Sensex, Nifty end up on late buying, Reliance gains on Jio feat
On Tuesday, Asian markets traded in the green. Nikkei was up 0.5%, Hang Seng 0.1% and Kospi 1% in early trade with the MSCI’s broadest index of Asia-Pacific shares outside Japan hovering near the 19-month peak hit last Thursday. The index is up more than 11% since December 23.business Updated: Feb 21, 2017 15:52 IST
New Delhi: India’s benchmark indices ended higher taking cues from Asian shares and on late buying especially after Reliance Industries announced that its telecom arm roped in 100 million customers in just 170 days and a new tariff plan from April.
The 30-share Sensex opened marginally higher at 28716.70 but slipped to negative territory on profit booking before the expiry of the derivative expiry due on Thursday.
Sensex recovered in last hour and ended up 100 points or 0.35% at 28,761.59 with Reliance Industries gaining 1.2% after Mukesh Ambani announced that its telecom arm Jio roped in 100 million customers in just 170 days and a new tariff plan from April.
RIL ended up 1.2% while Jio’s main rival Bharti Airtel was down close to 4% and Idea shed 0.5%.
Market was also abuzz with the rumours of a possible merger between Axis Bank and Kotak Mahindra Bank. Axis Bank shares ended up 5.2% while Kotak Mahindra was up 0.2%.
Nifty breached 8,900-level ended up 0.3% at 8,907.85
After buying interest on Monday, TCS was hammered down 1.7% a day after the company announced a Rs 16,000-crore share buyback plan.
Asian markets traded in the green. Nikkei closed up 0.7%, Kospi 0.9% and Shanghai 0.4% but Hang Seng was down 0.8%. The MSCI’s broadest index of Asia-Pacific shares outside Japan hovered near 19-month peak hit last Thursday. The index is up more than 11 percent since December 23.
European shares surged on higher-than-expected PMI data that points to a recovery in factory output.
Investors are rattled by political concerns ahead of the French elections in the backdrop of Brexit. The premium investors demand to hold French bonds instead of German debt rose to its highest since late 2012 after a poll showed the far-right Marine Le Pen narrowing the gap with more centrist opponents.
The markets also factored in the fact that Greece may avert another crisis after reports that the country had agreed with euro zone finance ministers to resume no resume negotiations over its bailout review.
Euro weakened the dollar and yen due to the political and economic developments in Europe.
Oil prices were flat with the Brent futures hovering at $56.18 a barrel, while US West Texas Intermediate crude (WTI) for April delivery was up 0.4% to $53.60 a barrel.