Indian stock markets broke the 8-day downtrend record and settled on a higher note on Thursday, extending gains in the late afternoon trade after opening little up. Bharti Airtel emerged as the top gainer on Sensex and Nifty today.
Indian stock markets broke the 8-day downtrend record and settled on a higher note on Thursday, extending gains in the late afternoon trade after opening little up. BSE Sensex jumped 395.27 points to hit the day’s high of 32,992.45 while NSE Nifty edged up 138.55 points to mark the day’s high at 10,182.65. The stocks of heavyweight companies such as Bharti Airtel, Asian Paints, Maruti Suzuki, Tata Steel, Bajaj Auto, NTPC, L&T, ICICI Bank, HUL, SBI, Tata Motors, Lupin emerged as the lead gainers today. Investors seemed to have taken a sigh of relief after macroeconomic data-packed week ended yesterday with RBI fifth bi-monthly monetary policy keeping the repo rate unchanged at 6%. All the sectoral indices of NSE ended in the green with Nifty Auto, Nifty Metal, Nifty Realty, Nifty PSU Bank index leading the charge.
Shares of India’s largest telecom company Bharti Airtel advanced more than 7% in the late afternoon trades on Thursday. The stock of Bharti Airtel witnessed a massive spike after 2 pm today, for reasons yet unknown. Following the huge surge in the stock prices of Bharti Airtel, it topped both the key indices Sensex and Nifty. The stock of Bharti Airtel gained as much as 7.11% to Rs 518.4 on BSE while it zoomed 7.24% to Rs 518.5 on NSE. Amid the heavy trading volumes, over 65 lakh shares exchanged hands on both BSE and NSE with about 62.61 lakh shares on NSE alone. With a huge spurt in the share prices of Bharti Airtel, the market capitalisation of the company saw an appreciation of Rs 13,771.04 crore to Rs 2,07,225.22 crore from Rs 1,93,454.18 a day earlier, at the day’s high price. Bharti Airtel shares settled up 6.5% at Rs 515.4.
The stocks of India’s top banks which came under pressure yesterday ahead of the outcome of repo rate cut/hike by RBI regained momentum in today’s trade. The banking stocks such as State Bank of India, ICICI Bank and HDFC Bank led the charge among the banking space. Shares of ICICI Bank and State Bank of India contributed the most to the Sensex upsurge today across all the banking constituents. Collectively these two stocks alone added about 50 points to the index. The benchmark Sensex closed 352.03 points or 1.08% higher at 32,949.21 while the broader Nifty 50 added as much as 122.6 points or 1.22% to finish at 10,166.7.
Shares of IRB Infrastructure Developers which tanked as much as 7% in the early morning trades on Thursday on CBI’s action recovered partially but still trading in the negative territory. The Central Bureau of Investigation filed a charge sheet against IRB Infrastructure Developers over alleged illegal purchases of government land. Following the CBI action, the stock of IRB Infrastructure Developers slipped 7.28% to hit an 11-month low of Rs 194.7 before closing 2.29% down at Rs 205.2 on BSE.