Sensex reclaims 34,000, Nifty50 above 10,500; RCom up 6%

NEW DELHI: Benchmark indices opened on a strong note on Friday tracking a higher opening for Asian markets to near decade high levels. US stocks closed at record high level in overnight trade, with benchamrk Dow Jones hitting 25,000 mark on a closing basis for the first time ever.

At home, Services PMI for December came in better than expected, while there was optimism over reports that state-owned banks may get Rs 80,000 crore of fresh capital this fiscal year after the government sought Parliament's nod for additional spending toward the infusion. Other Asian markets too were trading on a higher note.

At 9.23 am, the BSE barometer Sensex was trading 119.18 points, or 0.35 per cent, higher at 34,088.82. Nifty50 was ruling at 10,536.25, up 31.45 points, or 0.30 per cent.


Midcap and smallcap indices gained up to 0.5 per cent.

"We have been highlighting about the spectacular run that some of the smaller size midcap stocks are enjoying these days. In fact, the frenzy environment still continues and look at the way some of the individual stocks are hastening since last couple of days. Yes, such euphoric moves generally does not bode well for the markets but according to us one can still look for trading opportunities in such selective propositions. But, one needs to be participating in a conservative manner and by following strict stop losses," Angel Broking said in a note.

Among Sensex stocks, Yes bank gained 1.99 per cent to Rs 323.40. Adani Ports, SBI and Tata Steel advanced 0.87 per cent, 0.78 per cent and 0.73 per cent, respectively. Bajaj Auto fell 0.18 per cent to Rs 3,256.60. Hero MotoCorp, ONGC and Dr Reddy's declined up to 0.15 per cent.

Shares of Varun Beverages rose 7.78 per cent to Rs 742.15 after the company entered into strategic partnership with PepsiCo for the larger Tropicana portfolio along with Gatorade and Quaker Value-Added Dairy in territories across North and East India. This is part of VBL's strategy to expand its product portfolio through its valued relationship with PepsiCo. According to ET Now, the counter also witnessed block deals in opening trade.

Idea Cellular rose 4 per cent as the company plans to raise a total of Rs 6,750 crore ahead of its merger with Vodafone India to pare debt and free up cash for expansion. The first tranche of Rs 3,250 crore will come from Aditya Birla Group via a preferential share issue, making it the first promoter fund infusion since it went public in 2007.

RCom surged 6 per cent amid reports of CDB withdrawing insolvency petition against Anil Ambani owned company.