Sensex, Nifty close up 0.1%, Bharti Airtel rallies 11% on Telenor India buy
On Wednesday, Indian shares ended near 5-month high propelled by Reliance Industries that hit 8-year high following success of its telecom arm in roping in 100 million customers.business Updated: Feb 23, 2017 16:07 IST
Indian shares ended marginally higher on Thursday after touching 5-month highs boosted by Bharti Airtel and IT bell-weathers TCS and Infosys.
Sensex opened in the green and rose 200 points or 0.8% to 29065.31, last seen in September. But frantic sell-off by investors to square off positions before the February F&O series ended dragged Sensex down to 28,892.97, up just 0.1%. Nifty also hit a fresh 52-week high of 8,982.15 intra-day but ended at 8,939.50, up 0.12%.
Bharti Airtel gained as much as 11% and breached Rs 400 after it announced plans to Telenor India but ended up 1.4%.
Reliance Industries ended 2.1% lower on Thursday after spiking 11% and hitting 8-year high on Wednesday.
IT majors TCS led the Sensex chart gaining 3% followed by Wipro 2.5% and Infosys 1.7%.
Asia opened lower with the MSCI’s broadest index of Asia-Pacific shares outside Japan hovering marginally lower taking cues from Wall Street where the Dow Jones Industrial Average closed up 0.2% while the broader S&P 500 and the tech-heavy Nasdaq closing down 0.1% each.
Japan’s Nikkei closed down 0.3%, Hang Seng 0.5% and Kospi flat.
Investors are bracing for uncertainty over US President Donald Trump’s policies and moderate risk on inflation scenario, which may help Fed stagger its rate hikes.
The dollar gained against the yen and euro in early trade as investors factored in hardening of interest rates in the United States going by Federal Reserve’s January meeting minutes. The dollar index, which tracks the US currency against a basket of trade-weighted peers, was up 0.2%.
The euro fell slightly to $1.055 after piercing 6-week low of $1.05 on concern anti-EU votary Marine Le Pen could win French presidential election in May.
Oil prices gained in early trade with WTI hovering near $54 a barrel as the American Petroleum Institute data showed a drop in US crude stocks last week.