RIL lifts markets; Sensex up 304 points, banking and IT stocks shine

The benchmark indices ticked higher for the fifth straight session on Wednesday, following gains in RIL as well as banking and

There was, however, a mixed trend overseas after US President dashed hopes of a pre-election

After opening on a weak footing, the gained ground to close up 304.38 points or 0.77 per cent at 39,878.95.

Similarly, the broader jumped 76.45 points or 0.66 per cent to close at 11,738.85.

The has now gained 1,905.73 points in five sessions, while the has advanced 516.45 points during the same time period.

Titan was the top gainer among components on Wednesday, climbing 4.44 per cent, after the Tata group firm said business was seen returning to normal during the second quarter of this financial year, led by the jewellery division. surged 2.13 per cent a day after its retail arm raised Rs 5,512.50 crore from the Abu Dhabi Investment Authority (ADIA) for a 1.20 per cent stake.

Bajaj Auto, Maruti Suzuki, UltraTech Cement, and ONGC were among the other promiment gainers. TCS inched up 0.78 per cent ahead of its quarterly results on Wednesday.

Bajaj Finance, PowerGrid, Sun Pharma, Tata Steel, NTPC, and Bajaj Finserv were among the laggards, losing up to 4.12 per cent.

On the global front, tumbled after US President said he was calling off negotiations for a fresh until after the elections next month.

remained upbeat amid signs of stabilisation in India’s services sector and optimism over earnings. Business updates have been strong for companies like HDFC, HDFC Bank, Titan. Global sentiment remained cautious after US President Trump abandoned Covid-19 relief talks. Banks, IT, auto and FMCG stocks remained in traction while metals, pharma and realty stocks were subject to profit-booking,” said Paras Bothra, president (equity research), Ashika Stock Broking.

BSE consumer durables, energy, auto, IT, teck and financial indices rose up to 1.74 per cent, while metal, realty, power, utilities, capital goods and industrials lost as much as 2.97 per cent.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor