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Sensex Rises 118 Pts As Govt Relaxes FDI Limits

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Sensex rose by over 118 points in early trade on July 17 led by gains in telecom stocks, after the government liberalised FDI limit in over a dozen sectors.
 
The 30-share index, which had lost 183.25 points in the previous session, rose by 118.79 points, or 0.59 per cent, to 19,970.02 points.
 
The National Stock Exchange index Nifty gained 26.40 points, or 0.44 per cent, to trade at 5,981.65 points.
 
Brokers said the sentiment turned better after the government liberalised FDI limits in a dozen sectors, including allowing 100 per cent FDI in telecom and higher limits in 'state-of-the-art' defence manufacturing to shore up foreign investments and, boost the sagging economy, triggering buying by participants.
 
Read Also: Govt Eases FDI Cap in 12 Sector

Reliance Communications gains 1.5 per cent, while Idea Cellular Ltd rises 0.9 per cent and Bharti Airtel Ltd is up 0.5 per cent.
 
Lenders such as Yes Bank and other financial firms fall for a second day after the central bank raised short-term interest rates in a bid to curb the rupee's slide.
 
Financial companies dependent on short-term wholesale funding will be most affected by the central bank's measures to curb liquidity, analysts say.
 
Yes Bank falls 1.6 per cent after dropping 9.9 per cent on Tuesday, while IndusInd Bank is down 0.9 per cent.
 


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