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Nifty hits one-year high as Reliance rallies, offsets IT weakness
Benchmark indexes climb to one-year highs as Reliance’s rally counters IT sector headwinds.
The Nifty 50 index touched its highest level in a year, driven by gains in Reliance Industries which rose ahead of its earnings, offsetting declines in Infosys and Wipro. The Sensex also climbed ~0.5%. Reliance led the rally with a 0.9% gain, while banks like ICICI and HDFC posted modest moves. Sector breadth improved with 10 of 16 sub-indices in the green. Analysts say momentum may stick if Reliance posts strong numbers and other heavyweight names follow suit.