Sensex Trades Marginally Higher; Asian Paints & Axis Bank Top Gainers

Share markets in India are presently trading on a positive note. Barring IT sector, all sectoral indices are trading in green with stocks in the realty sector and finance sector witnessing maximum buying interest.

The BSE Sensex is trading up by 110 points (up 0.3%), while the NSE Nifty is trading up by 49 points (up 0.5%). The BSE Mid Cap index is trading up by 1.5% and the BSE Small Cap index is trading up by 1.1%.

The rupee is trading at Rs 70.17 against the US$.

The domestic currency strengthened in the early trade today following softening crude oil prices which eased concerns over India's current account deficit expansion.

On Tuesday, the rupee climbed 112 paise to register its best single-day gain in over five years.

In the news from the finance sector, shares of financial companies including banks, non-banking financial companies (NBFC), housing finance companies (HFCs) and microfinance institutions are witnessing buying interest today after the Reserve Bank of India (RBI) announced the plan to scale up liquidity infusion via the purchase of government bonds. On Tuesday, the RBI announced bond buyback programme for the current year on expectations to raise bond prices and boost bank treasury profits when lenders need capital.

Shares of Bajaj Finance, DHFL, Indiabulls housing finance, Bajaj Finserv were up by 2% - 5%.

Moving on to the news from the telecom sector, Reliance Communication share price is witnessing selling pressure today after the telecom department told the company and Reliance Jio Infocomm that it can't approve their deal to trade airwaves as it does not conform to its guidelines.

Shares of the company plunged over 12% in early trade today on the back of the above news.

As per an article in The Economic Times, the development follows Jio's letter to the department of telecommunications (DoT), written last week on Friday, where it sought assurance from the government that it won't be held liable for RCom's past dues related to airwaves.

1 2
View single page >> |

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

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.