Markets eke out gains in range-bound trade; Bharti Airtel rallies 8 per cent

Mumbai, November 15 

Market benchmark BSE Sensex closed with modest gains on Friday, led by a spurt in Bharti Airtel and SBI, amid encouraging global cues.

The 30-share index, which opened on a firm note, came under selling pressure at the fag-end of the session as investors turned cautious over weak growth signals.

After climbing over 363 points during the day, the Sensex ended 70.21 points, or 0.17 per cent, higher at 40,356.69.

Similarly, the broader NSE Nifty rose 23.35 points, or 0.20 per cent, to end at 11,895.45.

During the holiday-shortened week, the Sensex inched up 33.08 points or 0.08 per cent, while the Nifty dipped 12.7 points or 0.10 per cent.

Bharti Airtel was the top gainer in the Sensex pack on Friday, zooming 8.42 per cent, following reports that the government is looking at setting a floor price or minimum tariff for mobile services.

Other gainers included SBI, Kotak Bank, Sun Pharma, Tata Motors, M&M and Tata Steel, rising up to 5.19 per cent.

On the other hand, Hero MotoCorp, Bajaj Auto, Maruti, ITC, Vedanta, NTPC and Tech Mahindra fell up to 1.85 per cent.

Investors remained on the edge after weak macroeconomic releases this week, experts said, adding that forecasts of slower GDP growth over the past few days also weighed on market mood.

“Telecom stocks zoomed higher after reports that Department of Telecom (DoT) might set floor price on data and voice tariffs. Metal stocks also joined in on probable resolution of trade issues between India and the US,” said Paras Bothra, president of Equity Research, Ashika Stock Broking.

Sectorally, BSE telecom index rallied the most at 8.40 per cent, followed by bankex, teck, healthcare and finance, rising up to 0.90 per cent.

However, power, FMCG, IT, oil and gas, auto and realty lost up to 0.76 per cent.

Broader BSE midcap and smallcap indices ended on a mixed note.

Global markets showed mixed performance during the week as markets saw profit booking on conflicting signals regarding progress on a trade deal between the US and China, said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Bourses in Hong Kong, Tokyo and Seoul settled on a positive note on Friday, while Shanghai ended in the red.

European equities were trading higher in early deals.

Meanwhile, the Indian rupee appreciated 14 paise to 71.81 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, slipped 0.42 per cent to USD 62.02 per barrel. PTI