Sensex jumps over 150 points in early trade; Reliance Industries shares hit lifetime high

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Published: September 7, 2017 10:06:23 AM

Sensex and Nifty opened marginally higher today tracking early gains in Asian stocks following a positive closing at Wall Street after US lawmakers agreed to extend the government debt limit which eliminated fears of a government shutdown.

Within minutes of trading, the benchmark Sensex rose 0.48% to the day’s high of 31,814.96 points. (Image: Reuters)

Sensex and Nifty opened marginally higher today tracking early gains in Asian stocks following a positive closing at Wall Street after US lawmakers agreed to extend the government debt limit which eliminated fears of a government shutdown. BSE Sensex gained 76 points to open at 31,738.74 points while NSE Nifty advanced 29 points to open at 9,945.85 points. Within minutes of trading, the benchmark Sensex rose 0.48% to the day’s high of 31,814.96 points and the broader Nifty 50 too added 0.49% to 9,964.85 points.

Shares of Dr Reddy’s (up 1.15%), Adani Ports (up 1.13%), Mahindra & Mahindra (up 1.03%), Hero MotoCorp (up 0.85%), Kotak Mahindra Bank (up 0.77%), and Sun Pharma (up 0.65%) were the top gainers on the BSE Sensex. The stocks of heavyweight companies such as ITC, ICICI Bank, Reliance Industries, HDFC Bank, and Mahindra & Mahindra contributed the most to the Sensex gains. Collectively these five stocks added around 52 points out of 95 points up surge in the index. All of the sectoral indices of NSE were trading higher with gains up to 1.03%.

Reliance Industries shares hit a lifetime high after the oil-to-telecom conglomerate announced that it forayed into the new materials business by acquiring the assets of a Gujarat-based loan defaulter Kemrock Industries and Exports Ltd, it said on Wednesday. Reliance Industries Chairman and MD Mukesh Ambani said in his letter to employees that Reliance Jio made several records not only in India but across the globe and crossed 130 million customers mark in one year of its operations.

The rupee appreciated by 7 paise to 64.03 against the US currency today on dollar selling by banks and exporters and foreign fund inflows. The dollar’s slide against some currencies overseas and domestic stock markets opening firm supported the rupee.

Meanwhile, amid the regional markets, Japan’s benchmark Nikkei 225 rose 0.4% to 19,431.58 points and South Korea’s Kospi jumped 1.1% to 2,345.58 points. Hong Kong’s Hang Seng index added 0.4% to 27,736.13 points but the Shanghai Composite dipped 0.2% to 3,379.93 points. Australia’s S&P/ASX 200 advanced 0.3% to 5,706.70 points.

Wall Street climbed on Wednesday, fueled by energy shares and helped by news of an agreement to extend the debt limit, as stocks bounced back from a day-earlier selloff. The Dow Jones Industrial Average rose 0.25% to 21,808.6 points, the S&P 500 gained 0.32% to 2,465.6 points and the Nasdaq Composite added 0.28% to 6,393.31 points.

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