Stock Market: Sensex Surpasses 58,400 Points, RIL Shares Gain 3% To Hit Record High

Reliance Industries remained top Sensex gainers, rising 2 % followed by L&T, Bajaj Finserv, and Hindustan Unilever. Tata Steel among the top laggards including Asian Paints, Powergrid, & HDFC Bank

Representative Photo

Mumbai: Markets opened up at a record high on Monday as the Sensex breached 58,411.62 points with 281.67 points rise and Nifty touched 17,399.35 levels on the back of strong gains in the realty and auto sector. On Friday, the 30-stock benchmark closed 277.41 points or 0.48 per cent high at 58,129.95. The Nifty 50 surged 89.45 points or 0.52 per cent to end at 17,323.60.

Reliance Industries remained top Sensex gainers, rising more than 3 per cent followed by L&T, Bajaj Finserv, and Hindustan Unilever. Tata Steel slipped more than 1 percent and among the top laggards including Asian Paints, Powergrid, and HDFC Bank.  Reliance Industries (RIL) shares climbed 2 per cent to hit a fresh record high of Rs 2,441.20 in the early trade on September 6 after the company's subsidiary acquired a stake in Strand Life Sciences.

"Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries, has acquired 2,28,42,654 equity shares of Rs 10 each of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore only," the company informed in a release.

Data on mutual fund (MF) flows in India will come this week giving updates on the market sentiments in August. Also, the latest exports numbers from China, which have witnessed a slowdown of late, will be closely watched by global markets. Producer price inflation data from the US will serve as a gauge of logistics constraints that are choking supply chains across the world.

Meanwhile, Asian stocks opened up on a mixed note on Monday amid the ongoing rally in Japan boosted by the planned exit of the prime minister with traders remaining cautious due to slower US hiring. Japanese shares climbed more than 1 per cent, following a three-decade high for the Topix in hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor, as per Reuters.

However, stocks remained weak in the opening after S&P 500 futures slipped. On Friday, the Nasdaq 100 edged up to a record and Treasury yields rose as investors absorbed the sluggishness in US payroll growth and faster-than-projected wage increases. The US markets are closed on Monday for the Labor Day holiday and there is no Treasuries cash trading.

Reliance Industries is set to make a $5.7 billion non-binding offer to acquire a controlling stake in T-Mobile Netherlands BV, the country’s largest telecom operator, two people aware of the development said, according to the business publication Mint.