Sensex crosses 34000 mark; telecom, realty led rally

Reliance Communication share closed 30.78% higher on the BSE, as Anil Ambani said debt of the company would come down

Benchmark indices, led by telecom and metals and realty stocks, closed up after falling to 33889.75 points in the noon trade.

Sensex closed above 34,000 mark, while Nifty closed at 10,531.50, up 0.37%.

Reliance Communication share traded at 21.33 or up 30.78% on the BSE and 21.505.20 or up 31.90% on the BSE after Anil Ambani said that the total debt of the company would come down by Rs 39,000 crore and the company will close all the transactions by January-March 2018.

Anil Ambani's other companies were also trading higher. At close, Reliance Naval (up 5.68%), Reliance Infrastructure (up2.41%), Reliance Power (up3.85%), Reliance Capital (up7.02%), Reliance Home Finance (up 0.45%) performed well on the BSE on Tuesday

Telecom index was at 1656.10, up 2.28%. In the index, all the stocks did well. Bharti Airtel closed 2.59% higher while Tata Teleservices (Maharashtra) Ltd, Idea Cellular and MTNL closed 2.92%, 1.09% and 1.08% higher, respectively.

Shares of real estate companies continued their upward rally with the Nifty Realty index hitting a fresh 52-week high of 337.70 on the NSE in intra-day trade. The index has gained over 102% in the calendar year 2017 (CY17).

At market close, the index was up 1.14% at 337.05 points. Shares of DLF (up 3.26%), Housing Development & Infrastructure (HDIL) (up 2.07%), Sobha Ltd (up 1.05%), Indiabulls Real Estate Limited (up 1.54%) and Oberoi Realty (up 0.05%) were the stocks performing well on the NSE.

Godrej Properties was up 0.46% with hitting day's high of 705.50 points, while shares of DLF, Sobha and Godrej Properties raised over 100% in the last 12 months.

The Phoenix Mills Limited (down 0.34%), Unitech (down 1.32%) and Brigade Enterprises (down 2.73%) were trading in the negative territory.

Benchmark NSE Nifty50 index was down 7 points down at 10,486, while the BSE Sensex was 17 points down at 33,923 in the mid-noon trading session.

Among the 50 stocks in the Nifty50 index, 32 were trading in the green, while 18 were in the red.

The Nifty Bank too turned positive in the final hour of trade after staying in the flat to negative territory through the day.

Among other stocks, Welspun Corp added 13.5% intraday as it bagged an order for supply of 124 K MTs pipes, according to a Moneycontrol report. The stock ended 4% higher.

Coromandel International touched 52-week high of Rs 558.60, gaining 3%, as it announced acquisition of bio-pesticides business of EID Parry.

In the Nifty 50 index, Bosch (up 1.87%), Oil & Natural Gas Corporation( up 0.16%), Vedanta (up 1.71%), GAIL (up 1.30%), Cipla (up 1.75%) and Asian Paints (up 1.12%) were among the top gainers.

Nifty Index futures and Bank Nifty Index futures ended 0.24%/0.10% higher with a surge in open interest to the tune of Rs 8.87 lakh shares/ Rs 46,000 shares, respectively.

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