Sensex Zooms 742 Points to Close at 30,675, Nifty at 9,187 as RIL Rallies on Facebook Deal
The Indian markets opened on a flat note and soon zoomed 200 points up, but it was not able to sustain the rally, as it again slipped in the red. The markets are on a volatile mode and Sensex was trading at 30,675.37, up 38.66. Nifty, on the other hand, was at 8,969 at 10 am on Wednesday.
Mumbai, April 22: The Indian markets had a volatile session on Wednesday. After opening on a flat note and after trading in the red for some time, the markets rallied on the back of a sharp jump in Reliance Industries. Sensex closed at 31,379, up 742 points (2.42 percent). Nifty, on the other hand, was at 9,187, up 200 points.
RIL settled at Rs 1,363.35 apiece on the BSE, up 10.30 per cent. It emerged as the biggest gainer on the index, followed by Asian Paints (up 5 per cent), IndusInd Bank (up 3.7 per cent), and Maruti (up 3.6 per cent).
Facebook Inc announced a $5.7 billion investment in Reliance Industries Ltd’s telecom unit on Wednesday, making it the largest minority shareholder in Jio Platforms Limited. Facebook's investment will translate to a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis, Jio said. Facebook Announces Investment of Rs 43,574 Crore in Reliance Jio Platforms For 9.99% Stake.
The number of coronavirus cases rose to 19,984 in India on Wednesday with an increase of 1,383 in the last 24 hours. The death tally also increased by 50 since Tuesday morning. Till now, 640 people have lost their lives due to COVID-19 in the country.
Talking about the US market on Tuesday, the Dow Jones Industrial Average slipped 2.67 per cent to end at 23,018.88 points, while the S&P 500 lost 3.07 per cent to 2,736.57. The Nasdaq Composite dropped 3.48 per cent to 8,263.23. A similar trend was also seen in Asian stocks. Hang Seng, Kospi, Nikkei and STI were all down 1-2 per cent. China's Shanghai Composite was down 0.3 per cent in the early trades.
Us Donald Trump shared more clarity on his plan to temporarily suspend immigration into the US on Tuesday at White House. He said that immigration will be halted for 60 days and will apply only to those seeking permanent residence.
(The above story first appeared on LatestLY on Apr 22, 2020 10:05 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).