Reliance Industries drives Dalal Street rally

Indian markets witnessed a smart rally on Wednesday, thanks to Reliance Industries. Both stock exchanges surged more than quarter per cent on Wednesday’s trading session.

Reliance Industries contributed 216 points to the overall Sensex gain of 103 points. So, while Reliance contributed 216 points to the Sensex gain, other declining constituent stocks may have reduced the overall Sensex gain.

At the closing bell, Nifty ended at 8926, with gain of 19 points and BSE Sensex closed at 28,864 with increase of 103 points. On the NSE, 19 shares closed in the green, while 32 shares ended the day in the red.

All indices closed in the red, except Oil & Gas and Bankex. IT index declined more than 175 points. Consumer Durables dropped 187 points. However, Oil & Gas increased 238 points. Mid-cap and Small-cap indices declined 78 points each.

Asian markets remained mixed on Wednesday. Shanghai increased 0.24 per cent, Hang Seng rose 0.99 per cent, while Nikkei reduced just 0.01 per cent. European markets were trading positive.

Derivative Analysis

Nifty Future closed with positive bias at 8920. Going ahead, 8967/8890 will be the immediate support levels.