Sensex rises 100 pts; Reliance hits multi-year high, IT drags

Epic Update TCS

Epic Update TCS

The market remained higher in morning, largely driven by Reliance Industries that hit nearly 8-year high after Reliance Jio offers. However, technology, FMCG and select banking & financials were under pressure.

The 30-share BSE Sensex was up 86.15 points at 28847.74 and the 50-share NSE Nifty gained 24.85 points at 8932.70.

About 1112 shares advanced against 906 declining shares on the BSE.

Reliance Industries rallied more than 7 percent, hitting nearly 8-year high as investors cheered the announcements made by chairman Mukesh Ambani for customers of Jio. It was the biggest contributors to the Nifty.

Axis Bank also gained further, up 2.5 percent on hopes of merger with other leading private banks. Tata Motors rose 1 percent after a media report indicated that the company and Volkswagen are in talks for partnership that deal may have huge impact on India, emerging markets.

TCS and Infosys fell 1-1.5 percent as a media report suggested that JC penny will reduce outsourcing of software business to both companies.

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