Sensex rises 186 points to close at 40,470, Nifty up 56 points; RIL, Vodafone Idea among top gainers
Market benchmark Sensex rose by 186 points on Tuesday, tracking substantial gains in index heavyweights Reliance Industries and Bharti Airtel amid positive cues from global equities
The 30-share index ended 185.51 points, or 0.46 percent, higher at 40,469.70
It hit an intra-day high of 40,544.13 and a low of 40,290.21
As many as 11 of 30 Sensex stocks ended in the green
Mumbai: Market benchmark Sensex rose by 186 points on Tuesday, driven by substantial gains in Reliance Industries, Bharti Airtel and HDFC Bank amid positive trends in global equities.
The 30-share index ended 185.51 points, or 0.46 percent, higher at 40,469.70 with 11 of its constituents closing with gains.
The broader Nifty of the National Stock Exchange rose by 55.60 points, or 0.47 percent, to end at 11,940.10.
— CNBC-TV18 (@CNBCTV18Live) November 19, 2019
Reliance Industries led the gains, rallying nearly 4 percent to its life-time high of Rs 1,514.95 (intra-day) on BSE. It became the first Indian company to hit the Rs 9.5 lakh crore market capitalisation level.
Telecom stocks surged after two older players announced a hike in data and mobile telephony plans from next month.
Bharti Airtel jumped to a fresh 52-week high before settling up 7.36 percent on BSE. Vodafone Idea rallied 34.68 percent. The two players have announced a hike in mobile phone call and data charges from next month.
"The increase in tariffs will help the telecom industry players service huge debt on their balance sheets. This would have a positive impact on the banking sector which fuelled a sharp rally in PSU banks," Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.
Among banking stocks, Axis Bank rose by 3.43 percent, SBI by 1.57 percent, IndusInd Bank by 1.26 percent and HDFC Bank by 1 percent.
Among other gainers, PowerGrid jumped 2.44 percent Tech Mahindra by 1.84 percent and Infosys by 1 percent.
On the other hand, Yes Bank dropped 2.66 percent to emerge as the biggest Sensex loser, M&M fell by 2.19 percent, and Tata Steel by 2.02 percent. TCS, Tata Motors and Hero MotoCorp also declined.
"Domestic indices ended higher on the back of buying seen in the PSU bank, infra and energy stocks. Telecom stocks also edged higher after talks of raising tariffs from December onwards while energy stocks were lifted by a sharp fall in crude oil prices," Paras Bothra, President of Equity Research, Ashika Stock Broking, said.
Sectorally, BSE telecom rallied 8.52 percent, followed by BSE energy, power, teck, oil and gas, utilities and bankex. However, BSE metal, auto, FMCG and IT indices fell up to 0.94 percent.
Broader BSE midcap ended flat while smallcap index rose 0.31 percent.
Market breadth was negative as 1,399 stocks declined against 1,149 stocks that ended in green on BSE.
Asian markets mostly gained on expectations of China and the US reaching a mini trade deal even as some reports suggested that Beijing was concerned about the chances of an agreement.
European equities were trading on a positive note in their respective early deals.
Meanwhile, the Indian rupee gained 13 paise to close at 71.71 as crude oil prices receded. Brent crude futures, the global oil benchmark, fell 0.83 percent to $61.92 per barrel.
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The pandemic has taken an even greater toll on emerging economies already faced with poverty, inequality and underdevelopment, he added.
Mittal, who has time and again drawn attention to the high taxes and levies in the sector, said it is important for the telecom industry to be sustainable as it is "high capital-intensive"