Stock market rebound on heavy buying in Reliance Industries

Stock market rebound on heavy buying in Reliance Industries

Ira Singh
10 July’23

The Indian equity indices ended higher on Monday, driven by heavy buying in index major Reliance Industries and unabated foreign fund inflows.

At close, the Sensex was up 63.72 points, or 0.10 percent, at 65,344.17, and the Nifty was up 24.10 points, or 0.12 percent, at 19,355.90.

Shares of Reliance Industries touched a 52-week high of Rs 2,755, rising nearly 4 percent after it fixed July 20 as the record date for the demerger of its financial services unit demerger and determining the equity shareholders who are entitled to receive shares of Reliance Strategic Investments, according to sources.

Stocks and Sectors

Reliance Industries, Tata Steel, JSW Steel, HDFC Life and Bharti Airtel were among the biggest gainers on the Nifty, while losers included HCL Technologies,Titan Company, Power Grid Corporation, TCS and HUL.

On the sectoral front, except metal which was up 1.8 percent, all indices ended in the red, according to sources.

The BSE midcap index was down 0.45 percent and smallcap index 0.25 percent.

On 10 July’23, the Indian rupee snapped four-day losing streak to end 17 paise higher at 82.57 against the US dollar amid a softer greenback.

Experts Take:
Market experts have recommended 6 stocks to buy or sell for Monday- TCS, IGL, Suzlon, Bank of Maharashtra, Uflex, and Concor.