Indian share markets edged higher in the afternoon session and finished the trading day on a firm note. At the closing bell, the BSE Sensex stood higher by 124 points, while the NSE Nifty finished up by 42 points. The S&P BSE Mid Capfinished flat while & S&P BSE Small Cap finished down by 0.1%. Gains were largely seen in software stocks, oil & gas stocks and consumer durables stocks.
Shares of broadcasting firms, Cable TV providers and telecom companies fell after Mukesh Ambani said Reliance Jio will offer made-in-India phones at no effective cost. The phones will feature free voice calls, affordable Internet data and cable to connect to TV.
Dish TV India share price fell 5.9%, while Sun TV Network share price and Hathway Cable & Datacom Ltd share pricefinished down by 3.5% respectively on the BSE.
Reliance Jio Infocomm Ltd will effectively give away the phone to users against a fully refundable security deposit of Rs 1,500 which will be returned in three years. JioPhone customers will not have to pay for voice charges and will have access to unlimited data for Rs 153 a month. The Jio board also approved raising another Rs 200 billion through a rights issue.
Telecom stocks plunged in today's trade with Bharti Airtel share price falling 2.2%, while Idea share price slumped 3.3%.
Meanwhile, Reliance Industries share price surged 3.7%.
Asian stock markets finished lower today with shares in Japan leading the region. The Nikkei 225 is down 0.22% while China's Shanghai Composite is off 0.21% and Hong Kong's Hang Seng is lower by 0.13%. European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.28% while Germany's DAX is up 0.07% and France's CAC 40 is up 0.01%.
The rupee was trading at Rs 64.31 against the US$ in the afternoon session. Oil prices were trading at US$ 47.12 at the time of writing.
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