Equity indices close in positive zone, Bharti Airtel jumps 11 pc

Source :ANI
Author :ANI
Last Updated: Tue, May 19th, 2020, 16:25:58hrs
BSE

Mumbai: Equity benchmark indices rebounded on Tuesday after three sessions of losses with metal and auto stocks advancing on the back of positive global cues.

The BSE S&P Sensex closed 167 points or 0.56 per cent higher at 30,196 while the Nifty 50 edged higher by 56 points or 0.63 per cent at 8,879.

Sectoral indices at the National Stock Exchange were mixed with Nifty metal up by 1.2 per cent, auto by 1 per cent and FMCG by 0.7 per cent. But Nifty PSU bank dipped by 2.6 per cent, realty by 0.7 per cent and private bank by 0.3 per cent.

Among stocks, telecom major Bharti Airtel was the star of the day by closing 10.8 per cent higher at Rs 596.20 per share despite reporting a net loss of Rs 5,237 crore in the January to March quarter. However, the average revenue per user (ARPU) came in at Rs 154 as compared to Rs 123 a year ago.

Adani Ports moved up by 9 per cent, INGC by 5.7 per cent and UltraTech Cements by 4.1 per cent. The other prominent gainers were Grasim, JSW Steel, ITC, Power Grid Corporation and NTPC.

But UPL lost by 9.7 per cent and closed at Rs 339.05 per unit. Index heavyweight Reliance Industries was down by 2.2 per cent, Vedanta by 2.6 per cent, IndusInd Bank by 2.1 per cent and Hindustan Unilever by 1.4 per cent.

Meanwhile, Asian shares jumped as investors hoped the global economy will recover quickly following a successful early-stage trial of a coronavirus vaccine.

Hong Kong's Hang Sang was up by 1.89 per cent, South Korea Kospi added 2.25 per cent and Japan's Nikkei gained 1.49 per cent to the highest since early March.

The gains followed a rally on Wall Street overnight after data from Moderna Inc's Covid-19 vaccine, the first to be tested in the United States, showed it produced protective anti-bodies in a small group of healthy volunteers.