Sensex Pares Gains After Rousing Start; Vodafone, Bharti Rally
(RTTNews) - Indian stocks opened higher Tuesday morning as investors shrugged off concerns about U.S.-China trade dispute and lined up at a few blue chip counters in early trades.
However, with stocks finding stiff resistance at higher levels, the market pared a substantial portion of its early gains and was up just marginally a little while ago.
The benchmark BSE Sensex, which zoomed to 40,455.36 at the start, was up 20.80 points, or 0.05%, at 40,304.99.
The National Stock Exchange's Nifty50 was up 2.75 points, or 0.02%, at 11,887.25, having retreated from an early high of 11,925.70.
Telecommunications stocks were in demand after Vodafone Idea said it will play its due role in realising the vision of Digital India by providing seamless mobile services to customers across India.
The company said on Monday that it will increase the prices of its tariffs from December 1. Bharti Airtel has also announced a tariff hike from next month.
Shares of Vodafone Idea were up nearly 17%. Bharti Airtel gained about 4.5% and Bharti Infratel moved up 5.8%.
Cipla gained nearly 3%, while Tech Mahindra and Axis Bank were up 1.5% and 1.3%, respectively. Reliance Industries, Larsen & Toubro, NTPC, Grasim Industries and Infosys were modestly higher.
Zee Entertainment Enterprises declined by about 2% after Brickwork Ratings India downgraded the credit rating of the company's Cumulative Redeemable Non-Convertible Preference Shares, from 'AAA' to 'AA+'.
Vedanta, GAIL India, Tata Consultancy Services and Hindustan Unilever were down 1 to 1.4%.
Markets across Asia-Pacific region are turning in a mixed performance amid uncertainty about a potential U.S.-China interim trade deal.
U.S. stocks closed with modest gains on Monday, with all the three major averages, the Dow, the Nasdaq and S&P 500 ending at new highs.
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