India's stock market opened higher on Thursday with the key benchmark indices Sensex and Nifty inching towards their respective record highs. Shares of Anil Ambani's telecom company RCom which jumped 35% on Wednesday rose 8% in early trade today.
India’s stock market opened higher on Thursday with the key benchmark indices Sensex and Nifty inching towards their respective record highs. BSE Sensex 48.87 points to open at 33,826.25 and NSE Nifty started 29.75 points higher at 10,473.95. Shares of Hero MotoCorp, Sun Pharma, L&T, HDFC, Adani Ports, Dr Reddy’s gained in the early trades. Indian stock markets have emerged as one of the best performers in the year 2017 with Sensex and Nifty returning about 28% and with few days left in the year, domestic equities are likely to finish 2017 on a high note. Yesterday, in the late afternoon trade, shares of almost all companies of Anil Dhirubhai Ambani Group surged more than 5% with the debt-laden telecom venture Reliance Communications rising as much as 45% in the intraday trade. Today also, RCom inched up as much as 8% to Rs 18.65 on BSE.
The stock of M&M dropped heavily and was the top loser among both Sensex and Nifty, falling as much as 3% to Rs 74 while Motherson Sumi cracked 3.3% to Rs 372.75 on BSE. In the wee hours of trading, the benchmark indices dropped the early gains and fell marginally. Sensex made a day’s low of 33773.03, down by 4.35 points. The heavyweight stocks of companies such as M&M, Infosys, ICICI Bank, Axis Bank, IndusInd Bank contributed the most in the Sensex decline. Collectively these five stocks alone washed off about 68 points while an uptick in HDFC Bank, HDFC, L&T, Sun Pharma added 70 points. The sectoral indices of NSE traded mixed with Nifty Pharma and Nifty Media in green while automobile, bank, and IT indices edged lower.
Wall Street’s main indexes dipped on Wednesday, pausing after recent record highs as both houses of Congress approved a long-anticipated tax overhaul. The Dow Jones Industrial Average fell 28.1 points, or 0.11 percent, to 24,726.65, the S&P 500 lost 2.22 points, or 0.08 percent, to 2,679.25 and the Nasdaq Composite dropped 2.89 points, or 0.04 percent, to 6,960.96.
Earlier on Wednesday, Indian stock markets ended almost flat with Sensex and Nifty closing down 0.18% each led by a slump in heavyweight shares of HDFC Bank. HDFC, Reliance Communications, and ITC in late afternoon trade. Shares of HDFC and HDFC Bank emerged as the biggest losers among the Sensex stocks even after mega fundraising announcements. BSE Sensex lost 59.36 points or 0.18% to settle at 33,777.38 and NSE Nifty tripped 19 points or 0.18% to finish at 10,444.2.