Sectoral Watch – Most Discussed Telecom Stocks
Indices shrug-off trade war fears; Sensex ends 83 pts up at 35,658 levels
The benchmark indices pared most of their day’s gains to end marginally higher on Friday tracking recovery in the global markets.
The S&P BSE Sensex ended at 35,658, up 83 points while the broader Nifty50 index settled at 10,773, up 23 points.
Among sectoral indices, the Nifty Auto index settled over 1% led by rise in the stocks of Ashok Leyland, Hero MotoCorp and Tata Motors.
The rupee recovered 21 paise from intra-day low of 69.03 to trade at 68.82 against the US dollar in late morning deals. As the US is set to impose tariffs on Chinese goods today and sustained foreign capital outflows pressured the sentiment, the rupee fell sharply to 69.03 a dollar before quoting 68.82. The rupee moved in range between 68.82 and 69.03.
Shares of paint company Asian Paints, fast moving consumer goods (FMCG) firm Hindustan Unilever (HUL) and information technology giant Tata Consultancy Services (TCS) from the Sensex have hit their respective new highs on the BSE on Friday. Thus far in the current calendar year 2018, these three stocks have outperformed the market by gaining in the range of 15% to 39%, as compared to 4.5% rise in the S&P BSE Sensex.
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Moody’s upgrade lifts market mood; Sensex up 236 pts, Nifty ends above 10,200
Benchmark indices ended higher on Friday after global rating agency Moody’s Investors Service upgraded India’s sovereign rating to Baa2 from Baa3 and changed the outlook to stable from positive.
This development that will give a big boost to Modi government, reduce the cost overseas borrowing and improve investments in India. Rating company, while justifying the upgrade said that the reforms undertaken by the government will “improve the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth.”
The S&P BSE Sensex ended at 33,342, up 236 points, while the broader Nifty50 settled at 10,283, up 69 points.