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Nifty50 formed a strong bullish candle on the daily scale, making higher highs and lows on the lower time frame chart.

“We believe that investment and manufacturing growth are likely to continue to be drivers of overall economic activity in the country and policy initiatives are also focused towards that.”

He further added that the AGR and spectrum payments added to companies debt burden and that he expectes that the burden on the telecom industry will come down.

“At Rs 150-160 as ARPU per month, it would additionally contribute to around Rs 18,000-20,000 crore worth of revenue and at 50% EBITDA, it should have the potential of contributing around Rs 9,000-10,000 crore of EBITDA.”

The NSE Nifty index closed 225.85 points up at 16931.05

In the international market, gold was trading lower at $1,814 per ounce and silver was flat at $23.99 per ounce.

The development comes amid reports that Sebi has constituted an expert panel to look into moving the settlement cycle in the securities market from T+2 to T+1 to enhance market liquidity.

On the Multi Commodity Exchange, copper contracts for delivery in September traded higher by Rs 4.25, or 0.59 per cent, to Rs 723.25 per kg in a business turnover of 4,190 lots.

“There was enough talk from the competition that Raymond has never done real estate before and they cannot deliver. I put out a few Instagram posts silencing my critics.”

Equity investors grew richer by Rs 3.58 lakh crore as the total market cap of BSE-listed companies climbed to Rs 247.32 lakh crore.