Sensex soars 646 points as Reliance Industries hits fresh high

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Domestic equity benchmark Sensex soared 646 points on Thursday, boosted by a rally in index heavyweight Reliance Industries. The 30-share BSE index ended 646.40 points or 1.69 per cent higher at 38,840.32. The NSE Nifty rallied 171.25 points or 1.52 per cent to 11,449.25.

Reliance Industries was the top gainer in the Sensex pack as it zoomed over 7 per cent. The company's market valuation rose to Rs 14,66,589.53 crore (USD 199.64 billion) in late afternoon trade.

Wednesday, the company had announced that US private equity firm Silver Lake Partners would buy 1.75 per cent stake in its retail arm for Rs 7,500 crore.

RIL stock jumped 8.45 per cent to a record high of Rs 2,343.90 on the BSE during the day. On the NSE, it gained 8.49 per cent to a lifetime high of Rs 2,344.95.

Asian Paints, Axis Bank, UltraTech Cement, IndusInd Bank and Bajaj Finance were also among the gainers.

On the other hand, Tata Steel, Bharti Airtel, Kotak Bank, HDFC Bank and Titan were among the laggards.

Domestic equities started on a positive note, and extended gains mainly driven by strong buying sentiment in Reliance Industries, traders said.

Bourses in Shanghai and Hong Kong ended in the red, while Seoul and Tokyo closed with gains.

Stock exchanges in Europe were also trading on a mixed note.

Global oil benchmark Brent crude was trading 1.27 per cent lower at USD 40.27 per barrel.