The BSE Sensex closed at its highest since September 22 at 28,761.59 while the broader Nifty50 ended at 8,907.85, its highest since September 9. The bourses appeared to be following cues from speculation over a possible Axis Bank takeover, Reuters reported. However, telecom firm shares took a plunge after Reliance Jio announced its data tariff plans.
On Monday, Axis Bank had denied reports of a merger with Kotak Mahindra bank. Axis Bank, Asian Paints, Reliance, Adani Ports and HUL gained big on the BSE Sensex while Bharti Airtel, TCS, ITC, Sun Pharma and Maruti trailed on the list. Bharti Airtel closed 3.33% lower.
Jindal Saw, Jindal Steel and Power and Maharashtra Seamless rose up to 9.59% after the Centre announced it had extended anti-dumping duty on import of certain steel products from China for five years. The move, the government said, was to protect domestic stakeholders.
Since the United States markets closed for a President’s holiday, most Asian shares traded flat. Japan’s Nikkei ended 0.68% higher, Shanghai’s Composite Index rose 0.41% and Hong Kong’s Hang Seng closed 0.76% lower.