Sensex, Nifty Snap 4-Day Winning Streak
Asian equities rallied as a deal to cut global oil output fuelled gains in energy shares
Market Wrap
Closing Bell
Indian shares snapped their four-day winning streak as investors felt a rally in automakers was overdone and prospects of crude oil prices going higher led to a slide in select oil related stocks.
The S&P BSE Sensex slid 0.3 percent to 26,559 while the NSE Nifty lost 0.4 percent to 8,192. The market breadth, which started on a strong note, ended firmly in favour of the sellers at 1,005 declines, 592 advances and 283 stocks remaining unchanged.
In Conversation With Jefferies' Govindarajan Chellappa
Reliance Jio Crossed 50 Million Customers In India: Ambani
Reliance Jio, the telecom unit of Reliance Industries, has crossed the 50 million customer mark in India, said billionaire promoter Mukesh Ambani. He said the company is in the process of doubling digitally enabled outlets to 400,000 by March.
- Jio working with all operators to cut call drops; incumbent operators showed anti-competitive approach
- Company continues to monitor capacity for voice calling
- Says customers using 25 times more data on average than broadband users.
- Faced few issues of data speed; about 8 percent of Jio towers faced data congestion
Bharti, Idea Sink After Jio Extends Free Offer
Reliance Jio extended free services to all new customers from December 4 to March 31, 2017.
Existing Reliance Jio customers will also been transferred to this new plan that’s been named the ‘Happy New Year Plan’, providing them with the free services till March 31, 2017.
“Nifty Close To Near-Term Bottom; May Head Higher”
On Bloomberg Quint’s Surf’s Up, which tracks weekly trends in equity derivatives, K Subramanyam of Altamount Capital said major equity indices are closer to the lower end of the range and there is more upside in store. He preferred oil and gas stocks in the near term.
For more on the market levels and stocks to watch, listen in.
