Market Wrap, Oct 7: Here's all that happened in the markets today

Extending their gaining streak into the fifth session in a row, the benchmark indices ended over half a per cent higher on Wednesday, led by buying in Reliance Industries (RIL) and HDFC Bank.

Among the headline indices, the S&P BSE Sensex ended 304 points, or 0.77 per cent higher at 39,879 levels and the Nifty50 index settled above the 11,700-mark at 11,739, up 76 points, or 0.66 per cent. India VIX rose over 2 per cent to 20 levels.

RIL gained over 2 per cent to Rs 2,257 after the company said Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore into the company's subsidiary Reliance Retail Ventures (RRVL) for 1.2-per cent stake.

Titan (up 4.5 per cent) ended as the biggest gainer on the Sensex after the company said its jewellery business did very well in the September quarter (Q2FY21), with a recovery rate of around 98 per cent (excluding sale of raw gold), compared to the revenue of the corresponding quarter in the last year.

Shares of Solara Active Pharma Sciences hit a record high of Rs 1,245 on the BSE, in the intra-day trade on the back of heavy volumes. The stock eventually settled at Rs 1,166, up 11 per cent.

The trend among Nifty sectoral indices was mixed. Nifty Auto gained the most - up 1.4 per cent while Nifty Media was the biggest loser (down over 2.5 per cent).

The broader market, meanwhile, underperformed. The S&P BSE MidCap index slipped 0.6 per cent while the S&P BSE SmallCap index ended 0.4 per cent lower at 15,049 levels.

Now, let's take a look at the global markets.

European shares rose on Wednesday, as initial dismay at US President Donald Trump’s decision to cancel fiscal stimulus negotiations with lawmakers in Washington was replaced by optimism about an aid package after the US elections.

Asian stocks hit two-week highs.

In commodities, oil prices extended their decline after US President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected increase in US crude inventories.