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Sensex and Nifty close higher as Reliance Industries shares 6% zoom

Reliance Industries pushed Indian stock benchmarks higher on Thursday as the indexes closed more than half a percent higher. The 30-stock Sensex closed at 58,795, as it rose 454 points and the Nifty50 index jumped 120 points to end at 17,536. Larger markets supported the rally as averages and small caps rose half a percent.
Among the 50 stocks of Nifty, Reliance Industries, Divi’s Lab, ITC, Infosys and Tech Mahindra led the gains, with each script increasing 1-6%. Britannia, IOC, IndusInd Bank, Hindalco and Hindustan Unilever led the losses.
Among sectors on NSE, a strong recovery was seen in the Nifty IT, Media, Pharma, Health and Healthcare indices. However, indexes like Nifty Bank, Automotive, Financial Services and PSU Bank finished in the red.

Globally, a rebound in tech stocks pushed European stocks higher, after similar gains on Wall Street and Asia. The momentum was also helped by a small pullback in the dollar from a 17-month high.

With US markets closed for Thanksgiving, the focus has been on Europe where an increase in COVID-19 cases raises the prospect of lockdowns ahead of the Christmas shopping season.

Those concerns had sent the pan-European STOXX 600 index plunging to a three-week low on Wednesday, but it rose nearly half a percent at the start, with a 1% gain in the tech sector offsetting the eighth consecutive decline in shares of travel and leisure.

In Asia, the tech rally that started on Wednesday at the Nasdaq pushed Japan’s Nikkei up 0.8% and saw the Hong Kong tech index record six sessions of losses, with Alibaba among the top winners. However, other stock movements were more moderate. The largest MSCI index of Asia-Pacific stocks outside of Japan remained stable.

Oil prices have meanwhile oscillated after a few turbulent days in which the United States announced that it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to try to cool oil prices after calls for OPEC + to pump more have gone unheeded. However, investors questioned the effectiveness of the program, leading to price gains. Brent crude was at $ 82 a barrel, down 0.3%, while US crude was at $ 78.12, also down 0.3%.

With contributions from Reuters

(Edited by : Yashi Gupta)


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