Telecom stocks rose after a government commission said it wants more spectrum to be auctioned. The commission wants at least 10 mega hertz (MHz) of airwaves to be auctioned in each telecom zone, which is higher than 5 MHz suggested by the Telecom Regulatory Authority of India.
Telecom stocks rose after a government commission said it wants more spectrum to be auctioned.
"The stake helps Bharti get a much needed footprint in the lucrative Mumbai/Delhi circles as it looks to compete against RIL," Citi said in a note, referring to Reliance Industries
Investors await the outcome of another round of discussion by the commission on Saturday, which will likely discuss the auction base price.
The BSE Sensex and NSE Nifty recouped losses in afternoon trade following recovery in rupee. Even mildly positive opening of European markets helped Indian equities. L&T, State Bank of India, Bharti and BHEL extended somewhat gains.
Sensex down 75 pts on fresh selling and weak Asian markets
The BSE Sensex and NSE Nifty remained under pressure since early trade due to consistent selling in Reliance Industries, HDFC and ICICI Bank.
BSE-SENSEX-PETROL-ICICI-NIFTY:BSE Sensex fall; fuel price hike in doubt
The BSE Sensex and NSE Nifty stayed lower amid choppy trade, due to somewhat profit booking in ICICI Bank and Reliance Industries. Infosys, ONGC, HDFC and TCS too were down in morning trade whereas the upmove in Bharti, and capital goods stocks limited the downside.
The BSE Sensex and NSE Nifty opened moderately lower on Friday following downtrend in Asian markets. Weak global data and endless eurozone woes continued to weigh on markets globally.
ADS BY GOOGLE
video of the day
No one doubts India; rate cut lurking: Motilal Oswal