PLI schemes buoy equities: Telecom stocks' rise; Nifty hits intraday record high

IANSUpdated: Thursday, September 16, 2021, 03:30 PM IST
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Shares of Vodafone Idea continued to gain on Thursday and further jumped nearly 20 per cent after the Union Cabinet approved a big-bang relief package for the stressed telecom sector. |

India's key stock indices rose during afternoon trade session on Thursday a day after the government announced support measures for some beleaguered sectors along with provisions for PLI schemes for others.

Initially, both key indices -- S&P BSE Sensex and NSE Nifty50 -- had a gap-up opening.

In the process, the Nifty hit an intraday record high of 17,589 points.

Globally, Asian markets were largely weak as the debt crisis at China Evergrande Group and Beijing's latest push to rein in private industries hurt sentiments.

Among sectors, Telecom, Banks and FMCG indices rose the most while IT and Metals declined.

At 12.35 PM, S&P BSE Sensex traded at 58,974.52 points, higher by 251.32 points or 0.43 per cent from its previous close.

Similarly, NSE Nifty50 traded higher. It rose to 17,576.05 points, higher by 56.60 points or 0.32 per cent from its previous close.

"Nifty remained at 65 points in the morning session. Volumes have picked up further but the advance decline ratio has fallen to just above 1:1 suggesting profit taking in broader markets," said Deepak Jasani, Head of Retail Research, HDFC Securities.

According to Likhita Chepa, senior Research Analyst, CapitalVia Global Research: "The Indian benchmark made a positive start today trading around the level of 17,500."

"Indian shares hit all-time highs on Thursday, boosted by banking stocks, while auto and telecom companies climbed a day after the federal government approved support packages for both the sectors."

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