Sensex Choppy, Telecom Stocks Shine

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The domestic stock markets are choppy in mid-morning trades. Gains in energy and infrastructure shares supported the markets however losses in automobile stocks capped the upside.
At 11.50 am, the Sensex was trading at 40,850, up 59 points after trading in a range of around 100 points from an intra-day high of 41,093 and a low of 40,744. The broader NSE Nifty benchmark was at 12062, up six points.

Top percentage gainers on the 50-scrip Nifty index at the time were Bharti Airtel, Grasim, Reliance Industries, JSW Steel and Bharti Infratel, trading between 1.85 per cent and 7.30 per cent higher.

Reliance Industries and Bharti Airtel contributed the most to the upmove in Sensex.

On the other hand, Tech Mahindra, Eicher Motors and Bajaj Finance were weak between 2% and 3% each.

Telecom stocks are going strong this morning after announcing plans to hike the tariff plans. Bharti Airtel and Vodafone Idea shares soared as much as 6.5 per cent and 17 per cent at Rs 469 and Rs 8 respectively, whereas shares in Reliance Industries – the parent company of Reliance Jio Infocomm – rose 2.4 per cent at Rs 1588.

On the primary market front, Ujjivan Small Finance Bank IPO has opened for subscription today. The Rs 750-crore initial public offering will be open between December 2 and December 4. The shares are being offered at a price band of Rs 36-37 per share.

On Friday, the S&P BSE Sensex index had ended 336.36 points – or 0.82 per cent – lower at 40,793.81 and the broader NSE Nifty benchmark settled at 12,056.05, down 95.10 points (0.78 per cent) from the previous close.

Source By NDTV

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