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Money News

Sensex, Nifty rise for fifth session as Reliance gains; TCS buyback plan awaited

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 1, 2020. REUTERS/Francis Mascarenhas/Files

BENGALURU (Reuters) - Indian shares ended higher on Wednesday, as Reliance Industries surged after securing a $750 million investment and Titan Company touched its highest in seven months after flagging a strong recovery at its jewellery division.

The Nifty ended up 0.66% at 11,738.85, while the Sensex closed up 0.8% at 39,878.95. The indexes have risen for the fifth straight session.

Shares of IT heavyweight Tata Consultancy Services ended 1.4% higher after hitting a record high ahead of its quarterly results, with the company expected to lay out details on a highly anticipated buyback plan.

Shares of Reliance Industries surged as much as 4.5% after it said on Tuesday Abu Dhabi Investment Authority would invest 55.13 billion Indian rupees in its retail arm.

Meanwhile, India’s oil and gas minister Dharmendra Pradhan said the country will form rules to allow gas producers sell gas through e-bidding platforms that would allow companies to discover market prices of gas through e-bids.

Shares of gas producers Oil and Natural Gas Corp and Oil India rose 2% and 6.4%, respectively.

Titan Company ended up 4.5% after it said its jewellery division saw a quarterly recovery rate of 98%, sending its shares to a seven-month high and making it the top gainer on the Nifty 50.

Bajaj Finance shares fell 4.1%, after the company said it will continue to accelerate its COVID-19 provisioning and reported a drop in new loans.

India reported 72,049 new cases of coronavirus on Wednesday, dropping from the daily highs of last month in a sign infections were peaking for now, officials and experts said.

Reporting by Philip George and NR Sethuraman in Bengaluru; Editing by Shailesh Kuber

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