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Sensex rises 99 points, RIL hits record high

Equity benchmark Sensex ended 99 points higher on July 13, led by gains in index-heavyweight Reliance Industries, amid positive global cues.

After rallying 430 points during the session, the 30-share BSE Sensex gave up most of its gains to settle 99.36 points, or 0.27%, higher at 36,693.69.

The NSE Nifty closed 34.65 points, or 1.15%, up at 10,802.70.

Reliance Industries was among the top gainers in the Sensex pack, jumping over 3% to hit its record closing high, after the company said it has secured ₹730 crore from wireless technology leader Qualcomm by selling a small stake in Jio Platforms. Adding to a slew of investments since April that has crossed ₹1.18 lakh crore, Qualcomm Ventures’ investment will translate into 0.15% equity stake in Jio Platforms on a fully diluted basis.

Tech Mahindra, HCL Tech, Bharti Airtel, Infosys, HUL and ITC were also among the prominent gainers.

However, the gains on the index were capped as index majors HDFC twins slumped up to 2%, after a report stating HDFC Bank has conducted an investigation into allegations of improper lending practices and conflict of interest at its vehicle financing arm.

PowerGrid, Bajaj Finance, ICICI Bank, SBI and Kotak Bank were other laggards.

According to traders, market movement was largely dictated by specific index-heavyweight stocks leading to high volatility.

However, positive cues from global markets kept overall sentiment positive.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with significant gains amid hopes of a better earning season.

Stock exchanges in Europe were also trading on a positive note in early deals.

Meanwhile, international oil benchmark Brent crude futures fell 1.25% to $42.70 per barrel.

On the currency front, the rupee settled on a flat note at 75.19 against the U.S. dollar.

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