Domestic stock markets rebounded on Thursday following two days of losses, led by a rally in heavyweight Reliance Industries. The The S&P BSE Sensex index rose as much as 684 points and the broader NSE Nifty 50 benchmark reclaimed its important psychological level of 11,400. Reliance Industries surged as much as 8.5 per cent to touch a record high of Rs 2,344.95 on the National Stock Exchange, before closing with a gain of 7.2 per cent at Rs 2,319. The RIL stock alone contributed more than 400 points to the gain in Sensex.
The Sensex ended 1.69 per cent or 646 points higher at 38,840, and the Nifty rallied 1.52 per cent or 171 points to close at 11,449.
Reliance Industries reinforced its position as the country's most valuable company, crossing a market capitalization of Rs 14 e crore for the first time ever.
Strong buying interest in RIL shares came a day after the conglomerate secured Rs 7,500 crore investment in its retail business from the US-based private equity firm Silver Lake.
Infosys, Axis Bank, Asian Paints, HDFC and Larsen & Toubro were also among the leading gainers on the Sensex.
Sixteen of 19 sectoral gauges compiled by the BSE ended higher, led by the S&P BSE Energy index, which rose over 6 per cent. Oil & gas, capital goods, banking, capital goods, auto and consumer discretionary goods and services stocks also witnessed buying interest.
On the other hand, telecom, metal and consumer durables shares witnessed selling pressure.
Reliance Industries was top Nifty gainer; the stock rose 7 per cent to close at Rs 2,319. Bharat Petroleum, Asian Paints, Indian Oil, Axis Bank, Grasim Industries, HDFC Life, UltraTech Cement and IndusInd Bank also rose 2.5-6 per cent each.
On the flip side, Bharti Infratel, Hindalco, Tata Steel, Dr Reddy's Labs, Adani Ports, UPL, JSW Steel, Sun Pharma and Titan were among the losers.
Overall market breadth was positive, as 1,824 shares ended higher on the BSE, whereas 887 closed lower.