Indian Stocks Up, Sensex Gains over 400 Points On Reliance's $3.29 Bn Retail Deal

New Delhi (Sputnik):  India's benchmark stock index Sensex plummeted from a peak over 42,000 in February to just 26,000 when the COVID-19-caused lockdown was announced in the country in late March. The index has rebounded by almost 50 percent from its March lows.

Indian equities markets were up in early trading on Monday, led by gains in financial stocks and Reliance Industries Ltd.

The Bombay Stock Exchange's 30-share index – Sensex -- gained 421 points on Monday to trade at 39,888 points.

 Similarly, the National Stock Exchange’s 50-share index, Nifty, gained 134 points to trade at 11,781 on Monday, up from the previous close of 11,647 points on Friday.

The buying interest in RIL was due to its $3.29 billion acquisition of domestic retailer Future Group's retail business, announced on Saturday; this also helped the index.  RIL was up 1.46 percent, trading at INR 2147 ($28.62).

Banking stocks also gained, especially Indusind bank and HDFC Bank Axis Bank. The sector has been rallying since last week, as the moratorium on loan repayments – announced as a COVID- 19 relief measure by the Reserve Bank of India – ends today and the banks can recover what is owed them beginning tomorrow.