Sensex reclaims 33,800, Nifty above 10,450; TCS trades in green, Adani Power, Adani Transmission surge 10%

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Published: December 22, 2017 10:06 AM

India's stock market opened marginally higher on Friday with Sensex and Nifty beginning in green after a dull closing in choppy trade on Thursday. Shares of TCS were trading little changed while Adani Power, Adani Transmission rose 10% each.

Bombay Stock Exchange building. (Image: Wikimedia Commons)

India’s stock market opened marginally higher on Friday with Sensex and Nifty beginning in green after a dull closing in choppy trade on Thursday. BSE Sensex gained 12.19 points to start at 33,768.47 and NSE Nifty inched up 17 points to open at 10,457.3. Shares of L&T, M&M, Adani Ports, Tata Motors, ONGC, Bharti Airtel, HDFC Bank were among the top gainers on Sensex while Coal India, Tata Steel, and Power Grid fell. Most of the sectoral indices of NSE traded higher with Nifty Realty, Nifty Media leading the charge whereas Nifty IT, Nifty Pharma, and Nifty PSU Bank hovered in the red. Shares of Anil Dhirubhai Ambani Group’s Reliance Infrastructure extended gains on Friday after advancing as much as 10% in yesterday’s trade. Reliance Infrastructure rose 7.93% to the day’s high of Rs 544 on BSE.

Shares of Adani Ports, TCS, L&T, M&M, Tata Motors, Bharti Airtel gained up to 1.12% while Coal India, Bajaj Auto, Power Grid, Hero MotoCorp, Tata Steel shed up to 0.6%. The stock of India’s largest IT company Tata Consultancy Services was trading little changed, up 0.76% to Rs 2,613.9 after the company IT major TCS won a whopping $2.25 billion outsourcing deal with Nielsen. This is the largest ever contract for an Indian IT firm, said the company CEO Rajesh Gopinathan. It has been learnt that the multi-billion deal has been signed with television ratings measurement company Nielsen. This deal has renewed the association between India’s largest IT company TCS and Nielsen. Way Back in 2007, Nielsen awarded a 10-year contract of $1.2 billion to Tata Consultancy Services. Earlier in 2013, the deal size was more than doubled to $2.5 billion and got an extension of three more years until 2020. In the $2.25 billion contract, Tata Consultancy Services has assured a business of $320 million from Nielsen every year, from 2017 to 2020. “The term of the Agreement has been extended for an additional five years, so as to expire on December 31, 2025, with three one-year renewal options granted to Nielsen,” Nielsen statement said in a statement.

The stocks of Reliance Infrastructure and Adani Transmission edged up following the Mumbai power business deal. Reliance Infrastructure on Thursday signed a definitive binding agreement with Adani Transmission Ltd (ATL) for 100% stake sale of its Mumbai Power Business which includes the integrated business of generation, transmission and distribution of power for Mumbai. Shares of Adani Transmission rose 9.98% to the 52-week high of Rs 247.75 on BSE. Shares of Adani Power also spiked today, jumped as much as 9.89% to the day’s high of Rs 40.

The three main US stock indexes rose on Thursday, boosted by bank and energy stocks as investors bet on more economically sensitive sectors with energy and financial stocks leading the gains among the 11 major S&P sectors, Reuters said in a report. The Dow Jones Industrial Average rose 55.64 points or 0.23% to 24,782.29, the S&P 500 gained 5.32 points or 0.20% to 2,684.57 and the Nasdaq Composite added 4.40 points or 0.06% to 6,965.36. Earlier yesterday, Indian stock markets closed dull in a choppy trade on Thursday after opening near record highs in the early morning trade. BSE Sensex dropped 21.1 points or 0.06% at 33,756.28 and NSE Nifty shed 3.9 points or 0.04% to settle at 10,440.3.

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