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Share Market News update: Sensex rises 646 points, Nifty ends at 11,449; RIL, Asian Paints, Axis Bank top gainers

Share Market updates:Sensex rose 646 points to 38,840 and Nifty gained 171 points to 11,449

twitter-logoBusinessToday.In | September 10, 2020 | Updated 15:58 IST
Share Market News Live update: Sensex rises 646 points, Nifty ends at 11,449; RIL, Asian Paints, Axis Bank top gainers
Top Sensex gainers were RIL, Asian Paints, Axis Bank top gainers rising up to 7%.

Benchmark indices closed higher today amid positive sentiment in global equities. Sensex rose 646 points to 38,840 and Nifty gained 171 points to 11,449. Gains were led by share of Reliance Industries today which hit all-time high of Rs 2,343 climbing 8.4% on fund infusion from US tech investor Silver Lake. Later, the share closed 7.10% higher at Rs 2,314 . Other stocks contributing to the rally were IndusInd Bank, SBI and Axis Bank and Asian Paints.

Here's a look at market action today.

3:30 pm Sensex closes 646 points higher at 38,840 and Nifty gains 171 points to 11,449.

2: 33 pm:  Rupee settles 9 paise higher at 73.46 against US dollar.

2:00 pm: SBI share gains over 3% to Rs 201 after lender raises Rs 4,000 crore via AT1 bonds.

1: 45 pm : Angel Broking on Reliance Industries

Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"We expect the company to attract further investments in the retail business from other investors which is leading to another round of rerating for the company. We remain positive on Reliance industries and expect that the digital and the retail business will be the future growth drivers for the company. Further investments in the retail business and scaling up of Jio Mart business will be key triggers for the company in the near future. Listing of the digital and retail business over the next few years would also lead to significant value unlocking for shareholders in the long run. We continue to maintain our buy rating on the stock with a target of  Rs 2,366."

1: 20 pm: Dilip Buildcon share gains 11.67% on bagging  Rs 1,905 crore NHAI project

1:10 pm : Sectoral gainers

Oil and gas, banking and energy stocks led the gains in afternoon trade. BSE energy index rose 362 points to 6,606 and BSE bankex gained 156 points to 25,429. BSE oil and gas index climbed 316 points to 13,125 led by gains in RIL which rose 8.4% toa fresh all time high of Rs 2,343 on BSE.

1: 05 pm : A Bloomberg report says Reliance Industries has offered Amazon $20 billion stake in its retail arm.

12: 45 pm : Midcap and smallcap indices rose 62 points and 176 points on BSE resectively.

12: 00 pm: RIL becomes India's first company to cross $200 billion in market cap

11: 30 am: Rupee strengthened by 16 paise to 73.39 against the US dollar on Thursday supported by weak American currency and positive domestic equities.

11: 00 am: Market breadth was positive with 1,746 stocks advancing compared to 658 falling on BSE. 146 scrips were unchanged.

10: 15 am: RIL share surges to an all-time high of Rs 2343 on investment from Silver lake in Reliance Retail.

RIL share hits all-time high, market cap above Rs 14 lakh cr for second day

10:00 am: Route Mobile IPO fully subscribed on Day 1

Route Mobile IPO comprises fresh issue of shares worth ?240 crore and an offer for sale (OFS) of ?360 crore by promoters which would result in promoter's stake reducing from 96.0% pre-IPO to 66.3% post-IPO.

9:55 am : Angel Broking on Route Mobile IPO

Keshav Lahoti, Associate Equity Analyst at Angel Broking said, "Route Mobile raised Rs 180 crore on Tuesday ahead of the IPO from 15 anchor investors. As expected by us, Route Mobile IPO is fully subscribed. Retail portion was most subscribed to 1.8 times. We expect the traction is going to be good for the IPO as a lot is left on the table for the investors. We also expect the IPO to be subscribed manifold.  As we are positive on the future outlook for the industry as well as the Company, we have recommended to "Subscribe" to the issue for long term as well as for listing gains."

9: 45 am: Expert quote on  Wipro contract with Mareli 

Jyoti Roy, DVP- Equity Strategist, Angel Broking  said, "Wipro has announced that they have entered into a multi-year global agreement for automotive engineering services to Marelli. Marelli is one of the world's leading global independent suppliers to the automotive sector with operational headquarters in Saitama, Japan and Corbetta, Italy. As part of this agreement, Wipro will leverage its EngineeringNXT framework and strong automotive engineering expertise to establish a software engineering factory for Marelli. While Wipro has not specified the deal size it is likely to be a multimillion dollar engagement. Marelli is already an existing customer of Wipro and the company has now managed to expand its relationship with the company. The deal bears out the fact that Indian IT services players are gaining market share at the expense of legacy players by expanding their relationship with existing clients who are looking at consolidating their vendors."

Happiest Minds IPO subscribed 151 times on Day 3

9: 30 am: Happiest Minds IPO received bids 151 times the issue size on Day 3 of the bidding process. The IPO received bids for 3,51,18,27,450 shares, 150.98 times the issue size of 2,32,59,550 shares. The share sale was subscribed over 8 times on Day 2 and 2.87 times on Day 1.

9: 25 am: Bajaj Auto, Titan and Tech Mahindra were top losers on Sensex, falling up to 1%.

9: 20 am : Top Sensex gainers were IndusInd Bank, Bajaj Finance and SBI rising up to 3% in early trade.

9:00 am  Previous close

After a volatile session on Wednesday, Sensex and Nifty ended in the red. The benchmark Sensex ended 171 points, or 0.45%, lower at 38,193.92 while Nifty settled 32 points, or 0.28%, lower at 11,285.10. Traders said subdued global cues and lingering border tension with China continued to weigh on investors' sentiments.

8: 55 am: Global markets

The Dow Jones Industrial Average climbed 439.58, or 1.6%, to 27,940.47. The Nasdaq composite, which includes many tech stocks, rose 293.87, or 2.7%, to 11,141.56. It had dropped 10% over the previous three days.

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