Shares of Reliance Industries (RIL) gained 8 per cent at Rs 1,340 on the BSE after the company announced that Facebook would invest Rs 43,547 crore ($5.7 billion) in the company’s wholly-owned subsidiary Jio Platforms to expand its presence in India.
Indian equity markets clawed off the day’s lows, lifted by public sector banks, but were still trading with three per cent cut on Thursday. Earlier, the Sensex plunged over 2,000 points to 38-month low levels and the Nifty breached the level of 7,900 for the first time since December 27, 2016.
BSE Sensex and Nifty fell sharply on the back of negative global cues on growing fears about economic recession in the US. The S&P BSE Sensex fell as much as 1 per cent or 378 points to 37,786.98 and the NSE Nifty 50 Index dropped 1 per cent or 114 points to 11,352.20. Losses in early trading were led by Reliance Industries, Larsen & Toubro, HDFC, ICICI Bank, HDFC Bank, Infosys and Kotak Mahindra Bank.
The Indian rupee was trading marginally weaker against US dollar as traders avoided taking long positions ahead of Reserve Bank of India’s key board meeting due later on Monday.