Markets Open Positive As Reliance Industries Stock Jumps on Facebook Deal

Markets opened on a slightly positive note on Wednesday as Reliance Industries stock jumped 7 per cent even as the weakness in the global markets keeps investors jittery.

New Delhi: Indian equity markets opened on a slightly positive note on Wednesday during the morning session as Reliance Industries stock jumped even as the weakness in the global markets keeps investors jittery.

The 30-day Sensex opened up 101.55 points, or 0.33 per cent, at 30,738.26, the Nifty 50 index was almost flat at 8,999.50.

On Tuesday the Sensex crashed over 1,000 points and closed at 30,636.71 points while Nifty ended at 8,981.45 points.

Shares of Reliance Industries on Wednesday jumped 7 per cent Rs 1,326 on the BSE after the announcement that Facebook would invest $5.7 billion in the company’s wholly-owned subsidiary Jio Platforms to expand its presence.

Meanwhile, Indian rupee on Wednesday fell to a record low of 76.92 against the US dollar, according to a Livemint.  The choppy markets and a selloff in global equities impacted the rupee. The rupee had closed at 76.83 in the previous session. Opening at 76.90 per dollar, the rupee so far traded in the range of 76.85 to 76.92 against the US dollar.

Asian stocks were under pressure for a second day as investors continue to track the impact of a historic tumble in crude oil prices.



Equities saw modest declines in Japan, Australia, Hong Kong and Shanghai.

US equities ended sharply lower on Tuesday as Monday's steep sell-off in oil futures spooked investors. The Dow Jones Industrial Average plunged 631.56 points, or 2.67 per cent, to 23,018.88. The S&P 500 decreased 86.6 points, or 3.07 per cent, to 2,736.56. The Nasdaq Composite Index fell 297.5 points, or 3.48 per cent, to 8,263.23, Xinhua reported.

All 11 primary S&P 500 sectors closed lower, with technology down 4.1 per cent, the worst-performing group.

The US dollar strengthened in late trading on Tuesday as appetite for risky assets diminished amid a steep sell-off in oil futures.

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The dollar index, which measures the greenback against six major peers, rose 0.29 per cent at 100.2532 in late trading. Oil futures continued to struggle on Tuesday, following a historic drop in the previous session.

The West Texas Intermediate (WTI) for May delivery, which expired at the settlement Tuesday, rebounded to positive price territory from Monday's unprecedented settlement of -37.63 USD a barrel. However, the new front-month June WTI contract plunged more than 43 per cent to close at $11.57 a barrel. The international benchmark Brent crude also tumbled on Tuesday.

The price of West Texas Intermediate (WTI) crude in the US has turned positive and is currently above $10 per barrel.

(With inputs from IANS)