Sensex rallies over 400 pts; Reliance hits fresh peak

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

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

Adding 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 the other gainers. On the other hand, Bharti Airtel and HDFC were the laggards.

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

According to traders, besides stock-specific actions, positive cues from global markets too buoyed investor sentiment here. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading 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.