Sensex, Nifty pare losses in choppy trade; Reliance, TCS advance

TIL Desk/Business/New Delhi/ Key stock indices Sensex and Nifty pared early losses in late morning deals on Monday following gains in Reliance Industries, HCL Tech and TCS.  In a highly volatile market, the 30-share index BSE Sensex was trading higher by 375.23 points or 0.66 per cent at 57,482.38 points at 1140 hours. The index had tanked more than 500 points or over 2 per cent in opening trade in line with weak global cues.

The index swung between losses and gains in morning deals amid high volatility. The broader NSE Nifty also rose by 108 points or 0.63 per cent to 17,134.55 points on the back of gains in oil & gas, telecom, IT and select banking stocks. Reliance Industries jumped by 2.66 per cent in morning trade after its telecom arm Jio announced around 21 per cent hike in its prepaid tariff plans from December 1.

Reports that the oil major is mulling a bid to acquire a British telecom company also boosted the stock. Bharti Airtel also advanced 0.27 per cent after a tariff hike last week, which analysts said would help boost the financials of telecom firms.  Airtel and Vodafone Idea last week had announced up to 25 per cent hike in prepaid plans. Private bank IndusInd Bank rose by up to 1 per cent after the Reserve Bank of India (RBI) allowed promoters to hold 26 per cent stake in private banks after 15 years.