Amid the festive season, the markets brought new cheer as the 50-share NSE Nifty closed at a record-high of 10,167.45, up by more than 60 points since the previous close backed mainly by the surge in Bharti Airtel, Tata Steel and other bank stocks which form a significant portion of the 50-stock index. Nifty had hit a fresh record high of 10,179.15 intraday. BSE Sensex advanced 250 points to close at 32,432 points on Friday afternoon.
Bharti Airtel shares rose by more than 7% and were trading at Rs 430.96 on NSE, as the company announced a debt-free cash-free deal with Tata Teleservices Limited, which is likely to benefit the Indian telecom major. More than 70 stocks on NSE hit fresh 52-week high on Friday. The list includes stocks such as Bata India, Britannia Industries, Kotak Mahindra Bank, Hindalco, Havells India which surged by more than 0.7% each.
Notably, Tata Steel shares rose by more than 3% to Rs 715.6 on NSE, even as 32 shares saw advances in the index, while 18 shares posted declines. Kotak Mahindra and ICICI bank shares surged by more than 3% intraday. The Nifty bank index advanced by nearly 400 points to 24,757, buoyed by the rise in the above mentioned bank stocks. Among the 18 shares which posted declines on the NSE,GAIL ITC and Zee shares were down by more than 1%.
India’s IT bellwether TCS shares continued to rise on Friday afternoon, and were trading at Rs 2,580.75 on NSE, up by more than 1.2% since the previous close, as the company posted its second quarter (July-September) earnings yesterday, which beat analysts’ expectations as consolidated profit rose, backed by robust volume growth and operational performance.
Meanwhile, GIC IPO, India’s second biggest initial public offer so far, continued to see dull response on Day 3, after a stellar showing on the opening day, and crawled to over 100% subscription on Friday afternoon, but yet remained undersubscribed. The Rs 11,370 crore-IPO of General Insurance Corporation Re was subscribed 130% on the third day of bidding, as QIBs (qualified institutional buyers) queued up to pick up a stake in India’s largest re-insurer, as their quota was oversubscribed 2.28 times.