Equity benchmarks returned to winning ways on Thursday after a day’s breather, propelled by market heavyweight Reliance Industries which soared to its lifetime high.
After a subdued start, the 30-share BSE Sensex gained momentum in afternoon trade before finally closing at 38,140.47, up 268.95 points, or 0.71 per cent.
The benchmark ended above the 38,000-mark for the first time since March 5 this year. The wider NSE Nifty advanced 82.85 points, or 0.74 per cent, to finish at 11,215.45.
Reliance Industries accounted for the lion’s share of the Sensex’s gains, spurting 2.82 per cent to its record closing high of Rs 2,060.65, following reports that Amazon was eyeing a stake in the conglomerate’s retail arm.
SBI, ICICI Bank, Tech Mahindra, ITC and Kotak Bank were among the other winners, advancing as much as 3.28 per cent.
On the other hand, Axis Bank, HUL, Infosys, TCS, UltraTech Cement and L&T tumbled up to 3.80 per cent.
“Benchmark indices ended the day with gains, following positivity in the global markets. Global markets set aside the rising US-China tensions and focused on potential vaccine developments and better-than-expected earnings numbers.
“Domestically, except for IT, most major indices were in the gains. Liquidity seems to be driving the markets. Any dip looks like it will be bought into and is likely to be short-lived, especially in the current mood of the markets when the negatives are being overlooked,” said Vinod Nair, Head of Research at Geojit Financial Services.
BSE energy, healthcare, realty, auto, oil and gas, bankex and metal indices ended up to 2.36 per cent higher, while IT, teck and telecom closed with losses. Broader BSE mid-cap and small-cap indices surged up to 0.98 per cent.
Global markets were mixed as investors digested corporate earnings amid the overhang of mounting COVID-19 cases and US-China tensions.
Bourses in Shanghai, Seoul and Tokyo ended in the red, while Hong Kong closed higher. Stock exchanges in Europe were trading on a positive note in early deals. Meanwhile, international oil benchmark Brent crude futures rose 0.93 per cent to USD 44.70 per barrel. In the forex market, the rupee settled on a flat note at 74.75 against the US dollar.