Sensex, Nifty Close At Record Highs; Telecom Shares Rally On Relief Measures

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The Indian equity benchmarks surged to record highs on Wednesday led by gains in Bharti Airtel, Infosys, Tata Consultancy Services, State Bank of India, NTPC and HCL Technologies. The Sensex rose as much as 530 points to hit record high of 58,777.06 and Nifty 50 index moved above important psychological level of 17,500 for the first time.

The Sensex advanced 476 points to end at 58,723.20 and Nifty 50 index climbed 139 points to close at 17519.45.

“The Nifty witnessed positive momentum after it breached the level of 17,500. If Nifty sustains above 17,500, it can test levels of 17,850. Momentum indicators like relative strength index (RSI) and moving averages convergence divergence indicate a bullish outlook for markets,” Ashis Biswas, Head of Technical Research at CapitalVia Global Research.

Telecom shares witnessed strong buying interest after the government announced relief measures for the telecom sector. The Union Cabinet on Wednesday cleared a relief package for the stressed telecom sector which entails relaxation to telecom companies on payment of their long outstanding dues, including a four-year moratorium on spectrum instalment which is due in April 2022. The measure of telecom shares on the BSE jumped over 3 per cent with Bharti Airtel and Vodafone Idea among the top gainers.

Buying was visible across sectors as all the 19 sector gauges compiled by the BSE ended higher. IT, Industrials, Auto, Consumer Durables, Power, Utilities, Metal And Oil & Gas indices also rose between 1-2 per cent.

Mid- and small-cap shares also witnessed buying interest as Nifty Midcap 100 index rose 1 per cent and Nifty Smallcap 100 index advanced 0.7 per cent.

NTPC was top Nifty gainer, the stock rose 7.5 per cent to close at Rs 125. Bharti Airtel, Coal India, ONGC, Titan, HCL Technologies, State Bank of India, IndusInd Bank, Power Grid and Tata Motors also rose between 1.76-4.8 per cent.

On the flipside, Tata Consumer Products, Nestle, Grasim, Bharat Petroleum, Asian Paints, UltraTech Cement, Axis Bank and Britannia Industries were among the losers.

The overall market breadth was positive as 2,055 shares ended higher while 1,246 closed lower on the BSE.

Author: desi123

Desi123.com is an online news portal that aims to provide the latest trendy news for Asians living in Asia and around the World.

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