Nifty extends rally; Sensex jumps 300 pts as WB ups India ranking
Equity benchmarks as well as Nifty Bank started off Wednesday's trade with record highs, backed by banks, metals and telecom stocks. The rally was after the World Bank said India's rank on 'ease of doing business' scale has risen from 130th to 100th this year, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.
The 30-share BSE Sensex was up 209.28 points or 0.63 percent at 33,422.41 and the 50-share NSE Nifty rose 61.20 points or 0.59 percent to 10,396.50.
About 950 shares advanced against 202 declining shares on the BSE.SBI, Bharti Airtel, Axis Bank, Yes Bank, Vedanta, Tata Steel and JSW Steel were early gainers.
India's largest car maker Maruti Suzuki's October sales missed analyst expectations on Wednesday, rising 9.5 percent year-on-year. It was driven by compact cars (Dzire, Baleno etc) and utility vehicles (Vitara Brezza, Ertiga etc).
The company sold 1.46 lakh units in October 2017 against 1.34 lakh units in same month last year.
The board of directors of Reliance Communications yesterday approved the issuance of shares to the tune of 10 percent of the equity shareholding of Reliance Communications, to SSTL, as part of the agreement between the two companies.
Under the terms of the agreement between RCOM and Sistema, RCOM will acquire the telecommunications business of SSTL including its licenses. In addition, RCOM will acquire 30 MHz of the most valuable and superior 800 / 850 MHz band spectrum, ideally suited for 4G LTE services and other evolving technologies, to complement its own unique nationwide footprint.
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