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Sensex, Nifty Rebound After Weak Start; RIL Shines

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(RTTNews) – After opening with a negative gap, Indian shares have climbed higher Monday morning, with several stocks, including index heavyweight Reliance Industries, moving up on strong buying interest.

The lead from Asian markets is weak with several markets in the region posting losses due to concerns over the growing unrest in China amid the zero-Covid policy with record high daily cases and the unprecedented restrictions in several cities in the country.

The benchmark BSE Sensex is up 119.34 points or 0.19 percent at 62,412.98. The index, which opened with a negative gap of nearly 280 points at 62,016.35, climbed to 62,484.66 before paring some gains.

The broader Nifty index of the National Stock Exchange, which dropped to 18,365.60 and rallied to 18,558.95 subsequently, is up 30.40 points or 0.16 percent at 18,543.15.

Reliance Industries is gaining 1.8 percent. Bajaj Finserv is up 1.3 percent and Bajaj Finance is up nearly 1 percent. Asian Paints, Axis Bank, Infosys, Kotak Bank, UltraTech Cement and Maruti Suuzki are up 0.5 to 0.8 percent.

BPCL is gaining 3.3 percent, topping the list of gainers in the Nifty index. Hero Motocorp is up 2.2 percent after the company said it will hike the prices of its two-wheelers by up to Rs 1,500 effective from December 1.

Bajaj Auto is up 1.3 percent, and SBI Life is rising 1.8 percent. Divi’s Laboratories, Tata Motors and Wipro are up with modest gains.

HDFC, HDFC Bank, Tata Steel and State Bank of India are down 0.8 to 1.4 percent.

Hindalco is declining 2.2 percent. Apollo Hospitals Enterprises, JSW Steel and Tata Steel are down 1.7 percent, 1.4 percent, and 1.1 percent, respectively.

Va Tech Wabag shares are up nearly 4 percent after the company said it has signed an agreement with Asian Development Bank for raising Rs 200 crore through unlisted non-convertible debentures.

Indian Oil Corporation announced it has raised Rs 2,500 crore by issuing 25,000 non-convertible debentures of Rs 10 lakh each on private placement basis. The company plans to utilise the funds for refinancing existing borrowing or funding capital expenditure. The stock is up by about 2.5 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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