Telecom stocks fell after Mukesh Ambani extended Reliance Jio's free offers till March 2017.
The S&P BSE Sensex surged 160 points to close at 25,262.
Sensex remained volatile through the day.
The S&P BSE Sensex gained 57 points to end at 26,064 and the Nifty50 climbed 17 points.
The broader markets were also in top gear, with the BSE midcap index surging by 2.1% at 11,431 and the smallcap index gaining 1.4% at 11,735.
While UltraTech Cement has been the biggest value creator adding nearly Rs 99,000 crore to its market capitalisation, Grasim Industries has added around Rs 27,000 crore to its market cap.
Companies might have to shell out a fourth of the industry's annual net revenue to clear the obligation
According to rating agency Fitch, India can in the long run support five-six profitable telecom operators.
Uninor added 8.53 lakh subscribers to take its base to 4.01 crore during the reported period.
The amount generated so far is about 86 per cent of what the 3G auction fetched in 2010.
Markets ended lower on Tuesday, snapping a two-day winning streak, as investors turned cautious and booked profit in financials.
Markets will be closed on Thursday and Friday on account of Holi and Good Friday, respectively.
The uniform SUC, if implemented as per recommendations made by Telecom Regulatory Authority of India, will provide relief for mobile operators such as Airtel, Vodafone and Idea, but will increase rates for broadband wireless access spectrum holders like RJIL.
In the broader markets, the BSE Midcap and Smallcap indices extended gains and were up over 1% each
Sensex ends belowe 26,800 on domestic concerns.
Every service provider, say analysts, now needs to make a much larger investment, and therefore needs a much larger share of the market to be profitable.
Bank shares were the top gainers led by ICICI Bank.
RCom may get around Rs 4,500 crore by trading its radiowaves to Reliance Jio.
Telcos have indicated that rates will have to be raised, as higher volumes alone will not suffice to meet the higher costs.
DoT had raised the demand on December 22 and asked RCom to pay within a month.
The dispute over the tax payable for its purchase in 2007 of the 67 per cent stake in Hutch is on an amount of Rs 11,200 crore (Rs 112 billion).
The telecom industry is moving towards a five-plus one model.
The freebies are now over, but Jio will need to notch up subscriber numbers and margins to prove its sceptics wrong.
The entry of the deep-pocketed conglomerate is expected to heighten competition.
Investors engaged in profit booking in the recent gainers at attractive and higher valuations.
The letter was written on February 20, two weeks after the Cabinet Committee of Economic Affairs had approved the 100 per cent ownership proposal of Vodafone Plc in Vodafone India, at a proposed investment of Rs 10,141 crore (Rs 101.41 billion).
Telecom tower companies likely to invest around Rs 500 crore (Rs 50 billion) to enhance network.
With slower than expected growth in smartphone penetration, operators and OEMs are joining hands to provide affordable mobile devices with attractive offers.
The third round of spectrum auction continued to witness aggressive bidding even after completion of seventeen rounds on Wednesday with demands for both bands of airwaves on offer continuing to pour in.
Life Insurance Corporation of India has over Rs 7,000 crore in tax demand pending against it, the biggest across various categories.
Markets ended lower for the third straight day on Tuesday weighed down by profit taking in rate sensitives with bank shares leading the decline after hopes of rate cut by the central bank faded.
The 30-share Sensex ended up 8 points at 27,508 and the 50-share Nifty closed 1 point higher at 8,284.
The merger will result in substantial cost and capex synergies with an estimated net present value of around USD 10 billion after integration costs and spectrum liberalisation payments, with estimated savings of USD 2.1 billion annually from the fourth year of the merger.
Banking and telecom will see the highest impact of this transition.
Seeking urgent steps by mobile operators to check call drops, regulator TRAI on Wednesday said their performance would be reviewed after 15 days and warned it will "cross the bridge" if they fail to do the needful.
The Sensex soared 402 points higher to end at 25,720 and the Nifty surged 130 points to close at 7,819.
Most of the steep rate cuts announced might also not translate into bill savings for subscribers
Vodafone had contended in its plea that DoT instead of signing and executing the ULs had at the last moment informed them that their request for deletion of 'restrictive' clauses in licence pertaining to roaming cannot be accepted.
Vodafone Plc and its ex-shareholders have suffered due to the delay in an Initial Public Offer (IPO) of its Indian unit.
Surprisingly, RIL scrip also fell by 2.73 per cent to 1,029.15, becoming the second biggest loser in the index
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