Equity indices gain 1%, Future Retail up 20%

Equity benchmark indices traded one per cent higher during early hours on August 31 on positive global cues and steady flow of foreign institutional investor (FII) funds.

At 10:15 am, the BSE SandP Sensex up by 339 points or 0.86 per cent at 39,806 while the Nifty 50 gained by 99 points or 0.85 per cent at 11,746.

Most sectoral indices at the National Stock Exchange were in the green with Nifty PSU bank gaining by 1.5 per cent, private bank by 1.4 per cent and IT 1.1 per cent.

But Nifty pharma dipped by 0.5 per cent.

Among stocks, Future Retail rose by 20 per cent to Rs 162.30 per share after Mukesh Ambani-led Reliance Industries (RIL) said it will acquire the company's retail, wholesale, logistics and warehousing business for Rs 24,713 crore.

Adani Ports ticked up by 4.2 per cent, Bharti Infratel by 4 per cent and Tata Motors by 3.4 per cent.

HDFC Bank and Axis Bank rose by 2.1 per cent and 1.9 per cent respectively while Bajaj Finserv gained by 1.6 per cent.However, JSW Steel, Bharti Airtel, Sun Pharma and Cipla suffered losses.