Equity indices close the week with marginal gains, Vodafone Idea up 25 pc
Mumbai (Maharashtra) [India], Nov 15 (ANI): The last trading hour on Friday wiped out early intraday gains but equity parameters closed in the green with marginal gains led by a rally in shares of public sector banks.
ANI
Nov 15, 2019 16:48 IST
Mumbai (Maharashtra) [India], Nov 15 (ANI): The last trading hour on Friday wiped out early intraday gains but equity parameters closed in the green with marginal gains led by a rally in shares of public sector banks.
The BSE S&P Sensex closed 70 points higher at 40,357 while the Nifty 50 edged up by 23 points to 11,895. Sectoral indices at the National Stock Exchange were mixed with Nifty PSU bank gaining by 3.5 per cent.
Shares of telecom major Vodafone Idea and Bharti Airtel surged ahead dramatically amid reports that the government will step in to help the ailing sector. The development came a day after both companies reported a combined loss of Rs 74,000 crore and warned their ability to operate will depend on relief measures.
Vodafone Idea closed 24.75 per cent higher at Rs 3.68 per share while Bharti Airtel gained by 9.24 per cent at Rs 396 per scrip. Bharti Infratel wound up the day at Rs 228.90, up 9.71 per cent.
PSU banks rallied after the Supreme Court set aside the NCLAT judgment in Essar Steel case, paving the way for distribution of claims as decided by the committee of creditors.
State Bank of India gained by 5.5 per cent to close at Rs 322.95 per share. The other prominent winners were Grasim, Cipla, GAIL, Kotak Mahindra Bank and Sun Pharma.
However, those which closed with losses were IndianOil Corporation, Bharat Petroleum Corporation, Hero MotoCorp, Maruti and Vedanta.
Meanwhile, Asian stocks jumped after the White House suggested that Washington and Beijing were close to striking a trade deal, reviving hopes the tariff war may near an end.
However, analysts said investor sentiment remained fragile after weak data from China reinforced concerns about the global economy.
Japan's Nikkei added 0.7 per cent, South Korean Kospi by 1.07 per cent and Hong Kong's Hang Seng by 0.01 per cent. (ANI)
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