Nifty hovers around 8950; Sensex higher on IT, telecom support

Equity benchmarks continued its upward movement amid consolidation ahead of February derivative contracts’ expiry, supported by telecom and technology stocks.

The 30-share Sensex was up over 63 points at 28928.42 points, while the Nifty was up 19 points at 8946.05. 

The market’s breadth was narrow, with 1,058 shares having advanced, 869 shares having declined. Meanwhile, 121 shares remained unchanged.

Telecom stocks Bharti Airtel and Idea Cellular soared on the back of consolidation buzz in the telecom stake.

Bharti Airtel rose 10 percent intraday after it announced the acquisition of Telenor India. Meanwhile, Idea Cellular rose around 8 percent after media reports indicated that Japanese fund SoftBank may buy some stake in the merged entity (Vodafone-Idea).

TCS and Infosys gained strength after sell-off in previous session, up 1-2 percent whereas ICICI Bank, ITC, Axis Bank, Tata Motors and Maruti Suzuki were under pressure.

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