Market Benchmark Index Sensexs rallied 608.37 points or +1.77% at 34,895.61 during the opening session on Monday tracking positive cues from global markets and as India relaxes restrictions amid the coronavirus pandemic. Meanwhile the broader Nifty 50 rallied 153.60 points or +1.51% at +10,295.75.
IndusInd Bank was the top gainer in the market on Monday. Titan, Axis Bank, Bajaj Finance, SBIN, ONGC, L&T, ICICI Bank, HDFC, Tata Steel, Kotak Bank, ITC, TCS were among those in green while HCL, Bharti Airtel, Sun Pharma were in the red on the Bombay Stock Exchange.
Sensex rallied 307 points on Friday during the closing session. After hitting a high of 34,405.43, Sensex settled 306.54 points or 0.90 per cent higher at 34,287.24 on Friday. Similarly, the NSE Nifty rose 113.05 points or 1.13 per cent to 10,142.15.
Reliance Industries is expected to gain 2-4% as the company's arm Jio Platforms managed to raise over 102 billion rupees in the past three days by selling separate minority stakes to Abu Dhabi Investment Authority and Silver Lake Partners. On Friday, RIL said that Jio Platforms managed to raise an additional 45.5 bln rupees for a 0.93% stake from Silver Lake, after the private equity firm already bought 1.15% in an earlier deal. On Sunday, Abu Dhabi Investment Authority said it will buy 1.16% stake in Jio Platforms for 57 bln rupees.
Oil marketing companies on Monday increased the price of petrol and diesel by 60 paise per litre, the second such successive raise to cover for the rise in global product prices.
The increase has been made under the dynamic pricing system for daily revision of fuel prices, which OMCs resumed after over the 80 day break during the lockdown period.
In the national capital, the retail price of both petrol and diesel had increased by 60 paise to Rs 72.46 and Rs 70.59 per litre respectively.
