Equity indices gain as global markets rebound, Reliance up 1.8 pc on KKR deal

Equity benchmark indices traded nearly half a per cent higher during early hours on Wednesday led by gains in IT stocks and index heavyweight Reliance Industries.

Equity benchmark indices traded nearly half a per cent higher during early hours on Wednesday led by gains in IT stocks and index heavyweight Reliance Industries. At 10:15 am, the BSE S&P Sensex was up by 183 points or 0.49 per cent at 37,917 while the Nifty 50 gained by 50 points or 0.45 per cent at 11,203.

Most sectoral indices at the National Stock Exchange were in the positive terrain with Nifty IT edging higher by 1 per cent, realty by 0.9 per cent and FMCG by 0.8 per cent. Among stocks, Reliance Industries ticked up by 1.78 per cent to Rs 2,250.60 per share after announcing that global investment firm KKR & Co Inc will invest Rs 5,550 crore for 1.28 per cent stake in its subsidiary Reliance Retail Ventures.

IT stocks moved up with Infosys gaining by 2.4 per cent, Wipro by 1.8 per cent and HCL Technologies by 1.1 per cent. FMCG majors Britannia and Hindustan Lever were up by 1.5 per cent and 1.3 per cent respectively. However, Bharti Airtel dropped by 3.9 per cent, Tata Steel by 2.7 per cent, JSW Steel by 1.8 per cent and IndusInd Bank by 1.4 per cent.

Meanwhile, Asia's stock markets struggled after Wall Street's rebound overnight as persistent worries about the global economic recovery kept investors cautious. MSCI's broadest index of Asia Pacific shares outside Japan was steady after two days of declines. Japan's Nikkei dropped by 0.6 per cent and markets in Shanghai and Hong Kong were flat.

Wall Street's Tuesday rebound was led by a 1.7 per cent gain in the Nasdaq as a broker upgrade lifted Amazon.com by nearly 6 per cent. (ANI)

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