Markets Post Gains for Third Straight Day Led by 5% Rally in RIL

Sensex surges 150 points, Nifty regains 8,250 led by Reliance Industries’ stock.

1 min read
Index heavyweights lead the equity market higher. (Photo: Reuters)

Shares of Reliance Industries (RIL) rallied 5 per cent, helping the benchmark equity indices post strong gains for the third consecutive day on Monday in an otherwise rangebound market but investors turned cautious tracking muted trends in other Asian and European markets.

The oil and gas major posted stellar quarterly earnings after market hours on Friday, which took most analysts by surprise.

The Sensex ended the day 150 points, or 0.55 per cent, higher at 27,365. The Nifty closed higher by 37 points, or 0.45 per cent, at 8,275.

The upbeat sentiment seen in the domestic benchmark indices also spread to the broader market, with the BSE midcap index rising 0.7 per cent and the BSE smallcap index ending 0.77 per cent higher. Among the sectoral indices, the BSE Realty was the top sectoral gainer closing 2.57 per cent up. IB Real Estate and Unitech contributed the most to the gains on the index.

The European markets traded with gains at the time of writing this report. German DAX gained over 0.88 per cent while French CAC40 and the pan-European Euro Stoxx index climbed 0.37 and 0.55 per cent, respectively. Britain’s FTSE100 index was up 0.35 per cent.

Earlier in the day, most other Asian markets traded cautiously. Japan’s Nikkei ended 0.88 per cent lower while the South Korea’s Kospi closed flat. Hong Kong’s Hang Seng index closed lower by 0.06 per cent. China’s Shanghai Composite closed lower by 0.2 per cent. Better-than-expected GDP numbers from China, however, lifted the mood to an extent.

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