Bharti Airtel, Bharti Infratel shares have emerged as the best stocks in Nifty for the week.
Bharti Airtel, Bharti Infratel shares have emerged as the best stocks in Nifty for the week. The gains in the firm come after the shares gained on Friday, after media reports said that the government is mulling fixing of a minimum price for calls and data. Bharti Airtel shares zoomed more than 9% to hit the day’s high at Rs 395 on BSE. The shares closed 8.4% higher at Rs 393.20 on BSE. Bharti Infratel shares closed 9% higher at Rs 227.70 on BSE. In the week, Bharti Airtel shares gained about 6.47%, while Bharti Infratel shares gained about 4.05%.
The other major gainers in the Nifty include Bajaj Finserv (2.71%), ICICI Bank (2.12%) , and TCS (2.09%). The biggest losers in the Nifty included Vedanta (-8.62%), Hindalco (-7.90%), Adani Ports (-5.14%), UPL (4.60%), and IndusInd Bank (4.48%). The Nifty snapped its 2-week gaining streak, closing below the 11,900-mark. PSU Bank Index continued its gaining streak, registering 4th week of gains in the last 5 weeks. Central Bank of India, SBI, Bank of India, Syndicate Bank, Canara Bank, PNB ended up to 9% higher on Friday.
The headline index Sensex closed 70.21 points higher on Friday, led by gains in index heavyweights–Bharti Airtel and SBI, amid positive cues from global equities. Intra-day, the Sensex jumped 363 points during the day to hit the day’s high at 40,650.06. However,it gave up the gains and ended 70.21 points, or 0.17% higher at 40,356.69.
The broader NSE Nifty rose 23.35 points, or 0.20 per cent, to end at 11,895.45.
Taking stock of the sessi0n, Ajit Mishra Vice President, Research, Religare Broking said that the markets traded volatile and ended on flat note, in continuation to prevailing consolidation phase. “We reiterate our consolidation view on Nifty and suggest focusing more on stock selection and position management. The buoyancy in banking space is largely helping the benchmark to hold at the higher levels while others are witnessing mixed trend. In present scenario, we advise maintaining a balanced approach on stock-specific front, by adding few short positions,” he added. Meanwhile, the Indian rupee appreciated 14 paise to 71.81 against the US dollar intra-day.