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Reliance Industries pushed the Indian equity benchmark indices higher Thursday as the indices closed over half a percent higher. The 30-scrip Sensex closed at 58,795, as it rose 454 points and the Nifty50 index surged 120 points to end at 17,536. The broader markets supported the rally as both mid-caps and small-caps rallied half a percent higher.
Among the 50 stocks on Nifty, Reliance Industries, Divi's Lab, ITC, Infosys, and Tech Mahindra led the gains, as each scrip rose over 1 to 6 percent. Leading the losses were Britannia, IOC, IndusInd Bank, Hindalco, and Hindustan Unilever.
Among sectors on NSE, a strong rally was seen in Nifty IT, media, pharma, healthy, and healthcare indices. However, indices like Nifty Bank, auto, financial services, and PSU Bank ended in the red.
Globally, a bounce in tech shares carried European equities higher, following similar gains on Wall Street and Asia. The momentum was also helped by a small pullback in the dollar from a 17-month high.
With US markets closed for Thanksgiving, the focus was trained on Europe where a surge in COVID-19 cases is raising the prospect of lockdowns going into the Christmas shopping season.
Those concerns had knocked the pan-European STOXX 600 index to a three-week low Wednesday, but it was up almost half a percent early on as a 1 percent Thursday.
In Asia, the tech recovery that had kicked off on the Nasdaq Wednesday, lifted Japan's Nikkei by 0.8 percent. MSCI's broadest index of Asia-Pacific shares outside Japan traded was flat.
Oil prices see-sawed, meanwhile, after a turbulent few days in which the United States said it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to try to cool oil prices after calls to OPEC+ to pump more went unheeded. However, investors questioned the programme's effectiveness, leading to price gains. Brent crude was last at $82 a barrel, down 0.3 percent, while US crude was at $78.12, also down 0.3 percent.
With inputs from Reuters