Indian markets erased opening gains during the intraday trade on Monday. The S&P BSE Sensex and the NSE Nifty50 traded 40,715.34 and 12,042.85 at 1300 hours.
The markets had opened at a higher note with nearly 280 points. At 0917 hours, Sensex was trading 85.23 points higher at 40,879.04 and Nifty was also up 30.30 trading at 12,086.35, following the tariff hike announcement by the major telecos.
The biggest contributor, Bharti Airtel jumped over 4 per cent on both BSE and NSE. Whereas, Reliance Industries (RIL) was up by 2.07 per cent on the BSE.
Earlier in the day, shares for Airtel and Vodafone Idea rose as much as 9.8 per cent and 28.5 per cent, the most in over 10 days.
Major telecos on Sunday announced revised rates of their prepaid plans, notching the monthly plan charges from Rs 39 to Rs 45, which will come into effect from December 3. Whereas, Reliance Jio’s new tariffs will toll out on December 6.
Meanwhile, Deepak Jasani of HDFC Securities told IANS that the GDP growth figures were more-or-less on expected lines.
National Statistical Office (NSO) data, released last week, showed that India’s GDP growth slipped to a six year low of 4.5 per cent owing to sharp decline in manufacturing activity, which contracted by one per cent.
(With input from agencies)