Sensex rallies over 400 pts; Reliance hits fresh peak

Equity benchmark Sensex rallied over 400 points in early tre on Monday, tracking gains in index-heavyweight Reliance Industries and strong signals from global markets. Reclaiming 37,000 level in opening session, 30-share BSE Sensex was tring 413.03 points, or 1.13 per cent, higher at 37,007.36.

In similar movement, NSE Nifty surged 123.35 points, or 1.15 per cent, to 10,891.40. Reliance Industries was top gainer in Sensex pack, jumping over 2 per cent to hit its record high of Rs 1,938.80 per share, after company said it has secured Rs 730 crore from wireless techlogy leer Qualcomm by selling a small stake in Jio Platforms.

ding to a slew of investments since April that has crossed Rs 1.18 lakh crore, Qualcomm Ventures' investment will translate into 0.15 per cent equity stake in Jio Platforms on a fully diluted basis. Infosys, Tech Mahindra, Tata Steel, IndusInd Bank, HUL and Maruti were among or gainers. On or hand, Bharti Airtel and HDFC were laggards.

In previous session, BSE barometer ended 143.36 points, or 0.39 per cent, lower at 36,594.33. NSE Nifty shed 45.40 points, or 0.42 per cent, to close at 10,768.05. Foreign institutional investors were net sellers in capital market on Friday, offloing equities worth Rs 1,031 crore, provisional exchange data showed.

According to trers, besides stock-specific actions, positive cues from global markets too buoyed investor sentiment here. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were tring with significant gains amid hopes of a better earning season. Meanwhile, international oil benchmark Brent crude futures fell 0.74 per cent to USD 42.92 per barrel.