Sensex, Nifty End Higher Buoyed By Reliance's Best Gain In Nearly 2 Months
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
- Oldest First
India's stock benchmarks ended higher at closing, buoyed by a resurgent Reliance Industries Ltd. that erased all decline endured after its deal with Aramco collapsed. This is only the second time in the last seven sessions that the benchmarks have risen.
The S&P BSE Sensex gained 0.78% to 58,795.09. The 30-stock gauge almost rose as much as 0.96% during the day. The NSE Nifty 50 index also rose by 0.70% to 17,536.25.
The S&P BSE Midcap index almost mirrored its larger peer's gains at 0.7% while S&P BSE SmallCap index outperformed, adding nearly 0.87%.
Only four of the 19 sectoral indices compiled by the BSE Ltd. declined, while S&P BSE Energy ended the day with a 4.47% rise.
The market breadth was skewed in the favour of bulls at close. About 2,315 stocks advanced, 1,157 declined and 119 remained unchanged.
JSW Energy Board Approves Re-Organisation Of Renewable And Thermal Businesses
The board of JSW Energy Ltd. has approved the re-organisation of its renewable and thermal businesses. All existing and upcoming renewable energy businesses will be housed under JSW Energy Neo Ltd, which will be a wholly owned subsidiary of the company.
"It will streamline renewable portfolio and facilitate fund-raising and unlocking value for shareholders," the company said in a statement.
The company further said that JSW Neo Energy Ltd. will be the vehicle for JSW Energy to drive the company’s growth plans in renewable energy – across generation, energy storage and green hydrogen. The company’s operational hydro projects (Karcham: 1,091 MW, and Baspa II 300 MW) and all upcoming renewable energy projects will be housed in subsidiaries under JSW Neo Energy.
Reliance Stock Recoups All Losses Suffered Due To Aramco Deal Collapse
Shares of Reliance Industries Ltd. gained as much as 6.2%, the most in nearly two months, to reach their level before the company scrapped a deal to sell Saudi Arabian Oil Co. a stake in its oil-to-chemicals unit.
The shares fell 4.9% through Wednesday from Thursday’s close after the company ended a plan announced more than two years ago to sell a 20% stake in the unit to Aramco.
Bharti Airtel Affirmed At BBB- By Fitch
Bharti Airtel Ltd.'s long-term issuer default rating was affirmed by Fitch at BBB-.
Senior Unsecured Debt Rating was affirmed by Fitch at BBB-
Outlook remains negative
Losing Streaks: Mahanagar Gas, ICICI Prudential, Muthoot Finance, M&M Financial, Axis Bank, SBI Cards
Shares of Mahindra & Mahindra Financial Services Ltd. fell for the eighth straight day, making it the longest loss streak for the scrip in seven years.
Axis Bank Ltd. fell for the tenth day in a row, its longest losing streak in 16.5 years. It has now lost 9.4% during the streak, compared to the S&P BSE Sensex's 2.8% fall.
ICICI Prudential Ltd.'s stock too fell for the eighth day, while Mahanagar Gas Ltd., SBI Cards and Payment Services Ltd. and Muthoot Finance Ltd. continued their downward trajectory for the seventh day in a row.