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Equity Indices Trim Early Gains, Reliance Up 3.2 % On New High

BSE S&P Sensex was up by 99 points or 0.27 per cent at 36,694 while the Nifty 50 edged higher by 47 points or 0.44 per cent at 10,815.

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Equity benchmark indices shaved off early gains on Monday but closed in the green due to a rally led by IT, metal and FMCG stocks.

At the closing bell, the BSE S&P Sensex was up by 99 points or 0.27 per cent at 36,694 while the Nifty 50 edged higher by 47 points or 0.44 per cent at 10,815.

Sectoral indices at the National Stock Exchange were mixed with Nifty IT gaining by 1.7 per cent, metal by 1.5 per cent and FMCG by 1.2 per cent. But Nifty PSU bank was down by 1.6 per cent, private bank by 1.2 per cent and financial service by 1.3 per cent.

Among stocks, index heavyweight Reliance Industries touched a record high of Rs 1,938.70 per cent, up 3.23 per cent from its previous close, after announcing a day earlier that Qualcomm Inc will buy a 0.15 per cent stake in its digital unit Jio Platforms for Rs 730 crore.

IT major Tech Mahindra moved up by 5.5 per cent, HCL Technologies by 3.7 per cent and Wipro by 2.5 per cent.

Metal stocks also surged ahead with Hindalco edging higher by 3.8 per cent, JSW Steel by 3.2 per cent and Vedanta by 1.8 per cent. FMCG major Britannia closed 1.9 per cent higher at Rs 3,799 per share.

However, banking stocks slipped with HDFC Bank down by 1.9 per cent, ICICI Bank by 1.7 per cent, Kotak Mahindra Bank by 1.1 per cent and State Bank of India by 1.3 per cent.

Bajaj Finance dropped by 2.1 per cent while home loan lender closed 1.7 per cent lower. GAIL, NTPC and Adani Ports too traded with a negative bias.

Meanwhile, Asian shares crept toward five-month peaks as investors hoped the US earnings season will see most companies beat forecasts given expectations had been lowered so far by coronavirus lockdowns.

Japan's Nikkei gained 2.22 per cent and South Korea 1.67 per cent even as some US states reported record new cases of Covid-19. Hong Kong's Hang Seng was up by 0.17 per cent. 


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