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Markets Open Firm As Heavyweights Reliance Industries, HDFC Bank Stocks Gain

Reliance Industries had hit a record high in the morning session gaining nearly 2 per cent to cross the ₹1,600-mark on the back of Mubadala Investment Company’s 1.85 per cent stake buy in Reliance Jio platforms for ₹9,093.60 crore.

By : ABP News Bureau | 05 Jun 2020 11: 06 AM (IST)

Markets open positive, Reliance Industries, HDFC Bank Stocks Among Top Gainers

New Delhi: Markets jumped on Friday supported by a rally in heavyweights including Reliance Industries, HDFC Bank and State Bank of India as the 30-stock Sensex jumped 217.85 points, or 0.64 per cent, to 34,198.55, the Nifty 50 index was up 71.60 points, or 0.71 per cent, at 10,100.70 level. Also Read: Anil Ambani Birthday: How One-Time Billionaire Ambani’s Empire Is Fading Into Oblivion?

Reliance Industries had hit a record high in morning session gaining nearly 2 per cent to cross the ₹1,600 mark on back of news in which Mubadala Investment Company will buy 1.85 per cent stake in Reliance Jio platforms for ₹9,093.60 crore.

Bharati Airtel also soared more than 2 per cent amid a report that Amazon is in talks to buy a stake worth at least $2 billion in the telecom operator.

Metal and auto stocks also remained firm with Tata Steel, Tata Motors and JSW Steel aiding the rally.

Meanwhile, stock markets in Asia were mixed in early deals but aiming the biggest weekly gain in almost eight years.  The markets rallied ahead of non-farm payrolls data, which is expected to present a dull picture of the US jobs market. As a result, MSCI’s broadest index of Asia-Pacific shares outside of Japan slipped 0.2 per cent from a 12-week top with China’s blue-chip index off 0.2 per cent. The MSCI ex-Japan index is up about 6.5 per cent so far this week. Also Read | Coronavirus Will Leave Lasting Scars On Global Economy; Emerging Markets & Developing Economies To Be Worst Hit: World Bank

New Delhi, June 5: Markets jumped on Friday supported by rally in heavyweights including Reliance Industries, HDFC Bank and State Bank of India as the 30-stock Sensex jumped 217.85 points, or 0.64 per cent, to 34,198.55, the Nifty 50 index was up 71.60 points, or 0.71 per cent, at 10,100.70 level.

Reliance Industries had hit a record high in morning session gaining nearly 2 per cent to cross the ₹1,600 mark on back of news in which Mubadala Investment Company will buy 1.85 per cent stake in Reliance Jio platforms for ₹9,093.60 crore.

Bharati Airtel also soared more than 2 per cent amid report that Amazon is in talks to buy a stake worth at least $2 billion in the telecom operator.

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Metal and auto stocks also remained firm with Tata Steel, Tata Motors and JSW Steel aiding the rally.

Meanwhile, stock markets in Asia were mixed in early deals but aiming the biggest weekly gain in almost eight years.  The markets rallied ahead of non-farm payrolls data, which is expected to present a grim picture of the US jobs market. As a result, MSCI’s broadest index of Asia-Pacific shares outside of Japan slipped 0.2 per cent from a 12-week top with China’s blue-chip index off 0.2 per cent. The MSCI ex-Japan index is up about 6.5 per cent so far this week.

The US stock market closed mixed on Thursday as market sentiment was dented in the wake of another dismal weekly report on US jobless claims.

The Dow Jones Industrial Average rose 11.93 points, or 0.05 per cent, to 26,281.82. The S&P 500 fell 10.52 points, or 0.34 per cent, to 3,112.35. The Nasdaq Composite Index was down 67.10 points, or 0.69 per cent, to 9,615.81, Xinhua reported.

Eight of the 11 primary S&P 500 sectors finished lower, with utilities and real estate down 1.95 per cent and 1.81 per cent, respectively, leading the losses. Financials rose 1.97 per cent, the best-performing group.

US initial jobless claims registered 1.877 million in the week ending May 30, as the COVID-19 fallout continues to ripple through the nation and weighed on the labor market, the Department of Labor reported on Thursday. The reading exceeded a Dow Jones estimate of 1.775 million.

(With inputs from IANS)