The Sensex is up 470 points in the afternoon trade on the Indian Stock Exchange and the Nifty 50 index is moving above its key psychological level of 17,800. The first half of the trade was volatile between gains and losses due to weak global references. However, late buys in index heavyweights such as Reliance Industries, Infosys, Tata Consultancy Services, Bharti Airtel and HDFC Bank lifted the codes.
As at 2:57 pm, the Sensex was up 444 points at 59,743 and the Nifty 50 was up 138 points at 17,829.
Analysts said strong September quarterly earnings starting with IT firm TCS and continued expectations of the Reserve Bank of India’s monetary policy have boosted investor sentiment.
Nine of the 15 sectoral benchmarks compiled by the National Stock Exchange traded higher by 2.7 per cent on the Nifty Oil & Gas Index.
Shares of Bharti Airtel and Vodafone Idea rose 3.26 per cent and 7 per cent, respectively, following the government’s announcement of a one-time spectrum tariff (OTSC) of Rs 40,000 crore imposed on telecom companies. The Department of Telecommunications (DoT) has asked for three weeks to reconsider its decision to impose a fine on telecom companies Airtel and Vodafone Idea for delaying the payment of a one-time spectrum fee.