Sensex rises 118 pts in early trade as govt relaxes FDI limits

NSE index Nifty gained 26.40 points,or 0.44 per cent,to trade at 5,981.65 points.

Written by PTI | Mumbai | Published: July 17, 2013 10:20 am

The BSE benchmark Sensex today rose by over 118 points in early trade led by gains in telecom stocks,after the government liberalised FDI limit in over a dozen sectors.

The 30-share index,which had lost 183.25 points in the previous session,rose by 118.79 points,or 0.59 per cent,to 19,970.02 points.

The National Stock Exchange index Nifty gained 26.40 points,or 0.44 per cent,to trade at 5,981.65 points. Brokers said the sentiment turned better after the government liberalised FDI limits in a dozen sectors,including allowing 100 per cent FDI in telecom and higher limits in ‘state-of-the-art’ defence manufacturing to shore up foreign investments and,boost the sagging economy,triggering buying by participants.

Shares in the telecom segment,such as Rcom rose by 2.50 per cent to Rs 149.55,Bharti Airtel by 1.37 per cent to Rs 325.65 and Idea Cellular by 2.83 per cent to Rs 161.90. In Asia,Hong Kong’s Hang Seng index was up 0.46 per cent,while Japan’s Nikkei fell 0.63 per cent. The US Dow Jones Industrial Average ended 0.21 per cent lower in the previous session.

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