Mumbai: On the back of strong gains in the realty and auto sector, the Sensex rose 281.67 points to touch 58,411.62 points and the Nifty touched 17,399.35 levels, leaving the market at a record high on Monday. On Friday, the 30-share benchmark closed at a high of 277.41 points or 0.48 per cent at 58,129.95. The Nifty 50 closed 89.45 points or 0.52 per cent higher at 17,323.60.
Reliance Industries was the top gainer in the Sensex, rising over 3 per cent, followed by L&T, Bajaj Finserv and Hindustan Unilever. Tata Steel slipped over 1 per cent and joined the top laggards including Asian Paints, PowerGrid and HDFC Bank. Shares of Reliance Industries (RIL) climbed 2 per cent to a new record high of Rs 2,441.20 in early trade on September 6 after it acquired a stake in its subsidiary Strand Life Sciences.
“Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of Reliance Industries, has acquired 2,28,42,654 equity shares of Rs 10 each in Strand Life Sciences Pvt Ltd for a cash consideration of Rs 393 crore only, The company informed in a release.
Data on Mutual Fund (MF) flows in India will come this week in August giving an update on the market sentiments. Also, the latest export numbers from China, which has seen a slowdown of late, will be closely watched by global markets. Producer price inflation data from the US will serve as a gauge of the logistical constraints that are affecting supply chains around the world.
Meanwhile, Asian shares opened with a mixed trend on Monday amid an ongoing rally in Japan that was boosted by the prime minister’s planned exit and traders remained cautious on slow US hiring. Japanese shares climbed more than 1 percent after hitting a three-decade high for Topics on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor, according to Reuters.
However, the stock remained weak in the early stages after a fall in the S&P 500 futures. On Friday, the Nasdaq 100 rose to a record high and Treasury yields rose as investors absorbed the sluggishness in US payroll growth and faster than projected wage growth. US markets are closed on Monday for the Labor Day holiday and there is no Treasury cash trading.
According to trade publication Mint, two people aware of the development said Reliance Industries is ready to make a $5.7 billion non-binding offer to acquire a controlling stake in the country’s largest telecom operator, T-Mobile Netherlands BV. Is.
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