Sensex Ends 137 Points Higher; Realty And Telecom Stocks Witness Buying

Indian share markets continued their momentum throughout the day and ended the day on a strong note. Gains were largely seen in the realty sector, telecom sector and power sector.

At the closing bell, the BSE Sensex stood higher by 137 points (up 0.4%) and the NSE Nifty closed higher by 59 points (up 0.5%). The BSE Mid Cap index ended the day up 1.5% and the BSE Small Cap index, ended the day up by 1.1%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood up by 0.1% and the Nikkei was trading down by 0.6%. The Shanghai Composite stood lower by 1.1%.

European markets were trading on a positive note. The FTSE 100 was up by 0.7%. The DAX was up by 0.4% while the CAC 40 was up by 0.5%.

The rupee was trading at 70.36 to the US$ at the time of writing.

Speaking of Indian share markets, on Friday, the Sensex closed at 35,965, just a little shy of the 36,000 mark.

Incidentally, the Sensex closed at almost the same level - 35,963 to be precise - at the end of January 2018.

But are the broader markets also back to the levels they were in January 2018?

The 10-Trillion Rupee Gap Between the Sensex and the Broader Markets

In the news from the banking space, IDBI Bank share price was in focus today as the lender yesterday said that it has received final letter from Life Insurance Corporation (LIC) for an open offer to acquire additional 26% in the lender.

The open offer has been made at a price of Rs 61.73 a share, which is in connection with LIC's acquisition of 51% controlling stake in IDBI Bank.

Last month, the Competition Commission cleared LIC's proposed acquisition of up to 51% stake in debt-laden IDBI Bank.

Reportedly, the deal would help the insurance behemoth to enter the banking space and would provide business synergies despite the IDBI Bank's stressed balance sheet.

In August, the government gave its nod for the LIC's proposed purchase of up to 51% stake in the bank.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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