The Nifty50 index ended 54.2 points or 0.3 per cent higher at 17,377.8, while the BSE-Sensex closed at 58,284.89, up 154.9 points or 0.3 per cent.
RIL’s stock rose 1.7 per cent for the day, although considerably off the day’s high of 2.6 per cent, as investors added the stock in anticipation of a strong launch of arm Jio Platforms JioPhone Next later this week.
The smartphone, which has been dubbed the most affordable by the company, is expected to further help Reliance Jio onboard new customers and improve the overall revenue mix. Further, it is likely to consolidate Jio’s position as the dominant telecom operator in the country.
Shares of information technology stock were the biggest contributor to Nifty50’s gain as they contributed 49 points to the benchmark index’s cause. The Nifty IT index rose 1.5 per cent led by sharp gains in index majors Tata Consultancy Services, Wipro and Infosys.
The gains in the stock market were also aided by the positive cues from other Asian markets and European equities. Global equities have been on a relief rally as investors believe slowing US economic recovery and spread of Delta variant will force central banks to keep the liquidity tap running.
In the broader market, investors were greeted with outperformance as both the Nifty Midcap 100 and Nifty Smallcap 100 index ended with more gains than the benchmarks. The Nifty Midcap 100 closed 0.4 per cent higher, while the Nifty Smallcap 100 ended up by 1.1 per cent.
Among specific sectors, shares of real estate companies continued their outperformance aided by bullish sentiment among investors for the sector’s prospects in light of robust demand for residential housing. The Nifty Realty index rose 3.2 per cent.
Shares of Indian Railway Catering and Tourism Corporation jumped nearly 5 per cent on expectations of strong earnings in the coming quarters due to the reopening of the economy and strong travel demand in the country.
Overall, the breadth of the market was neutral as one NSE-listed stock fell for every one stock that rose.
