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Sensex soars to 100 pts, Nifty opens higher; Airtel stock surges 10%

The Indian stock market opened higher despite Asian markets falling from their 19-month highs after Federal Reserve minutes indicated a cautious approach to raising US interest rates.

BT Online | February 23, 2017 | Updated 12:19 IST
Sensex soars to 100 pts, Nifty opens higher; Airtel stock surges 10%

The Indian stock market opened higher despite Asian markets falling from their 19-month highs after Federal Reserve minutes indicated a cautious approach to raising US interest rates.

At 09.50 AM, the S&P BSE Sensex was trading at 28,926, 61.69 points higher, while the broader Nifty50 was ruling at 8,945., up 18.35 points.

"8,905-8,874 would provide a decent support to Nifty; whereas on the flipside, 8,969 remains to be an immediate hurdle. Surpassing this level would unfold possibility of a new high soon, however, tomorrow's session being a February month derivatives expiry; we would expect some volatility in the market. Also, we hope this series to conclude at a new 52-week high," said an Angel Broking report.

Shares of Bharti Airtel rose over 10 per cent to hit its 52-week high of Rs 400  becoming the top mover on Sensex and Nifty.

India's largest telecom network operator said it would buy Telenor (India) Communications Pvt Ltd, in a deal that will bolster Airtel's footprint with additional spectrum in the 1800 MHz band.

Airtel will buy Telenor's India operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, Uttar Pradesh (East), Uttar Pradesh (West) and Assam, the company said in a statement.

Among the other gainers were TCS and GAIL rising as much as 1.87 per cent and 1.01 per cent respectively.

Global markets

Among Asian markets, China's Shanghai Composite was down 0.39 per cent, the Hang Seng Index was 115 points lower while Japan's Nikkei was 46 points down.

On Wall Street, the Dow ended up 32.6 points at 20,775.6, the S&P 500 closed down 2.56 points at 2,362.82 and the Nasdaq Composite finished down 5.32 points to 5,860.63.

The Dow reached its ninth straight all-time closing high.

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