Sensex trades higher; Sterlite, Bharti, DLF top buy list

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The market showed smart recovery amid a bit of choppy trade, led by banks, technology, capital goods, metals and power stocks, and Bharti Airtel. The BSE benchmark climbed 175 points to 17,475.48 and the Nifty moved up 42 points to 5,277.35.

Shares of Bharti Airtel retained its top position in the buying list, shooting up 8.5% on hopes of getting more spectrum after Supreme Court said all spectrum issued on or post January 2008 would be cancelled. SC has cancelled 122 2G licenses issued after January 2008.

Bharti and Idea which are expected to be the biggest beneficiaries of this, GV Giri of IIFL giving a thumbs up to buy both stocks, in lieu of the present situation. Idea Cellular too rose 3%. However, other telecom stocks were down between 2% and 7%.

Among technology stocks, Wipro shot up 3%; Infosys rose 0.8% and TCS jumped 1.5%. In the banking space, ICICI Bank climbed 1.5% and HDFC Bank went up 0.4%; even SBI recovered smartly, which turned flat after 3.5% fall.

Shares of DLF and Sterlite Industries were up nearly 5%. ONGC, L&T, Hero Motocorp, M&M, Hindalco, HUL, Tata Power and BHEL gained 1-3%.

However, ITC, Tata Motors, Cipla, Jindal Steel and Sun Pharma were down 1-2%.

At 12:46 hours IST : Nifty regains losses; Bharti makes smart move

The market regained in the afternoon trade, supported by capital goods, technology, metals and private banks stocks. Even Bharti Airtel played a big supportive role today, rising nearly 7% on hopes that the company may get more spectrum after Supreme Court's verdict on 2G case said all spectrum issues on or post January 2008 would be cancelled. The SC has cancelled 122 2G licenses issued after January 2008.

Idea Cellular gained 3% on hopes of getting more spectrum, though SC cancelled 9 licenses of the company. Reliance Communications lost 4% and Tata Teleservices lost 2%.

The Sensex gained 144 points at 17,444.78 while the Nifty rose 34 points to 5,269.70.

But the fall in index heavyweights SBI and Reliance capped the upside. SBI fell nearly 2%, though it recovered some of its losses after clarification from company on telecom exposure. The bank said it has funded exposure of Rs 1,100 crore and non-fund exposure at Rs 3,400 crore; the bank doesn't see significant risks to non-fund based exposure.

However, shares of BHEL and Sterlite rallied 3.5% each. TCS, ONGC, ICICI Bank, L&T, Infosys, HUL and Wipro gained 1-2%. Realty major DLF shot up 4%.

In the second line shares, Hexaware Tech surged 12% on better than expected numbers in Q3. Jai Corp, Aban Offshore, Shoppers Stop and Prestige Estate were up 8-10.5%.

However, Unitech, Ashok Leyland, Sun Pharma Advanced, Novartis India and SREI Infra slipped 3-7%.