Domestic stocks registered moderate gains in the week ended Friday, 5 Jan 2018. The Sensex kept the psychologically significant 34-K mark after falling below that level during the week. Small gains logged the Sensex & Nifty to record closing high.
Telecom stocks hogged limelight becoming the top gainers on Friday trading session as significant developments crowded the sector. The telecom majors such as Idea Cellular Ltd, telecom tower Company, GTL Infrastructure Limited, and Bharti Airtel surged over 5%, and Reliance Communications surged over 7%, while BSE Telecom index maintained 3% gain during the week ended Friday.
The BSE Telecom index closed at 1,718.79 level, up by 2.75%. Meanwhile, BSE Sensex ended at 34,153.85 level, higher by 0.54% and NSE Nifty50 ended at 10,558.85 level, higher by 0.51% respectively.
Telecom major, Idea Cellular gained over 10% on the back of fund raising and merger plans with Vodafone, whereas Reliance Communications surged by over 7% following China Development Bank’s withdrawal of insolvency filing.
GTL Infrastructure Limited surged on the Exchanges on the back of company’s merger plans with Aircel. Meantime, Bharti Airtel charted gains on the back of its deal with China-based Transmission Holding’s handset brand ITEL Smartphones.
Among the top stocks of the telecom sector, Idea cellular closed with a gain of 10.67%, GTL Infra closed at Rs. 7.46%, up by 6.27% on BSE. Besides, Bhati Airtel and Reliance Communications also ended with gains of 3.36% and 2.10%, respectively.