Reliance Industries: Stock markets climb for 2nd day on buying in IT stocks, Reliance Industries


MUMBAI: Benchmark stock indexes Sensex and Nifty rallied for a second straight session on Monday after buying index-heavy IT meters and Reliance Industries amid optimism in Asian markets.
The 30-stock BSE Sensex rose 234 points, or 0.38 percent, to close at 61,963.68. For the day, it jumped 314.78 points, or 0.50 percent, to 62,044.46.
The NSE Nifty rose 111 points, or 0.61 percent, to close at 18,314.40.
Sensex firms include Tech Mahindra, Wipro, Infosys, Tata Consultancy Services, HCL Technologies, Larsen & Toubro, ITC, Sun PharmaNTPC and Titan were the biggest winners.
Nestle, Axis Bank, Tata Motors, ICICI Bank, HDFC Bank and Bharti Airtel were the laggards.
All ten listed Adani Shares of the group ended with significant gains as a Supreme Court-appointed panel of experts said it found no evidence of stock price manipulation at the group’s companies, while a separate Sebi inquiry into alleged offshore company cash flow violations found “no gap pulled”.
Adani Enterprises rose 18.84 percent and Adani Wilmar rose 10 percent, making it the biggest gainer among the ten listed group companies.
In the Asian markets, Seoul, Tokyo, Shanghai and Hong Kong finished higher. The markets in Europe developed mixed. The US market closed marginally lower on Friday.
“The domestic market rose slightly on anticipation of possible progress in US debt ceiling negotiations. Despite a poor performance in the fourth quarter, IT stocks rallied on bargain opportunities and pent-up demand. Investors remain alert for the release of the US FOMC minutes on Wednesday, as the minutes could signal a pause in rate hikes,” said Vinod Nair, head of research at Geojit Financial Services.
Meanwhile, global oil benchmark Brent crude rose 0.03 percent to $75.60 a barrel.
The Sensex climbed 297.94 points, or 0.48 percent, on Friday to close at 61,729.68. The Nifty rose 73.45 points, or 0.41 percent, to end at 18,203.40.
Foreign institutional investors (FIIs) sold shares worth Rs. 113.46 crore on Friday after remaining buyers for several days, according to stock market data.

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