Sensex, Nifty gain as Reliance powers D-Street rally; Q3 GDP data in focus

Benchmark stock market indices rebounded after opening the trading session on a weak note, backed by gains in heavyweight Reliance Industries Limited (RIL).

The S&P BSE Sensex was up 236.14 points to 72,541.02 at 10:03 am, while the NSE Nifty50 gained 44.70 points to 22,006.55. In contrast, broader market indices continued to struggle for momentum.

Among sectoral indices, heavyweights Nifty Bank and Nifty Financial were trading in positive territory, while Nifty Media fell nearly 1 per cent.

Reliance was the top gainer on the Nifty50, followed by M&M, Maruti Suzuki, Tata Consumer Products and Titan. On the other hand, the top losers were Bajaj Auto, Apollo Hospitals, Axis Bank, BPCL and Power Grid.

Reliance shares were up nearly 1.5 per cent at Rs 2,953.80, following the announcement of its mega deal with Walt Disney to merge India media operations. The merged entity has been valued at $8.5 billion, much bigger than other rivals in the domain.

Meanwhile, shares of Paytm tanked another 4.7 per cent in early trade today as the stock remains extremely volatile amid the ongoing uncertainty. It seems that investors are booking profits to avoid any potential losses.

Later in the day, India’s Q3 GDP data will be released and economists expect it to moderate to approximately 6.6 per cent. This along with key US inflation data will determine the domestic market’s direction on Friday.