Market Now: Reliance Communications boosts BSE Telecom index
Benchmark BSE Sensex was 71 points up at 34,082, while the NSE Nifty50 index was 9 points up at 10,540.
By ETMarkets.com | Updated:
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NEW DELHI: The S&P BSE Telecom index was trading 0.57 per cent up at 1,666 around 11:50 am (IST) on Wednesday, with shares of Reliance Communications surging nearly 23 per cent.
Shares of Reliance Communications extended their rally for the second straight session on Wednesday after the company announced its exit from the Reserve Bank of India (RBI)'s Strategic Debt Restructuring (SDR) framework, with zero equity conversion and zero loan write-offs for lenders and bond holders.
Idea Cellular (up 2.21 per cent), Tata Communications (up 1.31 per cent), ITI (up 1.28 per cent), GTL (up 1.28 per cent) and Tata Teleservices (Maharashtra) (up 0.43 per cent) also appeared in the green.
However, OnMobile Global (down 2.18 per cent), GTL Infrastructure (down 1.39 per cent), Mahanagar Telephone Nigam (down 1.01 per cent), Aksh Optifibre (down 0.70 per cent), Sterlite Technologies (down 0.47 per cent) and Bharti Infratel (down 0.22 per cent) were trading down in the telecom index around that time.
Benchmark BSE Sensex was 71 points up at 34,082, while the NSE Nifty50 index was 9 points up at 10,540.
Among the 50 stocks in the Nifty50 index, 21 were trading in the green, while 29 were in the red.
Sun Pharma, Dr Reddy's Lab, Power Grid Corporation, NTPC and Hindustan Unilever were trading among the top gainers in the Sensex.
On the contrary, Wipro, Coal India, Infosys, Tata Consultancy Services and ICICI Bank were among the top losers.
Shares of Reliance Communications extended their rally for the second straight session on Wednesday after the company announced its exit from the Reserve Bank of India (RBI)'s Strategic Debt Restructuring (SDR) framework, with zero equity conversion and zero loan write-offs for lenders and bond holders.
Idea Cellular (up 2.21 per cent), Tata Communications (up 1.31 per cent), ITI (up 1.28 per cent), GTL (up 1.28 per cent) and Tata Teleservices (Maharashtra) (up 0.43 per cent) also appeared in the green.
However, OnMobile Global (down 2.18 per cent), GTL Infrastructure (down 1.39 per cent), Mahanagar Telephone Nigam (down 1.01 per cent), Aksh Optifibre (down 0.70 per cent), Sterlite Technologies (down 0.47 per cent) and Bharti Infratel (down 0.22 per cent) were trading down in the telecom index around that time.
Benchmark BSE Sensex was 71 points up at 34,082, while the NSE Nifty50 index was 9 points up at 10,540.
Among the 50 stocks in the Nifty50 index, 21 were trading in the green, while 29 were in the red.
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Sun Pharma, Dr Reddy's Lab, Power Grid Corporation, NTPC and Hindustan Unilever were trading among the top gainers in the Sensex.
On the contrary, Wipro, Coal India, Infosys, Tata Consultancy Services and ICICI Bank were among the top losers.
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