look news india
Mumbai: With the telecom auction ending in a few hours today, funds today rallied Reliance, Bharti Airtel-led Sensex, Nifty-based to record gains due to reports of major tariff hikes by telecom operators Reliance-Jio, Bharti Airtel, Vodafone-Idea. The market was also supported by a rally in telecom stocks as well as continued buying in banking-finance frontline stocks by domestic institutional investors. Cement stocks including UltraTech Cement remained attractive in anticipation of a big announcement in the infrastructure sector, this time, amid preparations for the Union Budget. Sensex today hit a new intraday high of 78759.40 and closed at 78674.25, up 620.73 points and Nifty 50 spot hit a new record high of 23889.90 and closed at a new high of 23868.80, up 147.50 points.
Reliance hits Rs.3037, new highest this year: finally rises Rs.119 to Rs.3027: Bharti Airtel hits Rs.1479
With the news of telecom service providers buying radio waves worth Rs 11,300 crore at only 12 per cent of the government's minimum spectrum offer of Rs 96,238 crore, reports of a big hike in tariffs by telecom companies led to aggressive buying in telecom stocks today. The last time tariffs were hiked by telecom service providers was in December 2021 by 20 per cent. This time a hike of 15 to 20 per cent is expected. Reliance Industries hit a new fifty-two week high of Rs 3037 and closed at Rs 3027.40, up Rs 118.90. While Bharti Airtel made a new 52-week high of Rs 1479.50 and finally closed at Rs 1458.55, up Rs 43.45. With this, Vodafone Idea rose by 82 paise to Rs 18.02, TTML rose by Rs 3.35 to Rs 80.72, MTNL rose by Rs 1.31 to Rs 44.18.
Buying continues in banking stocks: Bankex surges 345 points: ICICI Bank, Axis gain
The BSE Bankex index closed 344.67 points higher at 60149.88 as local funds continued to buy banking stocks, especially private bank stocks. ICICI Bank rose Rs 19.20 to Rs 1218.25, Axis Bank rose Rs 16 to Rs 1385.90, Kotak Mahindra Bank rose Rs 14.95 to Rs 1797.10, State Bank of India rose Rs 3.20 to Rs 845.05.
Profit booking in metal-mining stocks: NMDC, Vedanta, APL Apollo, SAIL, Tata Steel fall
BSE Metal index closed 483.31 points lower at 32666.45 as funds reduced overbought positions in metal-mining stocks today. NMDC fell Rs 8.75 to Rs 1590, SAIL fell Rs 3 to Rs 144, Tata Steel fell Rs 3.15 to Rs 172.55, APL Apollo fell Rs 35.20 to Rs 1590, Vedanta rose Rs 11.95 to Rs 442.15, Hindalco rose Rs 11.65 to Rs 673.85, Jindal Steel rose Rs 15.35 to Rs 1048.
Auto stocks also retreated: Mahindra fell Rs 59 to Rs 2851: Bajaj Auto fell Rs 176 to Rs 9480
In automobile stocks today, the BSE Auto index fell 431.83 points to close at 56919.31 as funds booked huge profits. Mahindra & Mahindra fell Rs 58.65 to Rs 2851.35, Bajaj Auto fell Rs 176.25 to Rs 9480.05, TVS Motor fell Rs 30.65 to Rs 2385, Hero Motocorp fell Rs 65.80 to Rs 5447.75, MRF fell Rs 1057.30 to Rs 1,25,852, Eicher Motors fell Rs 38.50 to Rs 4734.60. Bosch rose by Rs 312.30 to Rs 34,127.25, Tube Investments rose by Rs 34.25 to Rs 4236.50, Maruti Suzuki rose by Rs 90.95 to Rs 12,204.
Overvaluation in small, mid-cap stocks leads to profit-booking by funds: 1,960 stocks close negative
The market breadth remained marginally negative as valuations in small, mid-cap stocks turned expensive due to overbought conditions in many stocks, while operators continued to book profits in many stocks. Out of the total 408 stocks traded on the BSE, the number of losers was 1960 and the number of gainers was 1922.
Investors' wealth in stock-market cap increased by Rs 1.26 lakh crore to Rs 437.02 lakh crore
Today, due to aggressive index-based rally led by Reliance, Bharti Airtel, banking stocks, investors' wealth i.e. total market capitalisation of BSE-listed companies increased by Rs 1.26 lakh crore to Rs 437.02 lakh crore.
FPIs/FIIs net sold shares worth Rs. 3535 crore: DIIs net sold shares worth Rs. 5104 crore
Foreign Portfolio Investors – FPIs, FIIs made a net sale of shares worth Rs 3535.43 crore in cash today on Wednesday. A total of Rs 23,456 crore was sold as against a total purchase of Rs 19,920.57 crore. While DIIs-Domestic Institutional Investors made a net purchase of Rs 5103.67 crore in cash today. A total of Rs 13,238.70 crore was sold as against a total purchase of Rs 18,342.37 crore.