Sensex rises 167 points, Nifty closes at 8,879 as Bharti Airtel soars 11%
In the opening session, Sensex jumped 421.76 points to 30,450.74 while Nifty rose 92.70 points to 8,915.95.
Equity benchmark Sensex rose over 167 points on Tuesday as market giant Bharti Airtel soared over 11% amid positive cues from other Asian markets.
In a volatile session, the 30-share index rallied over 700 points. In the opening session, Sensex jumped 421.76 points to 30,450.74 while Nifty rose 92.70 points to 8,915.95.
After touching a high of 30,739.96 and low of 30,116.82, Sensex closed 167.19 points or 0.56% higher at 30,196.17.
Similarly, the NSE Nifty finished 55.85 points or 0.63% to end at 8,879.10.
Gains in Sensex pack was led by Bharti Airtel which finished 11.34% higher, followed by ONGC, Ultra Cement, ITC, Power Grid, NTPC and Tata Steel.
On the other hand, IndusInd Bank, Reliance Industries, L&T and SBI were among the top laggards.
Bharti Airtel, Adani Ports, ONGC and Ultra Cement were top gainers on NSE while UPL, Vedanta, Reliance Industries, L&T and SBI led the losses.
The Bharti Airtel shares soared as the average revenue per user (ARPU) increased showed its ability to command a price premium in the market, analysts said.
The company faces tough competition from Reliance Jio and Vodafone Idea in the industry.
As Asian markets showed a positive sign, it also enthused investors in India. Bourses in Shanghai, Hong Kong, Tokyo and Seoul settled with strong gains.
However, the rising number of cases in the country are also keeping them on edge.
According to the Union Ministry of Health and Family Welfare, the number of COVID-19 cases in India have rise to 1,01,139, while the death toll is at 3,163.
The global tally of COVID-19 cases has crossed 48 lakh and the death toll has topped 3.18 lakh.