AIRLINK 72.59 Increased By ▲ 3.39 (4.9%)
BOP 4.99 Increased By ▲ 0.09 (1.84%)
CNERGY 4.29 Increased By ▲ 0.03 (0.7%)
DFML 31.71 Increased By ▲ 0.46 (1.47%)
DGKC 80.90 Increased By ▲ 3.65 (4.72%)
FCCL 21.42 Increased By ▲ 1.42 (7.1%)
FFBL 35.19 Increased By ▲ 0.19 (0.54%)
FFL 9.33 Increased By ▲ 0.21 (2.3%)
GGL 9.82 Increased By ▲ 0.02 (0.2%)
HBL 112.40 Decreased By ▼ -0.36 (-0.32%)
HUBC 136.50 Increased By ▲ 3.46 (2.6%)
HUMNL 7.14 Increased By ▲ 0.19 (2.73%)
KEL 4.35 Increased By ▲ 0.12 (2.84%)
KOSM 4.35 Increased By ▲ 0.10 (2.35%)
MLCF 37.67 Increased By ▲ 1.07 (2.92%)
OGDC 137.75 Increased By ▲ 4.88 (3.67%)
PAEL 23.41 Increased By ▲ 0.77 (3.4%)
PIAA 24.55 Increased By ▲ 0.35 (1.45%)
PIBTL 6.63 Increased By ▲ 0.17 (2.63%)
PPL 125.05 Increased By ▲ 8.75 (7.52%)
PRL 26.99 Increased By ▲ 1.09 (4.21%)
PTC 13.32 Increased By ▲ 0.24 (1.83%)
SEARL 52.70 Increased By ▲ 0.70 (1.35%)
SNGP 70.80 Increased By ▲ 3.20 (4.73%)
SSGC 10.54 No Change ▼ 0.00 (0%)
TELE 8.33 Increased By ▲ 0.05 (0.6%)
TPLP 10.95 Increased By ▲ 0.15 (1.39%)
TRG 60.60 Increased By ▲ 1.31 (2.21%)
UNITY 25.10 Decreased By ▼ -0.03 (-0.12%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 7,566 Increased By 157.7 (2.13%)
BR30 24,786 Increased By 749.4 (3.12%)
KSE100 71,902 Increased By 1235.2 (1.75%)
KSE30 23,595 Increased By 371 (1.6%)
Markets

Indian shares close near 4-month highs as Reliance boosts

  • Nifty, Sensex close up 0.5% each.
  • Both indexes post third straight weekly gain.
  • Reliance at record closing high after Intel investment.
Published July 3, 2020

BENGALURU: Indian shares ended at near four-month highs on Friday, boosted by Reliance Industries Ltd after Intel Corp agreed to invest in the Asian conglomerate's digital unit, although a record spike in domestic COVID-19 cases curbed gains.

The benchmark indexes finished higher for a third consecutive session, with the NSE Nifty 50 index rising 0.53% to 10,607.35 and the S&P BSE Sensex advancing 0.5% to 36,021.42. Both indexes notched their third straight weekly gain.

Index heavyweight Reliance Industries climbed 1.6% to an all-time closing high after the investment arm of US chipmaker Intel decided to pay some $255 million to buy a 0.39% stake in the digital unit, Jio Platforms.

However, business mood was dampened by reports of domestic COVID-19 cases jumping by a record 20,903 infections to 625,544, including 18,213 deaths.

"People on the ground have started realising that many people in their first degree of connection are now coming down with COVID-19, and the fear of what another lockdown will do to industries is the biggest overhanging worry for investors," said Nikhil Kamath, co-founder and chief investment officer at stock broker Zerodha.

The Nifty and Sensex have rebounded sharply from a coronavirus-fuelled slump in March, but remain around 13% lower for the year.

Financials stocks were among the worst performers on Friday, with HDFC Bank Ltd and IndusInd Bank Ltd dropping around 1.5% each.

Global markets inched higher after data showed a brisk pickup in Chinese service sector activity in June and as US nonfarm payrolls saw a better-than-expected jump.

Closer home in Mumbai, power plant equipment maker Bharat Heavy Electricals Ltd soared 5.3% after India tightened scrutiny around power supply equipment imports from its neighbours, particularly China.

Telecom operator Bharti Airtel topped gains on the Nifty 50 with a 4.1% jump that took the stock to its best closing level since June 8.

JSW Steel Ltd was the worst performer, slumping 1.8% after reporting a drop in June steel production.

Comments

Comments are closed.