India's stock market opened little higher on Friday -- the last trading day of 2017 -- with the key equity indices Sensex and Nifty nearing their respective all-time highs. Shares of Anil Ambani's telecom company RCom jumped nearly 35% to hit 52-week high within just minutes of trade after Mukesh Ambani's Reliance Jio finalised the deal to purchase Reliance Communications’ towers and fibre.
India’s stock market opened little higher on Friday — the last trading day of 2017 — with the key equity indices Sensex and Nifty nearing their respective all-time highs. BSE Sensex gained 41.36 points to open at 33,889.39 and NSE Nifty added 14.45 points to open at 10,492.35. The key equity indices Sensex and Nifty have returned 28-29% in the last 12-months period. Earlier on 27 December 2017, BSE Sensex made a lifetime high of 34,137.97 while NSE Nifty marked a high of 10,552.4. In the wee hours of trading on Friday, Sensex ticked up 138.04 points to hit a day’s high at 33,986.07 whereas Nifty inched up 37.5 points to hit the day’s high at 10,515.4. Shares of Tata Steel, Power Grid, L&T, Adani Ports, SBI, Sun Pharma, NTPC, Axis Bank were the notable gainers on Friday. Shares of Anil Ambani’s telecom company RCom jumped nearly 35% to hit a 52-week high within just minutes of trade after Mukesh Ambani’s Reliance Jio has finally sealed the deal with younger brother Anil Ambani to purchase troubled RCom’s towers and fibre on Thursday. The stock of Reliance Communications has more than tripled in the last 8 trading days.
RCom on Thursday said that it has signed a definitive agreement with Reliance Jio for sale of towers, MCNs and fibre. The company will sell 4G services and 43,000 towers to Jio. On the 85th birth anniversary of father Dhirubhai Ambani, Mukesh Ambani, India’s richest businessman today stepped in to bail out younger brother Anil Ambani’s debt-ridden Reliance Communications by acquiring spectrum, tower, optical fiber network and other wireless assets in a deal. The announcement comes just two days after Reliance Communications disclosed a new deal with the lenders under which nearly Rs 40,000 crore will be raised through the sale of assets, averting an imminent takeover by the 35 local and foreign banks.
Shares of Power Grid, L&T, Tata Steel, Axis Bank, Adani Ports, Asian Paints, TCS, Hero MotoCorp, ITC, NTPC, SBI, HDFC, advanced up to 1% while Wipro, ICICI Bank, and M&M lost up to 0.2%. All the sectoral indices of NSE were trading in green with Nifty PSU Bank, Nifty Pharma, Nifty FMCG, Nifty Auto leading the charge. The broad market indices of NSE such as Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, Nifty Midcap 50, Nifty Mid100 Free, Nifty SML100 Free rose between 0.3% and 0.9% while India Vix shed 0.34%. “Asian markets were ending 2017 in a party mood on Friday after a year in which a concerted pick-up in global growth boosted corporate profits and commodity prices, while benign inflation kept central banks from taking away the monetary punch bowl, Reuters said in a report.
US stocks edged higher in light trading on Thursday, buoyed by gains in financial stocks and as technology stocks continued to slowly recover from a losing skid, Reuters reported. The Dow Jones Industrial Average rose 63.21 points, or 0.26 percent, to 24,837.51, the S&P 500 gained 4.92 points, or 0.18 percent, to 2,687.54 and the Nasdaq Composite added 10.82 points, or 0.16 percent, to 6,950.16.