Sensex, Nifty Turn Flat Amid Choppy Trade; Telecom Stocks Shine

Top percentage losers on the Nifty index were Tech Mahindra, Bajaj Finance, Yes Bank, Eicher Motors and ONGC.

Sensex, Nifty Turn Flat Amid Choppy Trade; Telecom Stocks Shine

HDFC Bank, TCS and Bajaj Finance were the top drags on Sensex

Domestic stock markets swung between gains and losses in mid-day trades on Monday. The S&P BSE Sensex index moved in a range of 386.36 points between 40,707.63 and 41,093.99, whereas the broader NSE Nifty benchmark stayed within a band of 12,025-12,137.15. At its intraday high, the Sensex came within 70 points of its all-time high of 41,163.79  registered last Thursday. Gains in energy and infrastructure shares supported the markets however losses in automobile stocks capped the upside.

At 2.45 pm, the Sensex traded 35 points higher at 40,829 while the Nifty was down four points  at 12,051.

Top losers were Yes Bank, Eicher Motors, Bajaj Finance and ONGC, trading between 2.6 per cent and 5.9 per cent lower. 

On the other hand, Bharti Airtel, Grasim, Reliance Industries, JSW Steel and Bharti Infratel - up between 2.2 per cent and 4.4 per cent - were the top gainers on the index. 

Telecom stocks jumped after Bharti Airtel, Vodafone Idea and Reliance Jio announced plans to hike tariff plans.

In afternoon deals, Bharti Airtel was up 4.4 per cent at Rs 461.80 and Vodafone Idea shares traded higher by 15.9 per cent at Rs 7.9. Reliance Industries - the parent company of Reliance Jio Infocomm - was up 2.2 per cent at Rs 1585.

On the primary market front, Ujjivan Small Finance Bank IPO opened for subscription. The Rs 750-crore initial public offering will close on December 4. The shares are being offered at a price band of Rs 36-37 per share.

On Friday, the S&P BSE Sensex index had ended 336.36 points - or 0.82 per cent - lower at 40,793.81 and the broader NSE Nifty benchmark settled at 12,056.05, down 95.10 points (0.78 per cent) from the previous close.

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