Sensex jumps over 340 points to hit record intra-day high of 40,816.38, Nifty above 12,000-mark; Reliance Industries jumps 4%

Equity benchmark BSE Sensex opened over 260 points higher on Wednesday, propelled by a rally in index-heavyweight and Mukesh Ambani-led Reliance Industries which scaled a fresh intra-day peak in opening session. A day earlier, Reliance became the first Indian company to cross-market capitalization of Rs 9.5 lakh crore after its stock rallied over 3 percent intra-day to hit a fresh all-time high.

At 10.40, Sensex was trading 314.38 or 0.78 percent up at 40,784.08—record intra day high. Nifty was trading 82.65 points higher or 0.69 percent at 12,022.75.

At 10.30 AM, the Sensex soared 302.90 points or 0.75 percent up at 40,772.60-record intra day high. On 6 November 2019, it registered an intraday record high of 40,606.91. Its closing record high was also on the same day was 40,469.78. Nifty crossed the 12,000-mark by jumping 81.85 points or 0.65 percent at 12,021.95.

At 10.57 AM, the Sensex soared 340.44 points or 0.84 percent up at 40,810.14. The Nifty jumped 97.55 points or 0.82 percent at 12,037.65

After hitting a high of 40,736.14 in early trade, the 30-share index pared some gains to quote 177.67 points, or 0.44 percent, higher at 40,647.37. At 10:15 AM, the BSE Sensex was up by 279 points at 40,749 while the Nifty 50 edged higher by 71 points to 12,011.

Representational image. Reuters.

The benchmark S&P BSE Sensex hit fresh record high of 40754.49 in the morning trade lifted by buying in index heavyweights like Reliance Industries, Bharti Airtel, and ICICI Bank, a PTI report said.

Sectoral indices at the National Stock Exchange were mixed with Nifty auto, financial service, FMCG and PSU bank in the red. But Nifty pharma was up by 1.4 per cent. The broader Nifty too reclaimed the 12,000-mark. It then retreated from the day's peak to trade 40.65 points, or 0.34 percent, up at 11,980.75.

Shares of Reliance Industries (RIL) rallied nearly 4 percent to hit their lifetime high of Rs 1,571 (intra-day), inching closer to the Rs 10 lakh crore market-capitalisation level. Among stocks, Reliance was up by 3.79 percent at Rs 1,567 per share while IndusInd Bank gained by 3.2 percent at Rs 1,437.50.

Reliance Jio on Tuesday said it will increase mobile phone call and data charges in the next few weeks in compliance with rules, as it followed similar announcements by Bharti Airtel and Vodafone Idea on tariff hike. Pharma majors Sun Pharma, Dr Reddy's and Cipla were up by 1.9 percent, 1.7 percent and 0.6 percent respectively.

The other gainers included Larsen & Toubro, Coal India, Bharat Petroleum Corporation, Adani Ports and Tata Consultancy Services. However, Bharti Infratel fell by 3.6 percent. While, Yes Bank, Bajaj Auto, NTPC, Infosys, ITC, Kotak Bank and HUL were trading in the negative terrain. On Tuesday, the Sensex ended 185.51 points, or 0.46 percent, higher at 40,469.70. The Nifty rose 55.60 points, or 0.47 percent, to end at 11,940.10.

Foreign institutional investors offloaded shares worth Rs 915.37 crore in the capital market in the previous session, while domestic institutional investors purchased equities worth Rs 262.35 crore, data available with stock exchange showed.

Rupee depreciates

The rupee opened on a weak note and fell 9 paise to 71.80 against the US dollar in opening trade on Wednesday as US-China trade deal concerns weighed on the investor community. Forex traders said, the decline in the domestic unit was largely in tandem with other Asian currencies, after US President Donald Trump said China tariffs will go 'even higher' without a deal. "If we don't make a deal with China, I'll just raise the tariffs even higher," he told reporters at the White House. Moreover, sustained foreign fund outflows and strengthening of the American currency vis-a-vis other currencies overseas dragged down the local unit.

However, positive opening in domestic equities and easing crude oil prices supported the domestic unit.

The rupee opened weak at 71.80 at the interbank forex market, down 9 paise over its last close.

The rupee had settled at 71.71 against the US dollar on Tuesday.

Brent crude futures, the global oil benchmark, eased 0.15 percent to USD 60.82 per barrel.

Asian shares lose out

In Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading in the red after US President Donald Trump on Tuesday warned that failure to get a trade deal with China will prompt more tariffs. Stocks on Wall Street ended on a mixed note on Tuesday, according to a Reuters report.

Asian shares lost out to safe-harbour bonds on Wednesday as Sino-US trade talks produced nothing but white noise, while concerns about a supply glut left oil prices nursing their biggest one-day loss in seven weeks.

Figures from the American Petroleum Institute out late Tuesday showed a far larger rise in crude stocks than expected. That followed reports Russia was unlikely to deepen its cuts to crude output.

Brent crude futures eased another 10 cents to $60.81 a barrel, after sliding 2.6 percent overnight, while US crude dipped 2 cents to $55.19.

The mood in share markets was sombre with MSCI's broadest index of Asia-Pacific shares outside Japan off 0.7 percent. Japan's Nikkei fell 0.8 percent and Shanghai blue chips 0.5 percent.

Australia’s main index sank 1.3 percent led by the banks after the country’s financial crime regulator alleged Westpac had breached laws on over 23 million instances and applied for civil penalties against the lender.

E-Mini futures for the S&P 500 shed 0.2 percent and EUROSTOXX 50 futures 0.2 percent.

The prospects for progress on trade dimmed when China condemned a US Senate measure on Hong Kong, vowing to take the steps necessary to safeguard its sovereignty and security.

The Senate unanimously passed legislation aimed at protecting human rights in Hong Kong.

Late Tuesday, US President Donald Trump had threatened to raise tariffs further if China would not agree to a deal that he liked.

--With inputs from agencies