At Rs 19.59L cr, Reliance mcap hits new high; bourses surge
The 30-share BSE Sensex jumped 1,240.90 points or 1.76 per cent to settle at 71,941.57. During the day, it soared 1,309.55 points or 1.85 per cent to 72,010.22.
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MUMBAI: Benchmark equity indices Sensex and Nifty rebounded sharply on Monday, surging nearly 2 per cent, buoyed by robust buying in Reliance Industries and a rally in Asian markets.
The 30-share BSE Sensex jumped 1,240.90 points or 1.76 per cent to settle at 71,941.57. During the day, it soared 1,309.55 points or 1.85 per cent to 72,010.22.
The Nifty climbed 385 points or 1.80 per cent to 21,737.60. Among the Sensex firms, Reliance Industries jumped nearly 7 per cent, contributing the most to the rally in markets. Shares of RIL were in heavy demand on Monday, with its market valuation crossing Rs 19.59 lakh crore mark. Its market valuation jumped by Rs 1,25,591.68 crore in a single day. In three days, shares of the country’s most valued company by market valuation zoomed 9 per cent. In volume terms, 8.24 lakh shares of the company were traded on the BSE and over 1.19 crore shares on the NSE during the day.
Tata Motors, Power Grid, Larsen and Toubro, Kotak Mahindra Bank, NTPC, Titan and UltraTech Cement were the other major gainers. ITC, Infosys, JSW Steel, Tech Mahindra and Tata Consultancy Services were the laggards.
“The domestic market underwent an upturn as the recent sell-off and positive Asian peers provided an opportunity to accumulate quality stocks. Despite premium valuations, confidence is upheld among investors due to the optimistic environment surrounding the interim budget and recent set of results aligning with forecasts. “Globally, the upcoming Fed policy stands out as a crucial factor. While a rate cut by the FOMC is unlikely, investors will eagerly monitor their commentary to get cues on future rate paths,” said Vinod Nair, head, Research, Geojit Financial Services. In the broader market, the BSE midcap gauge climbed 1.68 per cent and smallcap index rallied 1.03 per cent. Among the indices, energy jumped 5.29 per cent, oil & gas zoomed 4.94 per cent, power (3.03 per cent), services (2.82 per cent), capital goods (2.13 per cent), industrials (2.17 per cent) and consumer durables (1.93 per cent). FMCG, IT and teck were the laggards.