Sensex soars over 400 points to hit record high of 36,679, Nifty crosses 11,000-mark; RIL shares surge 5%

Mumbai: The BSE Sensex soared over 400 points to hit its record high after Reliance Industries (RIL) reclaimed $100 billion (approx Rs 6,86,604 crore) market capitalisation as its shares a hit 52-week high today. RIL, HDFC and HDFC Bank collectively contributed nearly 300 points to the gains on Sensex. At 1200 hrs, the 30-share index rallied 413.89 points, or 1.14 percent, higher to 36,679.82, surpassing its previous high of 36,444 recorded on 29 January, 2018. The broader Nifty-50 index is also trading above the key 11,000-level at 11,071.50, a gain of 123.20 points, or 1.13 percent. Heavy buying was seen on banking, pharma and metals counters. Top gainers were Reliance Industries (up 5.18 percent), Yes Bank (4.43 percent), L&T (1.98 percent), SBI (1.89 percent), HUL (1.88 percent), HDFC (1.73 percent) and HDFC Bank (1.35 percent). [caption id=“attachment_4341273” align=“alignleft” width=“380”]  Representational image. Reuters[/caption] Following the uptick in the RIL counter, the market capitalisation of the company touched Rs 6,88,513.11 crore. Profit-booking was witnessed in IT, tech and telecom counters. Notable losers were Infosys (down 1.58 percent) and M&M (1.46 percent). Sentiments were firm on higher Asian cues ahead of domestic inflation and industrial production number to be released today. Asian markets are trading higher, despite lingering concerns around the US-China trade war that show little sign of abating. US stocks fell yesterday after Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world. Rupee up 19 paise The rupee firmed up by 19 paise to Rs 68.58 against the dollar in early trade today ahead of the release of the key index of industrial production (IIP) and inflation data amid foreign capital inflows. Forex dealers said selling of the greenback by banks and exporters supported the rupee. However, dollar’s strength against other currencies overseas, due to mounting US-China trade tensions and strong US inflation data, capped the gains. Further, investor sentiment turned positive following higher opening of the domestic equity market, they added. Yesterday, the rupee had gained 5 paise at 68.77 against the US currency today on the back of some stray dollar-selling by exporters and banks. PTI DPL KPS ANS