Sensex, Nifty end flat; Bharti Airtel, RIL lead gainers
Most Asian markets are higher todayBharti Airtel, Vodafone Idea and Reliance Jio will raise tariffs
Indian stocks markets ended flat today amid a volatile session. The Sensex opened higher today, tracking an advance in other Asian markets. The Sensex settled 8 points higher at 40,802 while Nifty ended at 40,802, down 0.07%. Bharti Airtel surged 4% while RIL gained 2.3%. Mobile calls and internet charges will go up as private sector players Bharti Airtel, Vodafone Idea and Reliance Jio on Sunday announced their plans to raise tariffs.
Yes Bank on Friday said that investors have evinced interest to pump $2 billion into the private sector lender. The bank's board will reconvene on December 10 to finalise and approve details of capital infusion, which will take place through preferential allotment. Yes Bank shares ended 6% lower.
Another private sector lender RBL Bank Ltd, on Saturday, said it has approved raising of ₹825.79 crore worth equity capital by way of preferential allotment to five investors at a price of Rs. 340.70 per share. RBL Bank shares ended 0.8% higher at ₹376.7.
GDP data released on Friday showed Indian economy growing at a 26-quarter low of 4.5% in the three months to September 30. Amar Ambani, head of research at Yes Securities, said while there may be a mild negative reaction in near term, it will not change the medium term trajectory for equities.
"After 135 basis rate cut delivered by the RBI since February 2019, we expect the RBI to cut rates by an additional 25 bps in December, taking the repo rate to 4.90%. Going forward, we believe fiscal policy will need to play a dominant role in supporting overall growth," he added.
The RBI will deliver its rate decision on December 5.
Most Asian markets were higher today as investors cheered data showing a surprise jump in Chinese factory activity.
(With Agency Inputs)
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