Indian share market gathered steam in the
final few hours of trading session to finish on a strong note amid strong
European markets. The markets finished in green for fourth straight session on
continued buying by domestic institutional investors amid expectations of positive
GDP data to be released later in the day.
At the closing bell, the BSE Sensex
stood higher by 259 points, while the NSE Nifty
finished up by 82 points. Meanwhile, the S&P BSE Mid
Cap & the S&P BSE Small
Cap finished up by 1.1% and 1.3% respectively. Bank
stocks and FMCG
sector were among the BSE gainers today.
Moving on to news from
stocks in telecom
sector.
Idea
Cellular share price plunged 2% today after it was reported that Malaysia's
Axiata is reportedly looking to sell its 20% stake in the company.
Bharti
Airtel, Idea Cellular and Reliance
Communication share prices have plunged 2%, 15% and 32% since the launch of
Reliance Jio.
Moreover, Idea is expected
to be the worst hit among incumbent operators following the demonetisation
of Rs 500 and Rs 1,000 notes
earlier this month. A 2% fall in revenue
because of the move could lead to a 4-5% impact on earnings per share.
At the time of writing
share market news, INR was trading at 68.53
against the USD in the
afternoon session, whereas, oil prices were trading at US$ 47.32.
Read the complete stock market update. For terms of
use, go here.
No comments:
Post a Comment