Key benchmark indices rose on Monday as telecom stocks gained after Reliance Industries Ltd’s unit Jio raised data tariffs last week, signaling more pricing discipline in the sector, while firmness in global stocks aided gains on the exchanges. The BSE Sensex closed higher by 116.76 points to 32,506.72, while the NSE Nifty rose 38.40 to close at 10,184.90.
The Sensex gained 224.93 points at the day’s high of 32,614.89 in early trade. The index fell 77.22 points at the day’s low of 32,312.74 in early afternoon trade, to be its lowest level since 13 October 2017. The Nifty gained 77.60 points or 0.76% at the day’s high of 10,224.15 in early trade, its highest peak since 18 Oct 2017. The index fell 22.05 points or 0.21% at the day’s low of 10,124.50 in early afternoon trade.
The BSE Mid-Cap index rose 0.45%, outperforming the Sensex whereas the BSE Small- Cap index gained 0.09%, underperforming the Sensex.
Telecom stocks rose after reports hinted that Reliance Jio Infocomm Ltd a subsidiary of Reliance Industries, has raised the tariffs. Shares of Bharti Airtel rose 4.9%, Tata Teleservices (Maharashtra) rose 4.86%, Reliance Communications rose 6.69%, MTNL up 1.51% and Idea Cellular Ltd gained 8.01% whereas Bharti Infratel shares fell 2.67%.
The BSE Telecom index gained most rising up 2.76 percent followed by the Energy index, which surged 1.89%, while healthcare and telecom fell 0.57% and 0.60%, respectively.