Benchmark indices rose after a weak opening amid weakness in global markets.
The BSE Sensex rose 446 points (up 0.8%) at the closing bell.
Meanwhile, the NSE Nifty closed with a gain of 131 points (up 0.7%).
ONGC and IndusInd Bank were among them top beneficiary Today.
On the other hand, Cipla and Hindalco Industries were the top gainers today.
At the time of writing the news, SGX Nifty was trading 113 points higher at 17,820.
The BSE Midcap index and BSE Smallcap index ended up 0.3% and 0.5%, respectively.
Sectoral indices ended on a positive note with oil and gas sector, energy sector and telecom sector buying the most.
On the other hand, selling pressure was witnessed in realty and healthcare stocks.
Shares of HPCL and Tata Chemicals hit their 52-week highs today.
Asian stock markets today closed with a mixed trend.
In today’s session, the Hang Seng closed with a gain of 0.3%, while the Nikkei closed with a decline of 2.2%.
US Stock Futures is trading on a positive note today, with Dow Futures trading up 128 points.
Rupee is trading at 74.44 against US Dollar.
Gold prices are trading lower by 0.5% for the latest contract on MCX ₹46,653 per 10 grams.
In news from the finance sector, Shrey Infra Finance was one of the top buzzing stocks today.
Shares of SREI Infrastructure Finance closed 5% lower circuit today after the Reserve Bank of India (RBI) superseded the company’s board of directors.
was stuck on the script ₹8.2 each on the BSE, down 5% while on the National Stock Exchange (NSE), it was . was closed on ₹8.2, down 4.7%.
On Monday, the RBI said it has superseded the boards of Kolkata-based non-banking financial companies (NBFCs) SREI Infrastructure Finance and SREI Equipment Finance.
The central bank said in a statement,
In exercise of the powers conferred under Section 45-IE(1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL). For governance concerns and defaults by the aforesaid companies in meeting their various payment obligations
It further informed that former Chief General Manager of Bank of Baroda Rajnish Sharma has been appointed as the administrator of both the companies under Section 45-IE(2) of the RBI Act.
Additionally, the central bank set up a three-member advisory committee to assist the administrator. These include R Subramaniakumar, former MD and CEO of Indian Overseas Bank, TT Srinivasaraghavan, former MD of Sundaram Finance and Farooq N Subedar, former CEO and company secretary of Tata Sons.
SREI Infra Finance share price ended the day lower by 5% on BSE.
Moving on to the news of the telecom sector…
DoT may reconsider imposing one-time spectrum fee
Shares of Vodafone Idea rose 7% today as concerns over the company’s survival faded.
In what could come as a relief to telecom operators, the Department of Telecommunications (DoT) has submitted an affidavit to the Supreme Court of India stating that it wants to reconsider the imposition of one-time spectrum charges on telecom operators, raising tensions and a citing the possibility of monopoly
Despite government measures, most of the telecom service providers are suffering and the one-time spectrum charges will incur a financial burden of ₹400 bn, DoT told the top court.
However, a decision will have to be taken after investigation. DoT has sought three weeks’ time for review.
Meanwhile, Bharti Airtel shares too reacted to the development and registered a rally in trade today.
Another media report said the Center is exploring a way to do away with the existing spectrum usage charges as part of the next set of reforms, phasing out the charges for airwaves to be brought up in future auctions. This is also expected to strengthen investor sentiment.
Share price of Bharti Airtel and Vodafone Idea rose 2.6% and 1.2% respectively.
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see full image
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(This article is syndicated from) equitymaster.com)
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