Indian stocks rallied for the fifth session on Wednesday as a record close on US markets and buoyant Asian sentiment helped traders extend long positions on Dalal Street. The upthrust was powered by Reliance Industries.
The Nifty rose 17 points to trade at 8,925 points, its highest level since early September. Most Asian markets were in the green as well.
Reliance Industries, India's most profitable firm and the parent of a newly launched, nationwide phone network, soared 7 percent to its highest in more than 7 years after global investment bank Goldman Sachs said the telecom venture's pricing will attract the top 10 percent paying customers from Reliance JiO's rivals such as Bharti Airtel, Idea Cellular and Vodafone Plc.
Unlisted Reliance JiO already has more than 10 crore customers since September when its services were launched.
As a consequence, Reliance Industries was the top gainer on the Nifty and posted the highest turnover as well. The stock has broken out from a long channel shaped formation after June 2009.
Here are the major trading events of the day:
* The Sensex adds 77 points to 28,838 points on the Bombay Stock Exchange. Reliance Industries is the top gainer along with Axis Bank. Infosys is the top loser. Reliance is again the top traded stock on the Sensex.
* Reliance, Axis Bank, Bharti Infratel, Tata Motors and Asian Paints rose 1.1-6.9 percent on the Nifty and were among 24 stocks that rose on the index.
* TCS, Infosys, Sun Pharma, ICICI Bank and GAIL lost 0.8-1.4 percent on the Nifty and were among 29 stocks that slipped in early trade on the Nifty.
* More than 56 lakh Reliance shares were traded in the first hour of the session, totalling Rs 665 crore. The stock surged 76 rupees to 1,164 rupees in early deals. Power Grid, Jindal Steel & Power and TCS were heavily traded as well.
* JP Associates, Suzlon and PTC were among the list of most active shares on the NSE.
* Broader markets firmed up a bit in early deals with the Nifty 100, 200 and 500 benchmarks adding 0.2 percent each.
* All four indices tracking the banking sector posted modest gains. Bit selling was seen on FMCG, IT and pharma shares.
* Bulls just about nosed ahead of the bears when it came to broader sentiment in the market. As a consequence, 801 shares rose compared with 718 that declined.
* Futures of power companies such as Reliance Power, Torrent Power, Adani Power, Reliance Infrastructures were among the top gainers in the derivatives segment. Profit sales were seen on Bharat Electronics, Voltas and Titan Futures.