Sensex fails to touch 34,000, Nifty swings above 10,500 ahead of F&O expiry; RCom shares rocket 20%

By: | Published: December 28, 2017 9:41 AM

India's stock markets opened little higher on Thursday with the benchmark indices Sensex and Nifty beginning in the green ahead of the expiry of F&O contracts today. Shares of ADAG's telecom company RCom jumped 20%, extending gains for the second consecutive session.

The 30-share barometer Sensex made a high of 33975.05, rising by 63.24 points. (Image: PTI)

India’s stock markets opened little higher on Thursday with the benchmark indices Sensex and Nifty beginning in the green ahead of the expiry of F&O contracts today. BSE Sensex gained 17.05 points or 0.05% to start at 33,928.86 and NSE Nifty added 7.45 points or 0.07% to open at 10,498.2. Shares of Anil Dhirubhai Ambani Group’s telecom company RCom extended gains for the second consecutive session after the Chairman Anil Ambani presented a massive debt recast plan, in which he said that company’s overall debt will substantially reduce to Rs 6,000 crore from Rs 45,000 crore. Shares of HDFC, HDFC Bank, ITC, SBI, Sun Pharma, and L&T provided the most support to the Sensex index while bankers like Axis Bank and Yes Bank shaved off the rise. The 30-share barometer Sensex made a high of 33975.05, rising by 63.24 points.

Shares of Sun Pharma, Tata Steel, SBI, Dr Reddy’s, Coal India, HDFC, and HUL gained up to 1% whereas Axis Bank, Yes Bank, Hero MotoCorp, Bajaj Auto, TCS and Kotak Mahindra Bank lost up to 0.75%. The stock of Reliance Communications rose as much as 19.86% to the day’s high of Rs 34.4 on NSE while it jumped 15.65% to the day’s high of Rs 33.24 on BSE. Today’s rise in the share price of RCom has led it to book a 7-day gain of about 170%. A heavy trading volumes was witnessed in the shares of RCom as over 19 crore shares exchanged hands on both BSE and NSE with about 16.5 crore shares on NSE alone, as at 9:30 am. The sectoral indices of NSE traded mixed with Nifty Metal, Nifty Realty and Nifty FMCG leading the charge.

As the Goods and Service Tax (GST) collections continue to fall after a massive rationalisation, the government has announced an additional borrowing of Rs 50,000 crore via gilts, which is double the amount that was estimated by the market. The government will borrow Rs 50,000 crore extra via gilts between January and March. “The government will raise additional market borrowings of Rs 50,000 crore only in fiscal 2017-2018 through dated government securities,” the finance ministry said in a statement.

US stocks eked out a slight gain on Wednesday, as advances in some major technology stocks offset losses in energy and helped keep major indexes just above the unchanged mark, Reuters said in a report. The Dow Jones Industrial Average rose 28.09 points, or 0.11 percent, to 24,774.3, the S&P 500 gained 2.12 points, or 0.08 percent, to 2,682.62 and the Nasdaq Composite added 3.09 points, or 0.04 percent, to 6,939.34.

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