Market update: Sensex and Nifty rose to 4-month highs on October 29, while Midcap and Nifty Bank touched 1-month highs. Nifty is now 316 points and Sensex is 480 points away from their record highs.
Market logged healthy gains as sources indicated that the government is reviewing equity-related tax rate rationalisation. Market breadth is in favour of advances; the advance-decline ratio was at 3:2.
Barring BSE Telecom (down 4.39 percent), all sectoral indices ended in the green, with Auto (up 4.25 percent and Metal (up 4.19 percent) leading.
Telecom stocks fell the most after the Supreme Court broadened the definition on adjusted gross revenue (AGR). Bharti Airtel deferred Q2 earnings on AGR impact. The stock slipped 3 percent while Bharti Infratel plunged 9 percent, tracking the SC’s AGR order for telcos. Vodafone Idea finished with a loss of 8 percent.
News Source:- Moneycontrol