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  1. Sensex stays below 33,900 after gaining 119 points in opening trade, RCom shares fell over 4%

Sensex stays below 33,900 after gaining 119 points in opening trade, RCom shares fell over 4%

Sensex and Nifty started a little higher on Thursday following the record closing on Wall Street overnight. BSE Sensex gained 119.11 points or 0.35% to begin at 33,912.49 and NSE Nifty added 26.2 points or 0.25% to open at 10,469.4.

By: | Published: January 4, 2018 10:11 AM
Shares of ADAG’s Reliance Communications extended yesterday’s losses, fell over 4%. (Image: Reuters)

Sensex and Nifty started a little higher on Thursday following the record closing on Wall Street overnight. BSE Sensex gained 119.11 points or 0.35% to begin at 33,912.49 and NSE Nifty added 26.2 points or 0.25% to open at 10,469.4. Indian stock markets gained in the early trades as most of the Asian markets inched up on the back of solid economic data from the United States and Germany. Within minutes of trading activity, key equity indices retreated the morning gains but were still trading in green. Shares of heavyweight companies such as HDFC Bank, ITC, L&T and Asian Paints contributed added to the upsurge. Shares of ADAG’s telecom company Reliance Communications extended yesterday’s losses, fell over 4%.

Shares of Asian Paints, Dr Reddy’s, ONGC, IndusInd Bank, Coal India, L&T, Tata Steel, and ITC gained up to 1.65% while Tata Motors, ICICI Bank, Sun Pharma, Bajaj Auto, Yes Bank, lost up to 1.4%. The heavyweight shares of companies such as HDFC Bank, ITC, L&T, ONGC, TCS and Asian Paints contributed the most to the Sensex advances. Collectively these six stocks added about 64 points to the index while a slump in shares of HDFC, ICICI Bank and Tata Motors washed off 37 points out of the index. The other broad market indices of NSE such as Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, Nifty Midcap 50, Nifty Mid100 Free and Nifty Sml100 Free advanced in a range of 0.1% to 0.6%. On the other hand, eight out of eleven sectoral indices of NSE settled in green with Nifty Metal and Nifty PSU Bank leading the charge while Nifty Auto and Nifty IT swung into losses.

Shares of Anil Ambani’s telecom company Reliance Communications emerged as the top loser among the group ‘A’ stocks on BSE. RCom shares were trading heavily since last couple of weeks on the back of Mukesh Ambani’s Reliance Jio Infocomm finalising to acquire the wireless assets of the troubled RCom. The stock of RCom slipped as much as 4.74% to Rs 29.1 on BSE on Thursday. Being the volume topper, as at 10:05 am, about 5 crore shares exchanged hands on both NSE and BSE with over 4.5 crore shares on NSE alone.

The S&P 500 index rose above 2,700 for the first time on Wednesday and other major indexes hit record closing highs as technology stocks climbed after signs of robust economic growth, Reuters said in a report. The Dow Jones Industrial Average rose 98.67 points, or 0.4 percent, to 24,922.68, the S&P 500 gained 17.25 points, or 0.64 percent, to 2,713.06 and the Nasdaq Composite added 58.63 points, or 0.84 percent, to 7,065.53.

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