Markets rally on RIL booster dose

Mumbai: Market benchmark Sensex jumped 743 points on Wednesday, propelled by index heavyweight RIL after Facebook announced it will pick up 10 per cent stake in Jio Platforms for $5.7 billion.

Positive cues from global markets and Brent crude oil dropping to over two decade-lows also worked in favour of the bourses here, traders said.

The 30-share BSE index ended 742.84 points or 2.42 per cent higher at 31,379.55. The wider NSE Nifty surged 205.85 points, or 2.29 per cent, to finish at 9,187.30. Reliance Industries was the top performer in the Sensex pack, rallying 10.30 per cent and contributing over half of the index's gains.

Asian Paints, IndusInd Bank, Maruti, Nestle India, Hero MotoCorp and HUL were among the other gainers, spurting up to 5.04 per cent. Only four Sensex constituents ended in the red - ONGC, L&T, HDFC and PowerGrid, which shed up to 5.63 per cent.

"Market rose led by the Facebook deal with Reliance Jio as investors reposed faith in select large-caps amidst shrinkage of economic activity due to the lockdown. We witnessed further strength in afternoon trade as the US Senate approved the bill for a further package of $484bn," said S Ranganathan, Head of Research at LKP Securities.