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Demand for banks and FMCG stocks pushes up Sensex; telecom stocks lose

On Wednesday, a strong demand was witnessed for banks and FMCG stocks, which resulted in the Sensex moving up. This was the second consecutive day of gains for the Sensex. The stocks that contributed most to the gains included ITC, HDFC and HDFC Bank. The Sensex was up by 321.86 points to close at 31770.89. Nifty also gained 103.15 points to close at 9897.30. Among the top gainers were Cipla, Tata Motors and Tech Mahindra. The top losers included NTPC, Asian Paints and Power Grid Corporation. The good performance for the second consecutive day was possible since global political uncertainly related to North Korea has reduced in recent times. Investors in India are looking at the bigger picture and ignoring short term risks in favor of long-term gains.

However, the telecom stocks did not do well today, as most of them were down. Currently, there’s a lot of uncertainly in the policies being framed for the telecom sector, which has resulted in confusion. Bharti Airtel was down 1.13 percent, Reliance Communications was down 3.94 percent, GTL Infrastructure was down 3.73 percent and Himachal Futuristic Communications was down 0.95 percent. The aggressive plans of Jio to launch 4G enabled feature phones and give them to customers for free has also resulted in erosion in value of stocks of other telecom companies.

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