Sensex, Nifty start on a positive note; RIL surges 3%; telecom stocks slip
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| The midcap and smallcap indices edged up to 0.3 per cent higher. |
NEW DELHI: Benchmark indices on Wednesday opened on a flat to positive ahead of kick start of US Federal Reserve two-day policy review later in the day.
At 9.36 am, the BSE Sensex was trading 54 points, or 0.17 per cent, higher at 32,456.37, The Nifty50 was ruling at 10,155, up 7.45 points, or 0.07 per cent. The midcap and smallcap indices edged up to 0.3 per cent higher.
The US Federal Reserve will conclude its two-day policy review later in the day. The US central bank is likely to take steps toward policy normalisation.
Meanwhile, on Tuesday, US President Donald Trump escalated his standoff with North Korea over its nuclear challenge on Tuesday, threatening to “totally destroy” the country of 26 million people and mocking its leader, Kim Jong Un, as a 'rocket man', Reuters reported.
Telecom stocks fell up to 5 per cent TRAI more than halved the interconnect usage charge (IUC) from October 1 and said the fee will be scrapped from 2020. Idea Cellular BSE -3.80 % plunged 5 per cent, Bharti Airtel BSE -2.31 % declined 2 per cent.
Sensex gainers included Reliance Industries BSE 2.44 %, which rose 2.56 per cent to Rs 861.50. Reliance's telecom arm is expected to gain from TRAI's decision.
This big cut would drive 8 per cent increase in Reliance’s FY18-20 consolidated EPS said CLSA which increased its target for the stock to Rs 1,050 from Rs 990.
L&T rose 1.28 per cent to Rs 1242.05. Tata Steel BSE 0.81 %, Adani Ports, M&M and ITC BSE 0.67 % gained up to 0.63 per cent.
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