Equity indices rise, Reliance Industries in focus as it becomes net debt-free

Source :ANI
Author :ANI
Last Updated: Fri, Jun 19th, 2020, 11:47:43hrs

Mumbai: Equity benchmark indices rose marginally during early hours on Friday while the losses in IT and auto stocks were capped by gains in Reliance Industries which become net debt-free ahead of its March 2021 target.

At 10:15 am, the BSE S&P Sensex was up by 38 points or 0.11 per cent at 34,247 while the Nifty 50 edged higher by 11 points or 0.11 per cent at 10,103. Sectoral indices at the National Stock Exchange were mixed with thin margins.

Among stocks, Reliance Industries rose by 1.6 per cent to touch Rs 1,683.65 per share as it became net debt-free after a record Rs 1.69 lakh crore fundraising in less than two months through stake sales in the digital arm and a rights issue.

Bajaj Finance moved up by 2.9 per cent, Bajaj Finserv by 1.6 per cent, Bharat Petroleum Corporation by 1.9 per cent and GAIL by 1.6 per cent. UPL, ONGC, Asian Paints, Adani Ports and Bharti Airtel too gained marginally.

However, those which lost were Infosys, Wipro, HCL Technologies, Mahindra & Mahindra, Eicher Motors, Hero MotoCorp and Bajaj Auto.

Meanwhile, Asian shares wobbled in choppy trade as lingering concerns about a fresh spike in coronavirus cases offset growing hopes for a quick economic recovery.

MSCI's broadest index of Asia Pacific shares outside Japan eased by 0.06 per cent and South Korean stocks fell by 0.81 per cent due to concern about diplomatic tension with North Korea.

Shares in China rose by 0.61 per cent led by gains in financials and healthcare sector.