Sensex edges past 16,500; Infoys, RIL up
The Sensex stayed firm on the back of positive cues from global peers and on hopes of a rate cut by the Reserve Bank of India.The gains were led by rate-sensitive stocks like realty and banking.Shares of Reliance Industries were up over 1 percent after its 38th annual general meeting. At 1:13 p.m., the Sensex was at 16,615.36, up 161.06 points, or 0.98 percent. It has touched a high of 16,621.32 and a low of 16,519.89 today.
The Nifty was at 5,038.95, up 41.85 points, or 0.84 percent. It has touched a high of 5,042.60 and a low of 5,007.75 today.
Mukesh Ambani, Chairman & Managing Director at Reliance Industries, told shareholders at the company’s 38th AGM that volatile crude prices and subdued margin outlook for products deterred profit growth. The company will continue to reinvest cash flow in new projects to boost earnings, he added.