Sensex, Nifty erase early morning gains

September 01, 2016 10:24 am | Updated November 17, 2021 04:45 am IST - Mumbai

After starting strongly in early trade, the benchmark BSE index was down by 6.35 7 points to 28,445.82 with the unveiling of Reliance Jio's 4G network. The announcement was made at the annual general body meeting by Mukesh Ambani.

Nifty was at 8,774.45 down by 11.75 points.

Stock brokers feel that as Bharti Airtel and other telecommunication sector stocks has lost its sheen, the stock markets witnessed some volatile movement.

Idea, Airtel tank up to 9% on Rel Jio’s lower tariff offers

Shares of Idea Cellular and Bharti Airtel plunged up to 9 per cent today after RIL Chairman Mukesh Ambani announced free voice calling and cheaper data tariffs for Jio customers.

Idea Cellular tanked 9 per cent to Rs 85 — its 52-week low on BSE.

Shares of Bharti Airtel dropped 8.99 per cent to Rs 302.

Earlier, the benchmark BSE Sensex spurted over 66 points to 28,518.53 and NSE Nifty reclaimed the 8,800—mark in early trade on continued buying by foreign funds and retail investors even as economic growth slowed to 7.1 per cent in the April-June quarter.

The 30-share index, which had gained 669.92 points in the previous three sessions, was up by 66.36 points, or 0.23 per cent, to 28,518.53 with the sectoral indices led by auto, FMCG and banking were trading in positive zone.

On similar lines, the NSE Nifty crossed the 8,800-mark by gaining 25.55 points or 0.29 per cent to 8,811.75.

Indian economy grew at the slowest pace in last six quarters at 7.1 per cent in the April-June period of current fiscal mainly on subdued performance of mining, construction and farm sectors.

Brokers said widening of positions by retail investors, triggered by sustained foreign fund inflows and significant purchases by domestic financial institutions in the past few sessions buoyed sentiments here.

Besides, a mixed trend overseas too influenced trading, they said.

Among other Asian markets, Japan’s Nikkei was up 0.13 per cent, Hong Kong’s Hang Seng gained 0.27 per cent, while Shanghai Composite index fell 0.16 per cent in early trade.

The US Dow Jones Industrial Average ended 0.29 per cent lower in Wednesday’s trade.

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