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Nifty Trades Higher, Reliance Surges 7% On Facebook Stake
Benchmark indices were trading marginally higher, despite a solid surge of 7 per cent in the stock of Reliance Industries.
Facebook, bought a 9.9% stake in Reliance Jio for Rs. 43,574 crore. The deal is expected to cut Reliance Industries' debt as well as enable Facebook to strengthen its foothold in a rapidly growing market.
The Sensex was last trading with gains of 130 points, while the Nifty gained 40 points in trade.
Shares in ICICI Bank fell marginally, after the private sector bank said it is taking steps to protect its interest regarding its exposure to a Singapore-based oil trading company. On Tuesday, the stock had declined almost 8 per cent, after reports of debt exposure to the company.
Most of the banking stocks were slightly weak in trade with HDFC Bank, Indusind Bank and Axis Bank slightly lower.
Meanwhile, most Asian markets were trading with marginal losses, following a near 3 per cent cut in the US markets.
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