Auto, Banking stocks zoom; BSE up 292 pts; NSE above 94 pts
Telecom stocks were trading in green on BSE, ahead of telecos companies to meet up new telecom minister Manoj Sinha on Monday to discuss issues such as call drops and spectrum usage charge raised by the Telecom Regulatory Authority of India or Trai. Telecom index was above 7 points or 0.58% to 1,324.76. Bharti Infratel was top gainer by surging over 2% to Rs. 368.85. Followed by Onmobile Global at Rs. 117 up by 1.08%, Reliance Communication above 0.49% to Rs. 51.60 and Tata Teleservices (Maharashtra) India at Rs. 6.79 up by 0.30%. Idea Cellular, MTNL, Bharti Airtel, Tata Communications were trading positive in the range of 0.09% - 0.28%.
Nifty Bank was trading lower in the first hour of the trade, however it managed to re-couped from its shrink. Now it is just below 6 points or 0.03% at 18,684.25. Major PSU stocks were gainers compared to the maket mover private banks. Punjab National Bank was trading as top gainer at Rs. 126.45 surged by 5.20%, followed by Bank of India above 2.78% to Rs. 109.20. While Bank of Baroda and State Bank of India were trading in the range of 1.66%-1.86% at Rs. 153.50 and Rs. 227.20 respectively. Interestingly, the major lenders slumped on NSE led by their quarterly result announcement. Axis Bank was the top loser on Nifty Bank, dipping by 1.68% to Rs. 528.65, followed by other noticeable private banks with Korak Mahindra Bank below 0.68% to Rs. 754.90, HDFC Bank off 0.18% to Rs. 1,228.60, Yes Bank down by 0.10% to Rs. 1,155.55 and that ICICI Bank trading flat at Rs. 263.25.
Vedanta - Cairn India both were trading lower led by the merger deal in the early trading session. Both the companies including Vedanta Resources plc (“Vedanta plc” together with its subsidiaries, the “Group”), on Friday announced a revised and final terms to the recommended merger between Vedanta Limited and Cairn India (the “Transaction”). The merger was first announced on 14 June 2015. Presently, Vedanta is trading at Rs. 165.60 down by 1.98%, while Cairn India is just above 1.20 points or 0.63% to Rs. 193.20.