Sensex rises; Idea Cellular rallies 4%

Mumbai, Aug 2: The BSE benchmark Sensex on Friday recovered by nearly 135 points in early trade, snapping its seven-session losing streak on buying by funds and retail investors after the government approved liberalisation of
sensex rises idea cellular rallies 4 - India TV
PTI August 02, 2013 10:45 IST
Mumbai, Aug 2: The BSE benchmark Sensex on Friday recovered by nearly 135 points in early trade, snapping its seven-session losing streak on buying by funds and retail investors after the government approved liberalisation of FDI norms in a dozen sectors amid a firming trend in Asian region.



The 30-share index gained 134.51 points, or 0.69 per cent, to trade at 19,451.70, with consumer durables, FMCG, IT and oil and gas sector stocks leading the recovery. The barometer had lost almost 986 points in the previous seven sessions.

The wide-based National Stock Exchange index Nifty rose by 34.00 points, or 0.59 per cent, to trade at 5,761.85. Brokers said the trading sentiment turned better after the government yesterday approved liberalization of FDI norms in a dozen sectors, including 100 per cent in telecom and higher caps in insurance and defence sectors, to boost the sagging economy.

Shares of Idea Cellular rallied over 4 per cent in trade to touch its fresh 52-week high of Rs 176.35, after the telecom major said its net profit nearly doubled in the quarter ended 30 June from a year earlier.

Besides, a firming trend in the Asian region following overnight gains on the US market encouraged by strong data also supported the sentiment, they said. In Asia, Hong Kong's Hang Seng index rose by 0.54 per cent, while Japan's Nikkei was up by 1.94 per cent in early trade.The US Dow Jones Industrial Average ended 0.83 per cent higher in yesterday's trade.
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