Sensex Zooms 546 Points, Nifty Breaches 10,300 Level, Reliance Industries, Axis Bank Supports The Rally

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Reliance Industries rose over 2 percent to hit a new lifetime high of Rs 1,624 on the BSE after the Group had sold 1.16 percent stake in Jio Platforms to Abu Dhabi based sovereign wealth fund.


New Delhi: Markets opened the week on a positive note on Monday as the Sensex zoomed 546 points, or 1.83 percent, to 34,830 levels and the broader Nifty50 index touched 10,300-mark on the back of Reliance Industries and L&T gains.

Among the stocks which gained includes IndusInd Bank which soared 6 percent, Axis Bank surged 5 percent, Reliance Industries was up more than 2 percent to hit a new lifetime high of Rs 1,624 on the BSE. Also Read| Abu Dhabi-Based Mubadala Buys 1.85% Stake In Reliance Jio Platforms For Rs 9,093 Crore

Among the stocks which gained includes IndusInd Bank which soared 6 percent, Axis Bank surged 5 percent, Reliance Industries was up more than 2 percent to hit a new lifetime high of Rs 1,624 on the BSE. The Group had announced a 1.16 percent stake sale in Jio Platforms to Abu Dhabi based sovereign wealth fund.

Around 9:29 am, the stock was trading 1.42 percent higher at Rs 1,603 on the BSE. The market-capitalization of RIL stood at Rs 10,16,079.58 crore.

The group’s  $65 billion digital units have sold more than 20 percent in stakes to several investors including Facebook Inc. and US private equity firms such as KKR & Co., Silver Lake Partners, and General Atlantic.

Meanwhile, Sun Pharma was among the top laggards in the Sensex pack slipping 0.7 percent followed by Bharti Airtel, HCL Technologies, and Hindustan Unilever. On Monday, around 19 companies, including Titan, PVR, and Abbot India will announce their March quarter results.

Rupee didn’t change much at Rs75.59 per dollar against Friday’s close of Rs75.58 against the US dollar.

Meanwhile, Asian stocks also started the week firmly tracking US markets after Friday’s US jobs positive report offered hope of an economic revival. US unemployment declines to 13.3 percent as the economy restores 2.5 million jobs in May.

Japan’s Topix Index rose 0.6 percent, SGX Nifty inched 0.88 percent, indicating a positive opening for Indian stocks. S&P 500 futures gained 0.4 percent. South Korea’s Kospi Index dipped 0.1 percent while Shanghai Composite was up 0.4 percent. Hang Seng Index rose 0.7 percent.

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(With inputs from agency)



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