Sensex hits 3-month high as HDFC twins dazzle; Asian Paints up 6%, Airtel falls 6%; Idea ends at 8-year low

By: |
May 11, 2018 4:22 PM

Indian equities extended gains in the afternoon trades to end on a positive note Friday with the headline indices Sensex and Nifty finishing at over 3-months highs lifted by the heavyweight shares of HDFC Bank, HDFC, ITC, Asian Paints, L&T, ICICI Bank, Infosys, RIL, Kotak Mahindra Bank and SBI.

For the week, BSE Sensex advanced 620.41 points while NSE Nifty gained 188.25 points. (Image: Wiki)

Indian equities extended gains in the afternoon trades to end on a positive note Friday with the headline indices Sensex and Nifty finishing at over 3-months highs lifted by the heavyweight shares of HDFC Bank, HDFC, ITC, Asian Paints, L&T, ICICI Bank, Infosys, RIL, Kotak Mahindra Bank and SBI. Shares of India’s largest telecom company Bharti Airtel posted heavy losses in the Friday’s dealing after the newbie disruptive telecom player Reliance Jio Infocomm Ltd announced new postpaid offer with a tariff of Rs 199 per month. Following the announcement, shares of telecom companies came under massive sell-off pressure with the stock of Idea Cellular dropping to 8-month low.

The S&P BSE Sensex closed 289.52 points or 0.82% higher at 35,535.79 while NSE Nifty surged 89.95 points or 0.84% to conclude at 10,806.5 on Friday. The benchmark Sensex shuttled in a range of between 35,596.15 and 35,262.06 whereas Nifty hovered between 10,812.05 and 10,724.45 on Friday. For the week, BSE Sensex advanced 620.41 points while NSE Nifty gained 188.25 points

Shares of Bharti Airtel lost about 7.53% to a day’s bottom of Rs 381.2 before closing down 6.44% at Rs 385.7 on Friday. Shares of Asian Paints (ended up 6.17% at Rs 1,289.6) emerged as the lead gainers while the stock of Sun Pharmaceuticals was the second-biggest losers among the components of BSE Sensex on Friday. Other major shares which also gained during the day include Tata Steel, L%T, Yes Bank, HDFC, Kotak Mahindra Bank, ITC, ICICI Bank, SBI, Infosys, HDFC Bank, M&M and Axis Bank.

Shares of Mahindra Lifespace Developers were the biggest gainers while stocks of Rain Industries, Idea Cellular were the biggest losers among the group ‘A’ shares on BSE. The stock of Birla Group telecom firm Idea Cellular crashed as much as 12.94% to a day’s bottom of Rs 50.8 before settling 11.83% lower at Rs 51.45 on BSE.

Out of the 2,805 total traded companies on BSE, 1,121 shares advanced, 1,543 scrips declined while 141 ended unchanged on Friday.

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