The Indian stock market rallied to a near 3-week high as a gauge of lenders snapped its two-day losing streak and automakers extended their rally. The key benchmark extended their gains in the late afternoon session and was hovering near the highest point of the day on continued buying by domestic institutional investors amid higher opening among European counterparts. Sentiments remained upbeat on expectations of positive Gross Domestic Product (GDP) data to be released later in the day.
Nifty closed 82.35 points higher at 8,224.50, while BSE Sensex ended with a gain of 258.80 points at 26652.81.
Further, Oil markets edged up ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014.
On the global front, most Asian indices closed in green and marginally up. However, The Shanghai Composite index slipped 0.99%. In Europe, the FTSE 100 was up 0.35%. CAC 40 and DAX was up 0.36% and 0.24% respectively, where all indices were trading in green while, the US Nasdaq was also up 0.21%.
The firm benefited from higher coal prices, dividend income and low finance costs. Barring two units, all key subsidiaries generated operating profits and several reported better operating profits. The recent rebound in coal rates is also likely to benefit Tata Power in the current quarter also.
Tata Power’s share price opened the trading day up by 1.3% on the BSE.
In another development, according to Telecom Secretary J.S. Deepak, the Indian telecom sector has received foreign direct investment (FDI) of US$10 billion in the first eight months of the current fiscal. The FDI was US$1.3 billion in 2014-15 and US$2.9 billion in 2015-16.
He stated that Unstructured Supplementary Service Data (USSD) needs to be simplified. The USSD service is used by people using feature phones to check the balance in their bank accounts and transfer money.
The sectoral regulator Telecom Regulatory Authority of India (TRAI) has recently lowered the USSD tariff to a maximum of 50 paise per transaction, from the earlier rate of Rs 1.50 per session.
Gold was trading at Rs 28,645 per 10 gms and silver was trading at Rs 40,712 per kg.
The Indian rupee was trading at 68.48 per US dollar.
Out of 1487 stocks traded on the NSE, 389 declined and 1028 advanced today..
Top 5 Nifty Gainers: GAIL (3.34%), ONGC (2.72%), Reliance Ind. (1.44%), HDFC (0.77%) and Lupin Ltd (0.69%).
Top 5 Nifty Losers: Asian Paints (-2.63%), Tata Motors (-1.45%), Bharti Airtel (-1.05%), Adani Ports & Sez (-0.81%) and ICICI Bank (-0.70%)
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