Sensex rises over 100 pts in opening, Nifty around 9800; Midcap shines
Benchmark indices opened on a positive note, with the Nifty trading above 9800-mark in the opening tick amid consolidation.
The 30-share BSE Sensex was up 116.55 points at 31,408.40 and the 50-share NSE Nifty rose 35.15 points to 9,800.70.
Nifty Midcap Index gained 0.7 percent on positive market breadth. About four shares advanced for every share falling on the BSE.
Market is in a modest consolidation phase, but I do not expect a major correction, said Geoffrey Dennis, Head-Global Emerging Market Strategy at UBS in an interview to CNBC-TV18.
Overweight on India amongst our global emerging market portfolio, said Dennis.
He expects 12 percent earnings per share (EPS) growth in FY18 and 15 percent EPS growth in FY19 for India.
Shares of Balaji Telefilms advanced 4 percent as the company has approved the stake sale to Reliance Industries (RIL).
The company in its board meeting held on August 22, has approved the allotment of 2.52 crore equity shares at a price of Rs 164 for a total consideration of Rs 413.28 crore to Reliance Industries on preferential basis through a private placement.
The company has got shareholders’ approval in the extra ordinary general meeting held on August 16, 2017.
RIL board last month approved to pick up around 24.92 percent stake in the company by acquiring 2.52 crore shares for around Rs 413 crore.
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