Sensex climbs after Facebook announcement to buy stake in Jio
The domestic stock market gained tremendous momentum on Wednesday after Facebook announced to buy 9.99 percent stake in Jio platform. This news led to a strong purchase in Reliance Industries shares. This had a good effect on market sentiment.
Half of the market growth was only Reliance shares. Other stocks also saw good gains. Financial and banking stocks remain under pressure. Concerns related to the coronavirus still remain.
The BSE Sensex gained 743 points or 2.42 per cent to close at 31,380. At the same time, the Nifty 50 index rose by 206 points or 2.29 per cent to 9,187. The Midcap index and the Smallcap index rose more than three and a quarter percent.
On the Nifty 50 index, shares of Zee Entertainment jumped 20 percent and Reliance Industries jumped up to 10 percent. This was followed by Asian Paints, IndusInd Bank, UPL, Nestle India, Britannia, Maruti Suzuki, Bajaj Finserv and Hero MotoCorp.
On the other hand, ONGC shares plunged as much as 6 per cent. After this, Vedanta, Larsen & Toubro, Cipla, Power, Grid and Grasim Industries ended the business with a fall.
Only realty, government banks and pharma index closed in red mark on Wednesday. On the realty index, shares of Shobha and Oberoi Realty dive up to 5 per cent. Among the state-owned banks, Jammu and Kashmir Bank was the biggest loser. Cadila Healthcare’s shares on the Pharma index proved to be laggards.
Media index jumped 7 percent. FMCG and Auto registered a decline of two and a half percent. Only three stocks slipped on the media and FMCG index. Amara Raja Batteries jumped 10 percent on the auto index.
Shares of 11 companies achieved their 52-week high during Wednesday’s trading session. In contrast, shares of 22 dozen companies slipped to their 52-week low.
44 stocks were in the green on the Nifty 50 index, while half a dozen shares ended the trade with a red mark. On the BSE, 1,298 shares closed higher and 1,089 shares ended in red.
