Stock market rises; Nifty close at 11,450

The stock market rose on September 10 after two consecutive days of decline. Shares of Reliance Industries surged, helping the market. Shares of Reliance are up more than 70 per cent.

 

The Sensex ended 664 points higher at 38,840 points. The day’s low was 38,367 points. The Nifty rose above 11,450 points at one point. The stock closed at 11,449.25 points. The Nifty rose by 140 points on the day from its lowest level.

 

The Indian stock market opened higher on the back of gains in the US stock market on September 9. At no point in the trade did the indices lose ground.

 

Shares of Reliance Industries, which had not had a significant impact on the market over the past few weeks, surged, giving the market a boost. The news that Reliance is in talks to invest Amazon in retail has led to a rise in stock prices.

 

Thirty stocks in the Nifty rose while 19 stocks declined. There was no change in the share price. Reliance Industries, BPCL, Asian Paints, IOC and Axis Bank were the top five gainers. Reliance gained 7.29 per cent and BPCL 6.02 per cent. Shares of Asian Paints, IOC, Axis Bank and Grasim Industries gained more than 3 per cent each.

 

Shares of Public Sector Banks were the main gainers on the day. Metal stocks, meanwhile, faced selling pressure.

 

Infratel, Hindalco, Tata Steel, Bharti Airtel and Dr Reddy’s Lab were the biggest losers in the Nifty. Infratel fell 4.78 percent. Hindalco and Tata Steel lost more than 2% each. The Nifty Metal Index lost 1.14 per cent.

 

Banking stocks rose on the day as the Supreme Court adjourned its hearing on a petition seeking a waiver of interest during the moratorium to September 28. Shares, which have been selling in recent days, rose.