Sensex jumped 476 points to reach new all-time high on Wednesday amid heavy buying in shares of telecom and auto companies. The government has announced a relief package for the telecommunications and automobile industry, due to which investors in companies of these sectors have bought fiercely. Traders said that apart from this, a firming rupee and steady inflow of foreign funds also strengthened the market sentiment.
The 30-share Sensex of BSE closed at 58,723.20 with a gain of 476.11 points, or 0.82 per cent. This is its new record. During the day’s trading, the Sensex also touched its new all-time high of 58,777.06 points. Sensex rose for the second consecutive day. After the announcement of telecom relief package and PLI scheme for auto sector, these stocks are in discussion today.
Today Airtel and Voda will be seen
Due to the announcement made for the telecom sector, the share of Airtel is at its new all-time high and its market cap has crossed 4 lakh crores for the first time. For the first time, the company’s stock crossed 700 and it closed at Rs 725.50. Shares of Vodafone Idea closed at Rs 8.95, up 2.90 per cent on Wednesday. The announcement of the moratorium on AGR dues and allowing 100% FDI is like a lifeline for Vodafone Idea. The company is on the verge of closure under the burden of debt. It is believed that with 9 structural changes, Vodafone Idea will move towards improvement in the coming days.
Announcement of PLI Scheme for Auto Sector
PLI scheme has been announced for the auto sector. It had gained about 0.90 percent on Wednesday. Due to this, there has been a huge rise in the shares of Ashok Leyland and Tata Motors. It is expected that it will continue to accelerate in the coming days. TATA MOTORS LTD – DVR Ltd. Shares of the company had gained about 13 per cent on Wednesday.
TCS market cap crosses $200 billion
The market cap of Tata Consultancy Services crossed $200 billion. Reliance Industries is currently the largest listed company with a market cap of $205 billion. TCS is a 50 year old company which was listed in the stock market in 2004. After 13.5 years, its market cap had crossed $100 billion. The next $100 billion was crossed in just 3.5 years. Talking about global IT companies, the market cap of Accenture is more than 216 billion dollars. IBM has a market cap of $122 billion and Infosys has a market cap of $99 billion.
Wipro got contract for many years
Wipro has got a contract from Malaysia based company Maxis Broadband Sdn Bhd for several years. At present, this stock is at its 52-week high. The stock has gained about 75 per cent this year.
Adani Transmission’s mega plan
Adani Transmission will invest 1200 crores in Madhya Pradesh. This investment is for the transmission project which will be for the next 35 years.
Government to sell stake in Hindustan Copper
The government is going to sell 5 percent stake in Hindustan Copper through OFS. On Wednesday, the stock closed at Rs 124.60. This year this stock has given a great return of 104 per cent.
Gujarat Gas rating improved
CARE Ratings has rated Gujarat Gas as AA+, with its outlook revised from stable to positive. HDFC Asset Management has bought 2.02 percent stake in Gabriel India.
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