Sensex Surges As Global Cues Remain Strong, Reliance Rallies

Benchmark indices were trading higher, led by strong gains across global markets, including the Asian markets. Dow Futures also gained almost 1 per cent in trade after the NASDAQ recouped all its losses for the year and turned positive for 2020.

Reports that Chinese and US officials would meet to take trade agreements forward also helped sentiments.

The Sensex was trading with gains of 510 points, while the Nifty was higher by 150 points.

Shares in ICICI Securities jumped after the brokerage firm reported a 28 per cent jump in profit after tax at Rs 156 crore for the March quarter. The shares were last trading at Rs 408, up more than 8 per cent.

Reliance Industries also gained 2.5 per cent, after the company announced a third investment in Jio Platforms with Vista Equity Partners to invest Rs 11,367 crore for a 2.32 per cent equity stake.

Hindustan Unilever was up 3 per cent, after GlaxoSmithKline Plc (GSK) said it has offloaded its 5.7 per cent stake in Indian FMCG for around Rs 25,480 crore.

Private sector bank, RBL saw its share price rise after net profits at the bank halved. The shares were last trading hiugher by 1 per cent.

Banking stocks, which have had a fair bit of reaction this week, were among the gainers. ICICI Bank, Bandhan Bank and Axis Bank were all among the gainers.