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

The Indian fairness benchmarks surged to report highs on Wednesday led by positive aspects in Bharti Airtel, Infosys, Tata Consultancy Services, State Bank of India, NTPC and HCL Technologies. The Sensex rose as a lot as 530 factors to hit report excessive of 58,777.06 and Nifty 50 index moved above vital psychological degree of 17,500 for the primary time.

The Sensex superior 476 factors to finish at 58,723.20 and Nifty 50 index climbed 139 factors to shut at 17519.45.

“Nifty continues to trade with a positive bias for the short as well and medium term. We expect the index to conquer 18,000 and above in the medium term. Last matured support for the index is seen at 17,080 above which we remain positive. Options concentration is seen at 17,000 put and 17,500 call – this is indicative of some resistance at 17,500-17,600 levels. Value is seen in Auto and Mid-cap Banking stocks; expect outperformance in the midcap space to continue,” stated Sahaj Agrawal, head of analysis derivatives at Kotak Securities.

Telecom shares witnessed robust shopping for curiosity after the federal government introduced reduction measures for the telecom sector. The Union Cabinet on Wednesday cleared a reduction package deal for the careworn telecom sector which entails rest to telecom firms on fee of their lengthy excellent dues, together with a four-year moratorium on spectrum instalment which is due in April 2022. The measure of telecom shares on the BSE jumped over three per cent with Bharti Airtel and Vodafone Idea among the many high gainers.

Buying was seen throughout sectors as all of the 19 sector gauges compiled by the BSE ended greater. IT, Industrials, Auto, Consumer Durables, Power, Utilities, Metal And Oil & Gas indices additionally rose between 1-2 per cent.

Mid- and small-cap shares additionally witnessed shopping for curiosity as Nifty Midcap 100 index rose 1 per cent and Nifty Smallcap 100 index superior 0.7 per cent.

NTPC was high Nifty gainer, the inventory rose 7.5 per cent to shut at Rs 125. Bharti Airtel, Coal India, ONGC, Titan, HCL Technologies, State Bank of India, IndusInd Bank, Power Grid and Tata Motors additionally rose between 1.76-4.eight per cent.

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

The total market breadth was optimistic as 2,055 shares ended greater whereas 1,246 closed decrease on the BSE.

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