Sensex Trades In Green; Tech Mahindra & Reliance Industries Top Gainers

Share markets in India have erased some of the early morning gains but are still trading on a positive note, tracking global cues.

The BSE Sensex is trading up by 211 points, at 36,800 levels.

Meanwhile, the NSE Nifty is trading up by 68 points.

The BSE Mid Cap index is trading up by 0.2%. The BSE Small Cap index is trading up by 0.3%.

On the sectoral front, gains are largely seen in the energy sector and IT sector.

Finance stocks, on the other hand, are witnessing selling pressure.

The rupee is trading at 75.15 against the US$.

Gold Prices are trading up by 0.4% at Rs 49,068.

Moving on, Reliance Industries is among the top buzzing stocks today. Shares of the company rose over 3% today and hit a lifetime high of Rs 1,947 on the BSE, after it announced the sale of 0.15% stake in Jio Platforms to Qualcomm Ventures for Rs 7.3 billion.

Shares of the company hit an all-time high of Rs 1,947, pushing its market capitalization over Rs 12.09 trillion, a record for an Indian company.

On Sunday, Qualcomm Ventures, the investment arm of Qualcomm Inc., said it will invest Rs 7.3 billion in Jio Platforms, becoming the 12th entity to invest in the digital services subsidiary of Reliance Industries in over three months.

In news from the chemical sector, shares of Clariant Chemicals zoomed 18% today after the company announced a special interim dividend of Rs 140 per share (1400%) for the current financial year 2020-21 (FY21).

The company has fixed July 18, 2020, as the record date for the purpose of payment of special interim dividend. The dividend shall be paid on or after July 19, 2020.

The stock of the specialty chemical was trading at its fresh 52-week high level. In the past three months, it has rallied 106%.

For the previous financial year 2019-20, the company had reported a more-than-double net profit at Rs 710 million, compared to Rs 300 million in the corresponding previous year (FY19).

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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