. The broader NSE Nifty 50 benchmark moved in a 128.25-point range, between 12,607.70 and 12,735.95, compared to its previous close of 12,690.80. Both indices were on track for a second straight week of gains. Gains in heavyweights Reliance Industries and ICICI Bank offset helped the markets rebound.

The Sensex ended 85.81 points – or 0.20 per cent – higher at 43,443.00, and the Nifty settled at 12,719.95, up 29.15 points – or 0.23 per cent – from its previous close. (Track Sensex, Nifty Here)

Eicher Motors, Bajaj Finserv, Coal India, Tata Steel and Divi’s Labs, ending between 1.90 per cent and 7.46 per cent higher, were the top gainers in the 50-scrip Nifty basket.

On the other hand, Tata Motors, Larsen & Toubro, HDFC, HDFC Bank and UPL, down 0.93-3.34 per cent each, were the worst hit among 24 laggards in the index.

Reliance Industries, ICICI Bank and Axis Bank were the biggest boosts to Sensex.

Reliance Industries shares ended 0.82 per cent higher at Rs 1,996.20 apiece on the BSE, recovering from a 5 per cent drop in the last two sessions. The oil-to-telecoms conglomerate is the country’s most valuable company with a market capitalization of over Rs 13 lakh crore.

Consumer inflation in the country over 7 per cent in October for a second straight month and remained above the Reserve Bank of India’s (RBI) target range of 2-6 per cent, giving the central bank little room to cut rates.

.

On Thursday, Finance Minister Nirmala Sitharaman announced a third set of Atmanirbhar Bharat measures, worth Rs 2.65 lakh crore, aimed at rescuing the economy out of a historic contraction caused by the coronavirus pandemic.

The latest measures take the total monetary and fiscal aid in the economy’s battle against COVID-19-led slowdown to Rs 29.88 lakh crore, or roughly 15 per cent of the country’s gross domestic product (GDP), the Finance Minister said.

On the previous day, the government had announced production-linked incentives worth about Rs 2 lakh crore spread over five years for manufacturers in 10 sectors.

Stock markets elsewhere in Asia moved lower on Friday, following on from selloffs in the US and Europe as investors feared the economic impact of an accelerating rise in coronavirus infections.

MSCI’s broadest index of Asian shares outside Japan was last seen trading 0.25 per cent lower as shares across the region stumbled. Japan’s Nikkei 225 index was down 0.95 per cent.

.

Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Kerala Budget | 8 lakh jobs to be created in 2021-...

Kerala Finance Minister T.M. Thomas Isaac began the presentation of the Budget claiming Kerala had scripted a success story in the management of COVID-19.He...

Biden announces USD 1.9 trillion COVID-19 stimulus plan to revive US...

The relief package includes USD 415 billion focused on combating the COVID-19 pandemic, over USD 1 trillion in direct aid to individuals and families...

Business Live: Stocks drop in early trade; IMF backs center’s...

The Nifty and the Sensex opened the day on a negative note, witnessing a correction amid the record rally.Join us as we follow the...

Vaccine dilemma: to take or not to take Covaxin

Is it ethical to offer one healthcare worker the Covaxin whose efficacy is unknown and another healthcare worker the Covishield whose efficacy is known...

More Articles