Sensex, Nifty Extend Gains; Reliance Industries Shares Soar 6%
- Author: Zachary Reyes Feb 22, 2017,
Feb 22, 2017, 14:55
In terms of broader markets, the BSE mid-cap index rose by 0.52 per cent, while the small-cap index was up by 0.46 per cent.
The stock of the Mukesh Ambani-owned company hit an eight-year high on Wednesday, a day after the company announced plans to start charging Reliance Jio users for data services from April 1.
The NSE Nifty-50, after shuttling between 8,809.80 and 8,886.25, finally closed 57.50 points, or 0.65 per cent higher at 8,879.20.
Firming trend at other Asian markets was another factor behind today's rally on the domestic bourses here.
On 30-share benchmark, among top gainers were Reliance Industries (10.97%), Axis Bank (3.93%), Asian Paint (2.92%), Coal India (2.63%) and Hero MotoCorp (1.16%).
"About a week back the market was consolidating under a narrow range since valuation was not attractive".
The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 19.05 points or 0.21 per cent to 8,926.90 points.
Among the BSE sectoral indices, Oil & Gas index jumped the most, up 1.8 per cent, while Consumer Durables index became the top loser, down 1.4 per cent. South Korean won was up 0.45%, Japanese yen 0.23%, Taiwan dollar 0.16%, Singapore dollar 0.15%, Indonesian rupiah 0.11%, Philippines peso 0.09%, China renminbi 0.05% and Thai baht 0.05%.
Traders also bouyed heavy FII inflows into Indian equities and the prospects of July rollout of the Goods and Services Tax (GST) with GST Council approving on Saturday a draft law that seeks to compensate states fully in case of revenue loss as a result of the tax reform. Hence, we continue to advise traders to trade with a positive bias and keep holding directional long positions by trailing a stop loss now at 8790 on a closing basis.