Key indices surge on positive cues
Equity indices returned to winning ways on Tuesday after a day’s pause, propelled by Bharti Airtel, HUL and Reliance Industries amid a positive trend in global markets.
Mumbai: Equity indices returned to winning ways on Tuesday after a day's pause, propelled by Bharti Airtel, HUL and Reliance Industries amid a positive trend in global markets. Bharti Airtel was the top gainer in the Sensex pack, rallying 6.38 per cent, after the Supreme Court granted 10 years to telecom firms for paying the adjusted gross revenue (AGR)-related dues to the government with certain conditions.
A sharp appreciation in the rupee -- which breached the 73-mark against the US dollar -- added to the momentum, traders said. After a choppy session, the BSE Sensex settled 272.51 points or 0.71 per cent higher at 38,900.80. It hit an intra-day high of 39,226.82 and a low of 38,542.11. Similarly, the NSE Nifty advanced 82.75 points or 0.73 per cent to settle at 11,470.25. It touched a high of 11,553.55 and a low of 11,366.90 during the day.
"Indian markets exhibited heightened volatility today following publishing of GDP data and SC ruling in the AGR case for telecom companies. Global cues were positive following Chinese factory data which indicated demand increasing. Liquidity, driven by high FII inflows in August, has provided good support for the markets, in spite of a general concern regarding high valuations in some sectors and stocks.