Despite the slightly mixed trend in Asian equities, gains in European equities provided some support to Indian market. The 30-scrip BSE Sensex ended 221.3 points or 0.4 percent higher at 60,616.9 and the broader NSE Nifty50 benchmark settled at 18,055.8, up 52.5 points or 0.3 percent from its previous close. Both indices closed higher for the third session in a row. Here are key stocks that moved the most in today's trade:
Vodafone Idea | Shares of telco ended 20 percent lower as today's announcements made by Vodafone Idea failed to excite the Street. The board of directors has given a nod to convert interest on spectrum instalments, AGR dues, into equity. CLSA said this conversion will result in massive equity dilution to all existing Vodafone Idea shareholders. The brokerage firm has maintained its 'underperform' rating on shares of the telco with a target price of Rs 16.
GMR Infrastructure | Shares of the company closed 7.64 percent lower and were among the biggest losers on Nifty500.
Information Technology companies | Nifty IT gained the most and settled 0.29 percent higher. HCL Technologies rose 4.44 percent and was the top Nifty50 gainer. IT majors such as TCS, Infosys, and Wipro are slated to report their December quarterly numbers on Wednesday. Hope of strong earnings and robust deal wins supported buying sentiment for IT stocks.
Greaves Cotton | The stock ended 11.37 percent higher and was the best performer on Nifty500. (Image: Company website)
Nifty Metal | Metal stocks took a beating after Jefferies said it is less optimistic on the sector citing weak macros and demand concerns in China. Nifty Metal fell the most, ending down 1.9 percent. Jindal Steel and Power, SAIL, JSW Steel, NALCO, Tata Steel and Vedanta closed between 4.82 and 2.33 percent lower.