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Sensex, Nifty Up Sharply As Stocks Open On Buoyant Note; RIL Hits Record High

The Indian stock market is notably higher Thursday morning, with investors picking up shares from across various sectors, thanks to positive cues from Wall Street where stocks rose sharply yesterday after recent heavy losses, and fairly steady Asian markets.

Despite lingering worries about tensions between India and China, and concerns about rising coronavirus cases, investors are taking fresh positions in several blue chip stocks, reacting to earnings news and other announcements.

The benchmark BSE Sensex, which rose to 38,517.36, is up 277.96 points or 0.73% at 38,471.88. The National Stock Exchange's Nifty is up 75.20 points or 0.67% at 11,353.20, after rising to a high of 11,367.35.

Reliance Industries, which touched a record high this morning, is gaining about 2.3%. The company looks to raise over Rs 60,000 crore by selling a 15% stake in Reliance Retail Ventures to some private equity investors and sovereign wealth funds, including the Abu Dhabi Investment Authority and Saudi Arabia's Public Investment Fund.

State Bank of India is up 1.7%. The bank said in a filing to the stock exchanges that it raised Rs 4,000 crore in additional tier 1 bonds at a coupon of 7.74%.

IndusInd Bank is moving up nearly 3%. Asian Paints, Bajaj Financial Services, Bajaj Finserv, Sun Pharmaceutical Industries, ONGC and Mahindra & Mahindra are rising 1 to 1.75%.

BPCL is rising 2.6%. Tata Motors, HDFC Life, Adani Ports, Indian Oil Corporation and Axis Bank are also notably higher.

Eveready Industries Limited shares are up 1.8% after the company reported consolidated net profit of Rs 24.98 crore for the quarter ended June 2020, a three-fold jump from a year-ago, thanks to improved gross margin and lower operational costs.

Syngene International Limited shares are up 8% lifted by an announcement from the company that it has received ICMR approval for HiMedia-Syngene's COVID-19 antibody test kit, ELISafe 19.

Among the stocks exhibiting weakness, Bharti Infratel is declining 1.4%. Bajaj Auto is down nearly 1%, while UPL, Britannia Industries, Tech Mahindra, Titan and HCL Technologies are lower by 0.5 to 0.7%.

U.S. stocks rallied sharply on Wednesday with traders picking up stocks at relatively reduced levels following the recent sell-off. The major averages all ended with strong gains.

The Dow jumped 439.58 points or 1.6%, the Nasdaq soared 293.87 points or 2.7% and the S&P 500 surged up 67.12 points or 2%, mirroring widespread buying.

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