India's Sensex breaches 34,000 yet again; RCom surges 30%

Trading volumes were low ahead of New-Year holidays

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, India. (SOURCE:REUTERS) Reuters

Indian benchmark Sensex index breached 34,000 level for the second time this month on the back of sustained overseas inflows.

Asian shares were poised for a record close on the final trading day of 2017. Trading volumes were, however, low ahead of New-Year holidays.

The MSCI Asia Pacific Index is set for an annual gain of almost 29 percent, boosted by the region's world-beating growth. Hong Kong led the charge with gains of 36 percent for the year, while South Korea notched up 22 percent and India 27 percent, Reuters data showed.

At 0620 GMT, the S&P BSE Sensex added 0.53 percent at 34,027 while the broader NSE Nifty gained 0.45 percent to 10,524.

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Among the top Sensex gainers, Asian Paints rose 1.9 percent, Tata Motors gained 1.8 percent, Hero MotoCorp advanced 1.3 percent while Axis Bank was up 1.3 percent.

Reliance Communications surged 30 percent after Reliance Jio said it would buy majority wireless assets of RCom to help ease company's debt pile.

Other Anil Dhirubhai Ambani group companies also gained. Reliance Capital advanced 4 percent, Reliance Infrastructure rose 1.8 percent, Reliance Naval and Engineering 4.3 percent and Reliance Power added 4 percent.

BSE Ltd jumped 4 percent after markets regulator approved amendments to the Stock Exchange and Clearing Corporation Regulations to allow all exchanges to offer trading in all segments such as commodities, equities, currency and debt from October 2018.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

This article was first published on December 29, 2017