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Taking Stock | Budget rally continues as benchmark index scales record high
Broader markets outperformed the main indices with BSE Midcap and Smallcap indices rose over 1 percent each. February 03, 2021 / 04:25 PM IST
The Budget exuberance continued on the Dalal Street on the third consecutive day on February 3 with benchmark indices hitting record levels, also helped by the positive global cues.
At close, the Sensex was up 458.03 points or 0.92% at 50,255.75, and the Nifty was up 142.10 points or 0.97% at 14,790. We have been successful in getting past 14,753.55 which was the previous high recorded by the Nifty. We should now target 15,000-15,100 and given the strong bullish tone, we could achieve this during the course of the February series. While we have good support at 14,200-14,300, a buy on dips strategy would be most appropriate, said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
‘Telco added 13 million 4G subscribers’
After six straight quarters of losses, telecom operator Bharti Airtel on Wednesday posted a consolidated net profit of ₹854 crore for the October-December 2020 quarter, mainly due to a one-time gain along with higher mobile data traffic.
The company, which had registered a loss of ₹1,035.3 crore in the year-earlier period, posted its highest ever consolidated quarterly revenues of ₹26,518 crore, an increase of 24.2% from ₹21,344 crore in the same quarter of 2019-20.
“Despite the unprecedented volatility that we have confronted through the year, we delivered another strong performance this quarter,” Gopal Vittal, MD and CEO, India & South Asia, said. “This consistency in performance was across every part of our portfolio, as reflected in market share growth across all our business segments,” he added.