Nifty drifts approx. 5100; Reliance, Tata steel, HCL Tech up – Equities were looking and observing buying activity all across the board on Monday passed by gains in Reliance industries. This positive opening of the European market also helped emotions and sentiments of individuals.
In the afternoon at around 2:22 PM, Nifty National Stock Exchange was at 5098.95, up 46.50 points or 0.92 per cent. The broader index concerned intraday high of 5106.80 and low of 5052.10. Sensex at Bombay Stock Exchange was at 17,178.81, up 156.96 points or 0.92 per cent. The broader index touched an intraday high of 17188.01 and low of 17045.02.
BSE Midcap Index was up 0.25 per cent and BSE Smallcap Index moved up 0.88 per cent. Among sectoral indices, BSE FMCG Index moved 1.75 % higher, BSE Oil and Gas moved 2.48% higher and BSE Metal Index jumped 1.28%. Besides this, BSE IT Index was low by 0.38%.
Reliance Industries shares were responding to the company’s offer made for Lyondell Basell. As per media reports, Reliance Industries would be offering up to $12 billion for bankrupt petrochemicals company Lyondell Basell. The deal if carried out, would take Reliance top most line more up by $80 billion, which is greater than industry titans like Dow Chemicals.
In the mean time, as the tariff war goes cloudier, telecom stocks were under pressure. Tata Teleservices has broadened its per second billing scheme to roaming calls as well, as the tariff war now is in the world’s fastest growing wireless market heats up.
On last Friday, Bharti Airtel had also declared a new billing plan that will lower mobile roaming rates by approx. 60%. Amongst the top Nifty gainers were Cipla (2.28%), Tata Steel (2.72%), HCL Tech (4.02%), Reliance (3.14%) and ITC (2.81%). Besides this, among the Nifty losers were JP Associates (-1.35%), Power Grid (-0.98%), Suzlon Energy (-1.30%), Bharti Airtel (-3.86%) and IDEA (-2.35%). The European markets were in the positive terrain led by commodities. CAC 40 was up by 1.68%, FTSE gained 1.29% and DAX moved higher by 1.68%.
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