Nifty, Sensex gain on boost from banks, Reliance

By Administrator_India

Capital Sands

Indian stocks rose on Wednesday as Bank of Baroda’s strong earnings bolstered financial stocks, with Reliance shares adding to the gains after the conglomerate said it was looking to close a partnership deal with Saudi Aramco.

Investor sentiment also got a boost after Indian and Chinese military commanders agreed to step back from a confrontation over a disputed stretch of border.

The NSE Nifty 50 index rose 0.6% to 10,528 and the benchmark S&P BSE Sensex was up 0.55% at 35,624.95 as of 0346 GMT.

The Nifty banking index and finance index rose 0.8% and 0.7%, respectively. Bank of Baroda Ltd surged 7% after the lender on Tuesday reported March quarter profit of 5.07 billion rupees against a loss of 9.91 billion rupees year ago.

Reliance Industries Ltd shares edged 0.7% higher after the company said it was working to complete the contours of a strategic partnership with Saudi Aramco in its annual report. The stock was a top boost to the Nifty 50 index.

Reliance is in the process of selling a 20% stake in its oil-to-chemical business to Saudi Aramco.

Meanwhile, Asian shares crept to a four-month high on Wednesday as investors remained stubbornly upbeat on the outlook for a re-opening of the global economy even as cases of the coronavirus looked to be accelerating to new peaks.

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