Indian shares jump on Reliance, financials boost

  • Reuters
  • Stock Market News
Indian shares jump on Reliance, financials boost
Credit: © Reuters.

By Chandini Monnappa

BENGALURU, Dec 24 (Reuters) - A jump in beaten-down Reliance and financial stocks helped Indian shares rise nearly 1% on Thursday, while news that a Brexit trade deal was imminent boosted global sentiment ahead of the Christmas holiday.

The NSE Nifty 50 index .NSEI rose 0.88% to 13,720.50 by 0505 GMT and was set for its third straight day of gains, while the benchmark S&P BSE Sensex .BSESN was up 0.85% at 46,838.98.

Both the indexes had earlier risen as much as 1.01%.

Britain and the European Union were on the cusp of striking a narrow trade deal, media reports said, lifting Asian equities. MKTS/GLOB

In Mumbai trading, Reliance Industries RELI.NS rose up to 1.35%. The Nifty Energy index .NIFTYENR gained 1.4%, led by a 5% jump in Oil and Natural Gas Corp ONGC.NS .

The Nifty's banking .NSEBANK , PSU Bank .NIFTYPSU , and financial .NIFTYFIN indexes rose between 1.25% and 1.68%.

Reliance and financial stocks are catching up to a broader rally, said Harendra Kumar, managing director of institutional equities at Elara Capital.

Indian equities had advanced for the past two sessions on gains in IT stocks, with the Nifty IT index .NIFTY.IT set for a weekly rise of 3%.

The sector, however, fell as much as 0.66% on Thursday.

"Whenever the leaders slow down, the laggards catch-up," Kumar said, adding that there was higher interest in emerging market stocks generally.

Shares of Bharti Airtel Ltd BRTI.NS rose as much as 2.5% and were among the top gainers on the Nifty after data showed it added 3.67 million new customers in October, the highest among telecom operators in the country. of Vedanta Ltd VDAN.NS surged 13.46% to their highest since Jan. 15 as media reports said promoters of the miner would buy a near 5% stake through block deals.

Shares of biscuit maker Mrs Bectors Food Specialities MRSB.NS more than doubled in their market debut.

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