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Reliance helps Indian market to rally over 700 pts

Pramod Thomas
By Pramod ThomasApr 22, 2020
Pramod Thomas
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Indian stocks had a good day on Wednesday (22), mainly due to Reliance Industries.

The 30-share sensex ended 742.84 points or 2.42 per cent higher at 31,379.55. The wider nifty surged 205.85 points, or 2.29 per cent, to finish at 9,187.30.

Reliance Industries has received an investment of $5.7 billion (Rs 43,574 crore) from Facebook.

Following the deal, the social media giant would buy a 10 per cent stake in Jio Platforms, and become the largest minority shareholder.

Reliance on Wednesday added more than 350 points to the Sensex by soaring over 10 per cent.

Asian Paints, IndusInd Bank, Nestle India, Maruti, Hero MotoCorp and HUL were also among the gainers, spurting up to 5 per cent.

Stock markets in Shanghai, Hong Kong and Seoul ended with gains, while Tokyo closed lower.

Meanwhile, the rupee recovered from record low levels to settle higher by 15 paise at 76.68 (provisional) against the US dollar.

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