The 30-share Sensex ended up 1 point at 27,459 and the 50-share Nifty ended down 1 point at 8,341.
Market breadth was weak with 1239 losers and 1078 gainers on the BSE.
Govt is set to garner Rs 1 lakh crore from sale of radiowaves.
Most of the steep rate cuts announced might also not translate into bill savings for subscribers
Midcap stocks continued to remain on buyers' radar with BSE Midcap index up 0.1%.
Textile and telecom shares have gained ahead of the Cabinet meet later today which is likely to announce new measures for both the sectors.
Markets will be closed on Thursday and Friday on account of Holi and Good Friday, respectively.
Most of the session's gains for both the indices were wiped out as investors rushed to book profits ahead of F&O expiry on Thursday and also due to concerns over stretched valuations.
Both the indices ended at their highest levels since February 1.
A liberalised spectrum allows operators to use any technology to deliver services like 3G and 4G.
Sensex ends 134.91 pts down at 28,709.87; Nifty falls 44.70 pts at 8,712.05.
In its letter Voda Idea has warned that it is not in a sound financial state, and added that it would be in a position to meet its liabilities only if the government initiates steps including allowing set-offs for GST credit accumulated so far, and permitting staggered mechanism for payment of balance amount of interest, penalty, and interest on penalty.
The 30-share Sensex ended up 8 points at 27,508 and the 50-share Nifty closed 1 point higher at 8,284.
Uninor added 8.53 lakh subscribers to take its base to 4.01 crore during the reported period.
The freebies are now over, but Jio will need to notch up subscriber numbers and margins to prove its sceptics wrong.
'Unless India Inc's earnings offer promise in March 2017 quarter, sentiment may not reverse in a hurry.'
Bharti Airtel, Vodafone, Reliance Jio Infocomm and five other telecom firms will battle it out at the spectrum auction tomorrow, from which the government expects to garner at least Rs 11,300 crore (Rs 113 billion).
Telecom shares rallied on hopes that they would hike tariffs after huge investments to acquire spectrum.
After initial success, data use is stagnating and getting consumers to spend additional money for high-speed internet is proving to be difficult for telcos.
Of the two big players, while Bharti Airtel can leverage its existing subscriber base, newcomer Reliance Jio will have to wean away subscribers from the incumbents
Investors engaged in profit booking in the recent gainers at attractive and higher valuations.
The S&P BSE Sensex gained 57 points to end at 26,064 and the Nifty50 climbed 17 points.
Telecom stocks fell after Mukesh Ambani extended Reliance Jio's free offers till March 2017.
Rise in crude oil price and rally in global equities aided the sentiment
As per data, call drop situation in Delhi has improved.
'We have informed the government multiple times that the situation in the US and India are different.' 'Here, there will be a 500 MHz gap in the frequencies which will safely allow aviation without interference.'
Sources say companies will have to keep the market share of merged entities below 50% in all circles
The Cellular Operators Association of India (COAI) has bluntly told the government there is no reason for its members to roll out 5G networks as they will be unviable if 'captive private wireless networks' are allowed to be run by enterprises. The COAI, which has Bharti Airtel, Reliance Jio and Vodafone Idea as its key members, has written to Communications Minister Ashwini Vaishnaw saying there is 'no business case for the roll out of 5G networks'. Permitting such captive networks will 'diminish the revenue so much that there will be no viable business case left for the telecom service providers and there will not remain any need for 5G network roll out by telecom service providers (TSPs)'.
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.
At the moment, data and broadband is small for BSNL: it contributes 10 per cent of the company's revenue, though its share is on the rise.
Sensex rises, Nifty holds 8,900; FMCG, Pharma shares lead.
The company has reportedly been in the process of shutting its CDMA business and shifting its subscribers to 2G, 3G and 4G networks.
Over 1,42,000 people have been rescued from the flood-ravaged parts of Jammu and Kashmir so far, as the relief operations launched by the Armed forces entered the 12th day on Saturday.
Extending its new device plus data plan to more smartphones, the operator is keen to capture the youth's attention.
A rare bonhomie among three private telecom companies in raising tariffs coming on the back of a bailout package by the government may have helped the telecom sector avert a crisis but the challenges haven't ceased to exist as the industry faces a cash-guzzling task of rolling out 5G networks in the coming months. The sector that provides direct and indirect employment to millions is projected to see Rs 1.3 lakh crore to Rs 2.3 lakh crore of investments in the coming years in creating robust infrastructure and building telecom and network products that have been incentivised by the government through PLI and other initiatives. After years of cut-throat competition and the apex court ruling on payment of past statutory dues left some players in the lurch, billionaire Sunil Mittal's Bharti Airtel and struggling Vodafone Idea almost in tandem raised tariffs, taking the plunge they had long been talking about.
BSE Bankex and Telecom indices led the fall.
Lt Governor says discoms must cooperate or face cancellation of licences. Ficci cries interference.
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