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 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.
Investors indulged in profit booking at attractive and higher valuations
Telecom industry body COAI has approached the information technology ministry for removal of fake and misleading messages from social media platforms like Facebook, Whatsapp and Twitter linking spread of COVID-19 to 5G technology. The Cellular Operators Association of India (COAI), whose members include Reliance Jio, Bharti Airtel and Vodafone Idea, said the claims linking 5G with coronavirus are baseless as 5G networks have not yet been installed in the country and even 5G trials are yet to be started by the telecom operators. In a letter dated May 15 to MeitY additional secretary Rajendra Kumar, COAI director general S P Kochhar said: "To safeguard the national interest, we request your good office to kindly instruct all the social media platforms such as Facebook, Watsapp, Twitter, etc, to remove all such posts and misleading campaigns from their platforms on an urgent basis." People have been sharing audio and video messages on social media platforms in which 5G towers are being blamed for rise in casualties across the country even though none of the companies have installed 5G technology anywhere in India.
Rise in crude oil price and rally in global equities aided the sentiment
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.
Investors engaged in profit booking in the recent gainers at attractive and higher valuations.
The BSE Midcap and the BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower
As per data, call drop situation in Delhi has improved.
Banking and telecom will see the highest impact of this transition.
Firm makes Rs 4,858-crore loss on Rs 10,799-crore income.
The 30-share Sensex ended up 204 points at 27,215 and the 50-share Nifty ended up 59 points at 8,238.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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.
Apex telecom industry body COAI has asserted that spectrum pricing should be kept conducive to market conditions as 5G entails upfront capital investments with monetisation spread over a long-haul, and pricing radiowaves high will only push the players up against the wall. The stage is set for Telecom Regulatory Authority of India (TRAI) to come out with its recommendations on 5G spectrum pricing and other modalities for upcoming auctions, and the announcement from the sector watchdog is expected anytime now. Norms will also be worked out for new frequencies such as 526-698 MHz and millimetre band, that is 24.25 - 28.5 GHz, in addition to bands such as 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300-3670 MHz.
Sensex remained volatile through the day.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
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.
Licence winners are expected to be announced by the first quarter of 2014.
.jpg)
Instead of tinkering with roaming, the circle system should be ended.
Sensex ends belowe 26,800 on domestic concerns.
While the draft M&A policy for the telecom sector has been revised a few times over the past few months, DoT has not made any major changes to guidelines.
HDFC twins, Axis Bank, ICICI Bank and SBI from the financial space gained between 1-2.7%.
The 30-share Sensex ended up 8 points at 27,508 and the 50-share Nifty closed 1 point higher at 8,284.
Brokerages expect revenue growth at a 7-quarter high but profitability may disappoint.
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.
The S&P BSE Sensex surged 160 points to close at 25,262.
The S&P BSE Sensex gained 57 points to end at 26,064 and the Nifty50 climbed 17 points.
Markets will be closed on Thursday and Friday on account of Holi and Good Friday, respectively.
Previous peak in 2010 crossed in first five-and-a-half months this year.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices added 0.6% and 1.3%, respectively to touch their fresh lifetime highs.
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.
The telecom industry is moving towards a five-plus one model.
Sources say companies will have to keep the market share of merged entities below 50% in all circles
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).
Cellular service provider Idea has announced a new STD (standard trunk dialing) tariff of 99 paise a minute for its customers of Delhi and national capital region for calls made to any private GSM mobiles anywhere in the country.\n\n
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.
