Benchmark indices surged in trade following a 2 per cent rally in the stock of Reliance Industries. The company today announced that Global investment firm KKR will invest Rs 5,500 crore in Reliance Retail for a 1.28 per cent equity share.
The Sensex was trading with gains of 200 points at 37,932 points, while the Nifty rallied 54 points in trade. Apart from Reliance Industries, heavyweights like HDFC and HDFC Bank were also contributing to gains.
However, technology stocks continued to lead the Nifty pack in terms of gainers with Infosys and Wipro both gaining more than 2 per cent each. Among the stocks that lost ground were Bharti Airtel, Tata Steel, JSW Steel, Grasim and Power Grid.
Oil and gas stocks continued to fall for a second day in a row with ONGC and GAIL, both among the losers. Select banking stocks like State Bank of India and ICICI Bank were weak in trade with both the stocks dropping.
Meanwhile, Asian markets were trading mixed with the Japanese Nikkei and the Hong Kong's Hang Sang trading lower, while the Shanghai Composite was marginally higher. Dow Futures point to higher openings for the US markets, which had gained ground on Tuesday. There might be less volatility today compared to the previous trading sessions.