Nifty, Sensex edge high as Reliance jumps on Facebook deal

Indian stocks rose on Wednesday, courtesy an 8 per cent jump in Reliance Industries Ltd after Facebook invested in its digital business. The broader sentiment, however, remained weak following another meltdown in oil.

Shares of heavyweight Reliance Industries climbed to a near seven-week high after Facebook bought a 10 per cent stake in the company's digital business for $5.7 billion.

The NSE Nifty 50 index inched up 0.5 per cent to 9,028.2 by 0349 GMT, while the benchmark S&P BSE Sensex rose 0.5 per cent to 30,813.29.

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Gains in Reliance helped eclipse losses in nearly a third of the Nifty 50 components, driven by weak risk appetite as crude prices remained under pressure.

In Mumbai, energy giant Oil and Natural Gas Corporation Ltd fell as much as 6.9 per cent to a three-week low.

Meanwhile, Asian share markets slipped to two-week lows as the plunge in oil prices exposed the deep economic damage wrought by the global coronavirus health crisis.