Nifty, Sensex jump on trade deal anticipation, Reliance Industries bounce
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Shares of Reliance Industries, India's most valuable company, rose almost 1% after the company agreed to a deal with British oil major BP to form a fuels and mobility joint venture.
Indian shares jumped on Tuesday, boosted by heavyweight Reliance Industries Ltd after it signed a deal to form a joint venture with BP Plc and improving ties between the United States and China, reported news agency Reuters.
The Nifty was up 0.58% at 12,123.30, as of 0420 GMT, while the Sensex rose 0.63% to 41,197.14, the report added.
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Shares of Reliance Industries rose almost 1% after the company agreed to a deal with British oil major BP to form a fuels and mobility joint venture.
Risk sentiment was also supported by the "phase one" Sino-US trade deal and Wall Street's run to all-time highs, with MSCI's broadest index of Asia-Pacific shares outside Japan climbing 0.6% to its highest since July 2018.
Shares of Tata Motors Ltd advanced as much as 1.17% after media reports said the carmaker was in talks with Chinese firms regarding an alliance. That helped the Nifty Auto index gain 0.8%.
Telecom stocks were among the top losers, with Vodafone Idea Ltd slipping over 3% and Bharti Airtel Ltd falling 0.39%.
(With inputs from Reuters)
