Indian Equities Edge Up; Boosted By Reliance

Indian Equities Edge Up; Boosted By Reliance

23 Feb 2021 11:40 AM

Indian equities climbed more than 1% today after five sessions of falls, bolstered by Reliance Industries.

The NSE Nifty 50 index went up 1.17% at 14,848.60 by 1040 IST, while the S&P BSE Sensex rose 1.14% to 50,305.46. Other Asian stock markets edged down as surging U.S. Treasury yields and inflation prospects dented investor mood.

Reliance Industries was the top boost on the Nifty 50, rising more than 2% after the conglomerate said it expected approvals for the spin-off of its O2C business by the second quarter.

On the Nifty 50, lender Kotak Mahindra Bank was the top drag, falling 2.3%.    

Among major sectoral indexes, the Nifty energy index gained the most, climbing as much as 2.56% led by a 6.5% jump in Oil and Natural Gas Corp.

The Nifty metal index climbed for a second straight session, up 1.6%, amid a rally in copper prices that has been fuelled by hopes of a pick-up in demand.

Shares of Tata Motors advanced more than 5% after reports that the car maker expected to fare much better than the domestic auto industry in the next financial year.