Bharti Airtel stock surge, global cues lift equities

Mumbai, Feb 23: Positive global cues, coupled with healthy buying following a major announcement by a telecom major, lifted the Indian equities markets during the mid-afternoon trade session on Thursday.

The key indices traded with substantial gains of around half a per cent each, as healthy buying was witnessed in IT, capital goods and consumer durables stocks.

Following the announcement of India's largest telecom service provider Bharti Airtel that it has inked a definitive agreement to acquire Telenor India, the company's scrip on the BSE gained 2.99 per cent or Rs 10.80 to Rs 371.95 per equity share (at 1.40 p.m.) during the mid-afternoon trade session from its previous close of Rs 361.15.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 41.00 points or 0.46 per cent to 8,967.90 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28927.67 points, traded at 29,008.03 points (at 1.45 p.m.) -- up 143.32 points or 0.50 per cent, from the previous close at 28864.71 points.

The Sensex has so far touched a high of 29,018.08 points and a low of 28,904.34 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls -- 1,315 advances and 1,283 declines.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with firm sentiments and held the initial gains due to buying support.

"Almost all sector stocks traded with firm sentiments tracking over all recovery in Indian equities markets," Desai said.

On Wednesday, the benchmark indices were lifted by healthy global cues, an exponential rise in Reliance Industries (RIL) stock prices, and buying support in the oil and gas sector.

The NSE Nifty rose by 19.05 points or 0.21 per cent to close at 8,926.90 points, and the BSE Sensex was up 103.12 points or 0.36 per cent at 28,864.71 points.