Closing Bell: Sensex jumps over 600 points, Airtel gains 8 per cent after AGR ruling
New Delhi | Jagran Business Desk: The BSE benchmark Sensex spurted nearly 273 points on Tuesday, led by gains in Bharti Airtel, HUL and Reliance Industries amid a positive trend in global markets. A sharp appreciation in the rupee against the US dollar added to the momentum, traders said.
After a highly volatile session, the BSE Sensex settled 272.51 points or 0.71 per cent higher at 38,900.80. It hit an intra-day high of 39,226.82 and a low of 38,542.11.
Similarly, the NSE Nifty advanced 82.75 points or 0.73 per cent to settle at 11,470.25. It touched a high of 11,553.55 and a low of 11,366.90 during the day.
Bharti Airtel was the top gainer in the Sensex pack, rallying over 6 per cent after the Supreme Court granted 10 years to telecom firms for paying the adjusted gross revenue (AGR)-related dues to the government with certain conditions. Bajaj Finance, Asian Paints, Tata Steel, NTPC and SBI were among the other gainers.
On the other hand, ONGC, Axis Bank, Tech Mahindra, Infosys and ICICI Bank were among the laggards.
Earlier on Monday, Sensex had plunged 839.02 points or 2.13 per cent to 38,628.29, while the Nifty tanked 260.10 points or 2.23 per cent to end at 11,387.50 following the worst GDP contraction on record.
According to traders, the market shrugged off the slump in GDP and weak global cues by rebounding around 1 per cent after the previous session's low. Buying in financial stocks lifted key benchmarks.
India's economy suffered its worst slump on record in April-June, with the gross domestic product (GDP) contracting by 23.9 per cent as the coronavirus-related lockdowns weighed on the already-declining consumer demand and investment.
(With PTI inputs)
Posted By: Shashikant Sharma