Stock markets end flat in volatile trade; Idea Cellular surges over 7%

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New Delhi | Updated: August 23, 2016 4:46:14 PM

Idea Cellular shares gained after CNBC TV 18 reported that the telecom company is exploring options and is in talks for a possible merger with Vodafone.

BSE Sensex NSE Nifty stocks to buyIdea Cellular shares gained after CNBC TV 18 reported that the telecom company is exploring options and is in talks for a possible merger with Vodafone.(Photo: Reuters)

Domestic equity markets ended on a flat note on Tuesday in a volatile trading session. Benchmark BSE Sensex settled 4.67 points, 0.02 per cent, higher at 27990.21, while NSE Nifty index closed 3.45 points, or 0.04 per cent, up at 8632.60. The 30-share index Sensex opened the day at 28012.56 and touched a high and low of Rs 28028.98 and 27854.43, respectively. Likewise, the 50-share index Nifty opened at 8628.35 and touched a high and low of 8,642.15 and 8,580, respectively.

Among the 51 components in the Nifty 50 index, Idea Cellular shares soared the most — 7.72 per cent, followed by HCL Technologies (up 2.54 per cent), Bank of Baroda (up 2.53 per cent), Infosys (up 2.37 per cent) and TCS (2.02 per cent). On the other hand, BHEL, BPCL, Tata Power, NTPC and Aurobindo Pharma slipped by 4.79 per cent, 3.58 per cent, 3.11 per cent, 2.54 per cent and 1.75 per cent, respectively.

Read more: Nifty forms bullish hammer candle on daily chart; Buy HCL Tech, ZEEL, BoB

Idea Cellular shares gained after CNBC TV 18 reported that the telecom company is exploring options and is in talks for a possible merger with Vodafone.

Sectorwise, the BSE IT index, BSE TECk index, BSE Telecom index and BSE Bankex gained 1.82 per cent, 1.78 per cent, 1.72 per cent and 0.11 per cent. The BSE Oil & Gas, BSE Power and BSE Capital Goods index slipped by 1.48 per cent, 1.11 per cent and 1.10 per cent.

Vinod Nair, head of research, Geojit BNP Paribas Financial Services said “The market remained range bound with a positive bias due to the slight recovery in European market. On the other hand, global market is shifting its focus to the possibility of a rate hike in US by Dec-end, which will cast a shadow on the domestic market. The domestic market is losing its trend to rate sensitive stocks post the announcement of the new RBI governor who is likely to maintain a cautious stance on interest rate cut.”

Asian peers showed a mixed trend on Tuesday. Shanghai Composite closed 0.16 per cent higher at 3089.71, however, Nikkei 225 index settled 0.61 per cent down at 16,497.36

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