Sensex Ends 181 Points Higher; Telecom & Metal Stocks Witness Buying

Indian share markets witnessed buying interest during closing hours and ended on a positive note. Gains were seen in the telecom sector, finance sector and metal sector, while IT stocks and consumer durable stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 181 points (up 0.5%) and the NSE Nifty closed higher by 55 points (up 0.5%). The BSE Mid Cap index ended the day up 0.5% and the BSE Small Cap index ended the day up by 0.1%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 2.3% and the Shanghai Composite was up by 2.1%. The Nikkei 225 was down 2.6%.

The rupee was trading at 69.78 against the US$.

The rupee strengthened tracking gains in Asian currencies as the dollar fell on weak US manufacturing data.

In the news from the retail sector, Future retail share price was in focus today after the government tightened rules for e-commerce companies.

The government last week announced changes to e-commerce policy to check predatory pricing and deep discounting.

Shares of the company have plunged as much as 21% in eight trading sessions on back of the above news.

In the news from the IT sector, Mphasis share price was in focus today as the company has extinguished 73,20,501 fully paid up equity shares of Rs 10 each in dematerialized form and 54 fully paid equity shares of Rs 10 each in physical form consequent to a conclusion of buyback of 73,20,555 equity shares of the company.

Further to the above, the paid-up share capital of the company, post buyback, is 1,86,09,65,530 equity shares of Rs 10 each.

In another news, Wipro share price is also considering a share buyback of up to $1-1.2 billion in the January-March quarter.

Reportedly, the National Company Law Tribunal (NCLT) is currently looking at Wipro's proposal of merging Wipro Technologies Austria, Wipro Information Technologies Austria, NewLogic Technologies SARL and Appirio India Cloud Solutions with the company.

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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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