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Stocks take a leap; stormy seas ahead
Mint Mumbai
|January 30, 2024
Reliance, bank stocks boost indices 1.8%, but volatility is rising
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Energy and financials stocks propelled stock market indices to their best gain in over eight weeks on Monday, led by a rally in shares of index heavyweight Reliance Industries Ltd (RIL). Even as investor wealth in BSE-listed companies jumped by 16 trillion, the market may be headed for more volatile waters, with the National Stock Exchange's (NSE) VIX or fear index rising 13% on Monday.
The NSE's benchmark Nifty closed 1.8% higher at 21,737.60 points, while BSE's Sensex ended 1.76% higher at 71,941.57, their biggest gains since 4 December. The RIL stock climbed almost 7%, contributing the most to the day's market gains, as investors turned optimistic about potentially higher refining margins.
This story is from the January 30, 2024 edition of Mint Mumbai.
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