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| Edited By: |Source: PTI |Updated: Mar 17, 2018, 04:13 AM IST
The Bombay Stock Exchange benchmark Sensex shot up by 170 points today on a last-hour rush at telecom counters, a day after it tanked over 370 points.
The 30-share index closed at 16,741.84, higher by 169.81 points, or 1%.
The index opened higher amid mixed cues from Asian peers and was volatile throughout the day. The barometer rallied in the final hour of trading on heavy demand at the telecom counter. The gauge moved between a high of 16,774.15 and a low of 16,571.45.
The wide-based 50-share Nifty Index of the National Stock Exchange also saw a similar movement and finished trade at 5,019.85 points, up 1%.
"Hectic buying at the lower-level and some positive cues from the US futures helped the market to surge in the final hour and close at near the day's highest level," Anand Rathi Vice-President (Research-Retail) DD Sharma said.
"Overall, the sentiment is weak and investors are playing more in short-term (which) is causing higher volatility in markets these days," he added.
Reliance Communications topped the gainers pack on the Sensex and zoomed 11% to Rs154.60 on reports that UAE-based telecom major Etisalat was in talks to buy a 25% stake in the company, a part of the Anil Ambani group.
Bharti Airtel surged 5.16% to Rs270.20. L&T rose 2.27% and ONGC 3.32%.
All the sectoral indices on the BSE ended in the green, with gains in the range of 1-2%. The technology, auto and realty sectors were the top gainers.
Tata Motors jumped 2.60%. Tata today inaugurated the manufacturing plant for the world's cheapest car, the Nano, at Sanand, in Gujarat.
Other auto stocks rose after companies posted healthy sales volumes for May. Hero Honda advanced 3.28% and M&M 1.83%. Maruti Suzuki was 1.47% up.
Reliance Industries, which carries the maximum weight on the benchmark index, remained almost unchanged and ended at Rs1,011.90, up 0.03%.
In previous trade, the scrip had lost 20% on the BSE due to a 'freak sale', but the stock recovered soon after and ended 3.4% lower.
On the BSE-30, 23 scrips settled higher, whereas 6 closed in the red. NTPC remained unchanged.
Tata Power was the biggest loser and fell 1.36%. Wipro lost 1.22% and Jindal Steel 0.85%.
On the global front, Asian markets settled on a mixed note. China's Shanghai Index managed to end in the green, while Japan's Nikkei finished the day 1.12% lower.
European stocks were in the red.
