Stock markets surge as Reliance hits lifetime high

Mumbai: Equity benchmark Sensex jumped 269 points on Thursday, led by gains in index heavyweight Reliance Industries, ICICI Bank and Kotak Bank amid hopes of fresh government stimulus to support the economy.

The 30-share BSE Sensex ended 268.95 points, or 0.71 per cent, higher at 38,140.47. Similarly, the NSE Nifty advanced 82.85 points, or 0.74 per cent, to close at 11,215.45. Shares of Reliance Industries climbed around 3 per cent to hit a record closing high of Rs 2,060.65. SBI, ICICI Bank, Tech Mahindra, ITC and Kotak Bank were among the other winners. On the other hand, Axis Bank, HUL, Infosys, TCS and L&T finished in the red. According to Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares, Indian markets started off on a positive note but with underlying caution as its Asian peers traded mixed as investors remained concerned over US-China tensions.

"During the noon session markets strengthened as domestic sentiments were boosted after news of India working on offering production-linked incentives for up to five sectors to boost domestic manufacturing," he said. Some support also came with the Chief Economic Adviser's statement that the government may announce more fiscal measures to boost demand, Solanki added. Bourses in Shanghai, Seoul and Tokyo ended in the red, while Hong Kong closed higher. Stock exchanges in Europe were trading on a positive note in early deals.

Meanwhile, international oil benchmark Brent crude futures rose 0.93 per cent to $44.70 per barrel.