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Nifty Ends 203 Points Higher, Reliance Surges 7%

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Benchmark indices ended the day sharply higher as two heavyweight stocks, Reliance Industries and HDFC Bank saw a sharp surge in their stock prices. The Nifty ended the day with huge gains of 200 points, largely on the back of these two stocks.

Media stocks were in the limelight today with Zee Entertainment, TV 18 Broadcast and Hathway Cable among the winners. Auto stocks also saw good gains in trade with HeroMoto Corp and Maruti Suzuki among the Nifty winners in trade.

Dhanlaxmi Bank saw its shares fall sharply after net profit at the bank was down 69% to Rs 6.1 crore and gross non performing assets at the bank rose.

Nifty Ends 203 Points Higher, Reliance Surges 7%
 

Shares in HDFC Bank ended the day with gains of nearly 4 per cent, after reports Sashidhar Jagdishan will be the new Chief Executive Officer (CEO) of the bank.

Yes Bank saw its share price gain after Moody's upgraded the bank's long-term foreign-currency issuer rating to B3 from Caa1 after the bank's equity capital raise of Rs 15,000 crore.

Kansai Nerolac lost ground after the paints maker reported a 79.42 per cent decline in consolidated net profit at Rs 29.64 crore for the first quarter ended June 30. Among the Nifty losers today were BPCL and IOC.

Among the Nifty losers in trade were software names like Tech Mahindra, BPCL and IndusInd Bank.

Read more about: nifty reliance
Story first published: Tuesday, August 4, 2020, 15:41 [IST]
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