Indian markets remain cautious; RCom, metal stocks rally on
Indices were flat even as robustness seen in metal and telecom stocks amid higher Asian cues
Indian markets remained cautious ahead of futures and options (F&O) expiry for December due today. Stock indices were flat even as robustness seen in metal and telecom stocks amid higher Asian cues. The 30-share BSE index was 33,902.36 at 12.27 pm. HUL (up 1.33%), Tata Steel (up 1.34%) and Coal India (up 0.99%) were the top performers in the index.
Benchmark Nifty remained flat even as shares of Hindalco (up 4.33%), UPL(up 2.56%), Vedanta (up 2.24%), Hindustan Unilever (up 1.45%) and Tata Steel (1.25%) traded higher in the noon trade.
Shares of Reliance Communications gained for the third consecutive day today, after Anil Ambani announced its debt resolution plan on Tuesday. The share was trading at 33.38, up 16.35% at 12.10 pm.
While Bharti Airtel remained flat, telecom stocks like GTL (up 6.19%), MTNL (up 3.53%) and Idea ( up 1.43%) were the performers in the index.
Anil Ambani group firms Reliance Naval (up 0.53%) and Reliance Power (up 0.90% ), Reliance Infrastructure (up 1.07%), Reliance Capital (up 2.73%) rallied up, while Reliance Home Finance was down 0.57% on the BSE in the noon trade.
Over the past three days, shares of the company have gained over 90%.
Once the debt resolution plan is completed, the company's debt will fall to Rs60 bn from over Rs450 bn, an India Infoline report said. The company will reduce debt by monetising its wireless business and selling land parcels at Dhirubhai Ambani Knowledge City (DAKC), Chairman Anil Ambani said in a press conference.
Stock indices were flat today even as buying in metal and telecom stocks continued amid higher Asian cues. There was caution ahead of futures and options (F&O) expiry for December due today.
Asian markets were trading higher following a rally in oil and copper prices this week.