Indian stock markets ended higher on Tuesday led by gains in index heavyweights Reliance Industries (RIL), Infosys and HDFC Bank.
The Sensex ended 185.51 points or 0.46% higher to close at 40,469.70, while the Nifty rose 0.47% to close at 11,940.10.
Bharti Airtel and Vodafone Idea were the other prominent gainers today as the telecom operators said they will raise call charges starting 1 December. While Airtel gained 7.36% to close at ₹439.25, Vodafone Idea rose 34.68% to ₹6.02.
The hike in tariff from the two operators comes after a prolonged period of hyper-competition in India, where telecom tariffs are the cheapest in the world. The companies did not say by how much they plan to raise tariffs. The move follows an adverse Supreme Court judgement that dealt a ₹92,000 crore blow to legacy telecom operators, including Airtel and Vodafone Idea, which have been struggling with mounting debt, declining revenue and record losses.
Reliance Industries shares hit a new all-time high of ₹1514.95 to cross ₹9.5 trillion market cap, a first by an Indian company. The stock closed 3.52% higher at ₹1,509.80.
Infosys and HDFC Bank rose over 1% each.
Among laggards were Hero MotoCorp, Tata Motors, Tata Consultancy Services, Tata Steel, Mahindra & Mahindra, and Yes Bank with the shares falling 1-2.5%.
Shares of Sterling and Wilson Solar Ltd were locked in the lower circuit for the third straight day as its promoters failed to repay loan and requested the company’s board to consider a revised repayment schedule for the balance outstanding amount. The stock was down 10% at ₹289 on the BSE.
IDBI Bank shares rose 7% after the company divested its stake in IDBI Asset Management to Muthoot Finance.
Zee Entertainment fell 2.82% to ₹285.20 after Brickwork Ratings downgraded its non-convertible preference share issuer to BWR AA+ from BWR AAA, with a credit watch negative implication due to deteriorating financial position of the group following increase in pledge of promoter holding.
The BSE Midcap index lost 0.05%, while BSE Smallcap index gained 0.31%. The market breadth was largely negative. On the BSE, 1,158 shares rose, 1,387 shares fell and 189 shares were unchanged.