The News Scroll 19 November 2019  Last Updated at 5:35 pm | Source: PTI

Sensex rises 186 pts; RIL rallies 4 pc to all-time high

Sensex rises 186 pts; RIL rallies 4 pc to all-time high
outlookindia.com
1970-01-01T05:30:00+0530
Mumbai, Nov 19 (PTI) Market benchmark Sensex rose by 186 points on Tuesday, driven by substantial gains in Reliance Industries, Bharti Airtel and HDFC Bank amid positive trends in global equities.

The 30-share index ended 185.51 points, or 0.46 per cent, higher at 40,469.70 with 11 of its constituents closing with gains.

The broader Nifty of the National Stock Exchange rose by 55.60 points, or 0.47 per cent, to end at 11,940.10.

Reliance Industries led the gains, rallying nearly 4 per cent to its life-time high of Rs 1,514.95 (intra-day) on BSE. It became the first Indian company to hit the Rs 9.5 lakh-crore market capitalisation level.

Telecom stocks surged after two older players announced a hike in data and mobile telephony plans from next month.

Bharti Airtel jumped to a fresh 52-week high before settling up 7.36 per cent on BSE. Vodafone Idea rallied 34.68 per cent. The two players have announced a hike in mobile phone call and data charges from next month.

"The increase in tariffs will help the telecom industry players service huge debt on their balance sheets. This would have a positive impact on the banking sector which fuelled a sharp rally in PSU banks," Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

Among banking stocks, Axis Bank rose by 3.43 per cent, SBI by 1.57 per cent, IndusInd Bank by 1.26 per cent and HDFC Bank by 1 per cent.

Among other gainers, PowerGrid jumped 2.44 per cent Tech Mahindra by 1.84 per cent and Infosys by 1 per cent.

On the other hand, Yes Bank dropped 2.66 per cent to emerge as the biggest Sensex loser, M&M fell by 2.19 per cent, and Tata Steel by 2.02 per cent. TCS, Tata Motors and Hero MotoCorp also declined.

"Domestic indices ended higher on the back of buying seen in the PSU bank, infra and energy stocks. Telecom stocks also edged higher after talks of raising tariffs from December onwards while energy stocks were lifted by a sharp fall in crude oil prices," Paras Bothra, President of Equity Research, Ashika Stock Broking, said.

Sectorally, BSE telecom rallied 8.52 per cent, followed by BSE energy, power, teck, oil and gas, utilities and bankex. However, BSE metal, auto, FMCG and IT indices fell up to 0.94 per cent.

Broader BSE midcap ended flat while smallcap index rose 0.31 per cent.

Market breadth was negative as 1,399 stocks declined against 1,149 stocks that ended in green on BSE.

Asian markets mostly gained on expectations of China and the US reaching a mini trade deal even as some reports suggested that Beijing was concerned about the chances of an agreement.

European equities were trading on a positive note in their respective early deals.

Meanwhile, the Indian rupee gained 13 paise to close at 71.71 as crude oil prices receded. Brent crude futures, the global oil benchmark, fell 0.83 per cent to USD 61.92 per barrel. PTI MR MR


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
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