Indian equity market shrugged off the weak global cues and ended higher supported by the gains in Reliance Industries. RIL alone contributed 100 bps to the benchmark indices today.
At closing, the S&P BSE Sensex ended 743 points higher at 31,379 while the Nifty50 index closed at 9,195, up 206 points.
Most sectoral indices recovered from their day's lows. Nifty Media remained the best-performing index of the day, rising by 7 percent. In the meanwhile, PSU Bank and realty sectors declined nearly half a percent each, followed by marginal decline in banking and financial indices.
Zee Entertainment, RIL, Asian Paints, IndusInd Bank and UPL were the Nifty50 top gainers while ONGC, Vedanta, L&T, Cipla and Power Grid were the top losers.
Reliance Industries hit upper circuit of 10 percent on Wednesday after it announced that social media giant Facebook will invest Rs 43,574 crore ($5.7 billion) in its subsidiary Jio Platforms for a 9.99 percent stake.
Meanwhile, the Indian rupee ended higher today after recovering from record low levels, at 76.68 against the American currency. The rupee opened weak at 76.86 and then fell further to an all-time low of 76.88 during the day. Later, the domestic unit recovered the lost ground with surging stock market and finally settled at 76.68, higher by 15 paise as compared to Tuesday's close of 76.83 against the US dollar.
Another reason for the market rally is Prime Minister Narendra Modi's Cabinet meeting. Investors' are anticipating another economic relief package from the government, in the wake of novel coronavirus outbreak.
At closing, the S&P BSE Sensex ended 743 points higher at 31,379 while the Nifty50 index closed at 9,195, up 206 points.
Most sectoral indices recovered from their day's lows. Nifty Media remained the best-performing index of the day, rising by 7 percent. In the meanwhile, PSU Bank and realty sectors declined nearly half a percent each, followed by marginal decline in banking and financial indices.
Zee Entertainment, RIL, Asian Paints, IndusInd Bank and UPL were the Nifty50 top gainers while ONGC, Vedanta, L&T, Cipla and Power Grid were the top losers.
Reliance Industries hit upper circuit of 10 percent on Wednesday after it announced that social media giant Facebook will invest Rs 43,574 crore ($5.7 billion) in its subsidiary Jio Platforms for a 9.99 percent stake.
Meanwhile, the Indian rupee ended higher today after recovering from record low levels, at 76.68 against the American currency. The rupee opened weak at 76.86 and then fell further to an all-time low of 76.88 during the day. Later, the domestic unit recovered the lost ground with surging stock market and finally settled at 76.68, higher by 15 paise as compared to Tuesday's close of 76.83 against the US dollar.
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