Equity Indices Stage Late Recovery, Reliance Up 3.3 %

Equity benchmark indices staged a dramatic recovery in the last hour of trading session on Friday after plunging over 3 per cent due to rising global concern on the resurgence of coronavirus infections.

At the closing bell, the BSE S&P Sensex was up by 243 points or 0.72 per cent at 33,781, while the Nifty 50 edged higher by 71 points or 0.72 per cent at 9,973.

Except for Nifty IT and media, all sectoral indices at the National Stock Exchange were in the green with thin margins. Fear of a second wave of Covid-19 related cases has sparked worries among investors that it will delay the economic recovery.

Among stocks, Mahindra & Mahindra gained by 7.5 per cent to Rs 510.45 per share. Bharti Infratel was up by 6.4 per cent and Bajaj Finance by 4.6 per cent while index heavyweight Reliance Industries ticked up by 3.3 per cent to Rs 1,588.70 per share.

The other prominent winners were Hero MotoCorp, Bajaj Auto, Titan, Adani Ports and Eicher Motors. However, those which lost were ONGC, Tech Mahindra, Power Grid Corporation and Wipro.

Meanwhile, Asian shares fell sharply after an overnight plunge at Wall Street amid concerns that a resurgence of coronavirus cases could stunt the pace of recovery in economies reopening from lockdowns.

Japan's Nikkei slid by 0.75 per cent while shares in Hong Kong fell by 0.73 per cent. Stocks in South Korea fell by 2.04 per cent as some investors booked profits from a recent rally in global equities.

(ANI)

Raj Kantak

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