Sensex Ends the Day 2% Higher; RIL Shoots up Over 10%

The S&P BSE Sensex ended the day 2.4% higher. It ended Wednesday at 31,379.03 points, which is 742.8 points higher. The NSE Nifty 50 too had a good day as it zoomed 203.3 points to end the day above the level of 9,100. All sectoral indices on the National Stock Exchange closed the day in the green territory. 

The RIL shares led the gains in the Sensex index. Mark Zuckerberg owned Facebook has bought RIL shares of worth Rs 43,574 crore, which amounts to 9.9% stake of the company. All the gains in the RIL share are attributed to the latest development. 

Oil continued to lose on Wednesday. It slumped to less than USD 16 per barrel, which is its lowest since the year 1999. The fall in the oil price is majorly due to the falling demand for it. Several countries around the world are currently under lockdown to prevent new cases of coronavirus infections. 

This has resulted in little to no demand for the crude oil, and the storage facilities are currently full and thereby resulting in no demand for the oil supply, which has triggered a significant fall in the oil prices. The speculations of the coronavirus infection not hitting hits peak yet has further fueled the fall in the oil prices. 

Also Read: Sensex Ends Higher While Nifty Closed in the Red

Brent crude has touched $15.98 per barrel. It had fallen nearly 24% in the previous session, which is its least since 1999’s June. The US West Texas Intermediate CLc1 was trading 1.3% or 15 cents down. The situation is expected to remain as such until the trade activities resume once the countries start lifting lockdown guidelines.

MSCI’s broadest index of Asia Pacific shares outside Japan collapsed nearly 1% before gaining to erase losses to end the day 0.4% higher. Nikkei, a famous Japanese index, tanked almost 0.7% today. 

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in

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