Sensex rallies 400 points to hit record high; RIL shares surge 5 %

RIL and HDFC Bank collectively contributed nearly 300 points to the gains on Sensex.

Mumbai: The BSE Sensex soared over 400 points to hit its record high after Reliance Industries (RIL) reclaimed USD 100 billion (approx Rs 6,86,604 crore) market capitalisation as its shares a hit 52-week high on Thursday.

RIL and HDFC Bank collectively contributed nearly 300 points to the gains on Sensex.

At 1200 hrs, the 30-share index rallied 413.89 points, or 1.14 per cent, higher to 36,679.82, surpassing its previous high of 36,444 recorded on January 29, 2018.

The broader Nifty-50 index is also trading above the key 11,000-level at 11,071.50, a gain of 123.20 points, or 1.13 per cent. Heavy buying was seen on banking, pharma and metals counters.

Top gainers were Reliance Industries (up 5.18 per cent), Yes Bank (4.43 per cent), L&T (1.98 per cent), SBI (1.89 per cent), HUL (1.88 per cent), HDFC (1.73 per cent) and HDFC Bank (1.35 per cent).

Following the uptick in the RIL counter, the market capitalisation of the company touched Rs 6,88,513.11 crore. Profit-booking was witnessed IT, tech and telecom counters. Notable losers were Infosys (down 1.58 per cent) and M&M (1.46 per cent).

Sentiments were firm on higher Asian cues ahead of domestic inflation and industrial production number to be released today. Asian markets are trading higher, despite lingering concerns around the US-China trade war that show little sign of abating.

US stocks fell yesterday after Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world.