Heavy buying in Reliance Industries singlehandedly pushed domestic benchmark indices higher even though the market breadth favoured declines in Wednesday’s trade.
Social media giant Facebook is investing $5.7 billion (Rs 43,574 crore) for 9.99 per cent stake in Reliance’s Jio PLatforms, valuing the platform at upwards of $60 billion.
At 9.22 am, BSE flagship Sensex was up 87 points or 0.29 per cent to 30,724 while NSE benchmark Nifty added 23 points or 0.26 per cent to 9,004. Broader market indices were faring worse than their headline peers as Nifty Smallcap fell 0.40 per cent while Nifty Midcap dropped 0.27 per cent. Nifty 500 was up 0.08 per cent.
Among bluechip stocks, Reliance Industries soared 7.33 percent to Rs 1,326 while Maruti Suzuki, Sun Pharma, UltraTech Cements, Asian Paints and L&T gained more than a percent each.
Oil explorer ONGC was the biggest loser amid supply glut in crude markets, down 6.21 percent at Rs 64.95 while Bajaj Finance fell 2.77 per cent to Rs 2,040. PowerGrid, HDFC, Tata Steel, NTPC and IndusInd Bank were other top losers.
ACC, which came out with its quarterly numbers on Monday, gained 1.09 per cent to Rs 1,149 even though the profit for the company dropped 7 per cent.
Sectoral matrix on NSE was mixed with Nifty Media, Nifty IT and Nifty Pharma eking out gains while Nifty Bank, Nifty Financial Services and Nifty Metal dropped up to 2 per cent.
Globally, Asian share markets slipped to two-week lows as the floor fell out from under crude prices, exposing the deep economic damage wrought by the global coronavirus health crisis.
The dizzying dive in oil has turned investors away from stocks, and has given fresh urgency to bearish voices who are bracing for a catastrophic decline in asset prices as the COVID-19 pandemic wrecks the world economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.8per cent while Japan’s Nikkei slumped 1.3per cent.
Overnight on Wall Street, the S&P 500 lost 3.07per cent and the Nasdaq Composite, which has outperformed due to increased demand for various internet services amid lodckdowns, dropped 3.48per cent.