Broader indices outperformed the benchmark indices and supported gains.
The Indian equity benchmark indices extended gains in the afternoon session after opening higher on Friday. Reliance Industries remained in the focus as it welcomed another investor (PIF) on-board, raising Rs 1.15 lakh crore for Jio Platforms.
At 1:45 pm, the Sensex traded 371.23 points or 1.08 percent at 34,577,71 while the Nifty50 traded 109.85 points or 1.09 percent at 10,202.30.
Broader indices continued to outperform the benchmark indices and supported gains with Nifty Smallcap100 and Nifty Midcap100 indices up 1.82 percent and 0.93 percent respectively.
Barring IT, all other sectoral indices traded with gains led by Nifty Realty, Nifty PSU Bank, Nifty Auto, Nifty Bank, Nifty Media and Nifty Private Bank, trading over a percent higher each.
Bajaj Finance, Tata Motors, Reliance Industries, Bharti Infratel and Bajaj Finserv led gains among Nifty50 constituents in the afternoon session while IndusInd Bank, HCL Technologies, Infosys, ITC and HDFC were the top index losers.
Reliance Industries gained over 1 percent after it announced that Saudi Arabia's sovereign wealth fund PIF will invest Rs 11,367 crore in Jio Platforms for a 2.32 percent stake. With this investment, Jio Platforms has raised Rs 115,693.95 crore from leading technology investors globally.
Reliance Industries Chairman Mukesh Ambani today said that his company had become net debt-free after having raised Rs 1.68 lakh crore in under two months.
City Union Bank plunged over 8 percent after it reported net loss of Rs 95.29 in Q4FY20 as against net profit of Rs 175.11 crore, YoY, due to spike in provisions that stood at Rs 450.38 crore. Net interest income decreased 0.26 percent to Rs 419.50 crore, YoY.
Bajaj Consumer Care's share price slipped 8 percent on Friday as its consolidated net profit plunged 61 percent year-on-year (YoY) to Rs 23.29 crore for the fourth quarter ended March 2020.
Globally, Asian shares and US stock futures wobbled in choppy trade on Friday as lingering concerns about a fresh spike in coronavirus cases offset growing hopes for a quick economic recovery.
(Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
First Published: IST