Sensex, Nifty back in green; Biocon, Ipca Labs skyrocket, Bharti Airtel zooms by 7 per cent
After Monday’s decline, the domestic benchmark indices were trading back in the positive territory on Tuesday. Subsequently, Sensex closed at 38,900.80 levels gaining by 272.51 points or by 0.71 per cent while Nifty rose by 0.73 per cent or 82.75 points to end at 11,470.25.
The shares of Bharti Airtel and Reliance Industries gained after the Supreme Court allowed 10 years to the telecom companies for a staggered payment of AGR. While the Department of Telecommunications (DoT) had sought 20 years, companies such as Vodafone Idea and Tata Teleservices had asked for a 15 years' timeline. The 10-year timeline for the payment of AGR dues is set to begin from April 1, 2021, and the companies need to pay 10 per cent upfront.
Meanwhile, the stock of Vodafone Idea recorded gains during the early morning trading session on Tuesday but soon after the AGR verdict was announced, it slumped more than 20 per cent intraday. On Tuesday, the company’s stock closed down by 12.76 per cent at Rs 8.89 on BSE.
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While buying was seen in metal and realty stocks, auto stocks rallied during the day’s trading session after August sales figures showed better-than-expected recovery in car sales numbers.
Indian Rupee ended at a 6-month high today. It ended at 72.87 against the US dollar as compared to Monday's close of Rs 73.62.
Indian bond yields declined to over two-week low levels on Tuesday after Reserve Bank of India (RBI) announced special open market operations (OMO) and measures to foster orderly market conditions.
Following positive momentum in the international spot prices on a weak dollar, gold prices in India rose on Multi Commodity Exchange (MCX). Besides, border tensions between India and China also supported the gain.
On the global front, Shanghai index, Hang Seng and KOSPI rose by 0.44 per cent, 0.031 per cent and 1.01 per cent, respectively while Nikkei declined by 0.01 per cent. While UK’s FTSE 100 was trading in red, down by 1.16 per cent, other European indices such as DAX and CAC 40 were up by 0.69 per cent and 0.28 per cent, respectively.
Sensex gainers included Bharti Airtel that gained by 6.38 per cent, Bajaj Finance rose by 4.42 per cent, Asian Paints increased by 3.93 per cent, Tata Steel gained by 3.82 per cent, NTPC increased by 3.52 per cent, SBI gained by 2.80 per cent, etc.
Sensex losers consisted of ONGC that declined by 3.29 per cent, Axis Bank was down by 2.23 per cent, Tech Mahindra fell by 1.75 per cent, Infosys declined by 1.53 per cent, ICICI Bank fell by 0.99 per cent, etc.
The broader markets rallied as well; BSE Small-Cap index gained by 0.54 per cent while BSE Mid-Cap index rose by 1.16 per cent.