Equity benchmark indices were in the positive zone during early hours on Tuesday after an extended weekend on account of Diwali, tracking a spurt in Asian scrips amid hopes of progress in US-China trade talks.
At 10:15 am, the BSE S&P Sensex was up by 152 points at 39,402 while the Nifty 50 edged higher by 36 points to 11,663. Sectoral indices at the National Stock Exchange were mixed with Nifty auto up by 2.8 per cent and metal by 2.3 per cent. Nifty financial service, FMCG and media were in the red.
At 10:15 am, the BSE S&P Sensex was up by 234 points or 0.6 per cent at 39,485 while the Nifty 50 edged higher by 73 points to 11,700. Sectoral indices at the National Stock Exchange were mixed with Nifty auto up by 2.8 per cent and metal by 2.3 per cent. Nifty financial service, FMCG and media were in the red.
Other auto stocks also gained with Mahindra & Mahindra moving up by 2.4 per cent, Maruti by 2.2 per cent and Eicher Motors by 1.9 per cent.
Metal scrips too showed gains with Tata Steel edging higher by 7.3 per cent, JSW Steel by 4 per cent, Vedanta by 3.8 per cent and Hindalco by 2.2 per cent.
But telecom stocks continued their downward slide after the Supreme Court last week rejected the operators’ definition of adjusted gross revenue (AGR). The judgement will negatively impact incumbent cash-strapped operators by over Rs 92,000 crore.
Vodafone Idea plunged by 6 per cent, Bharti Infratel by 6.4 per cent and Bharti Airtel by 3.2 per cent.
Meanwhile, Asian shares rose to a three-month peak after Wall Street hit all-time highs a day earlier amid hopes of progress in US-China trade talks.
Japan’s Nikkei rose by 0.5 per cent while MSCI’s broadest index of Asia Pacific shares outside Japan crept up by 0.2 per cent to its highest since late July. South Korea’s Kospi also added gains of 0.1 per cent.
US President Donald Trump said on Monday he expected to sign a significant part of the trade deal with China ahead of schedule but did not elaborate on the timing.