The markets have gained momentum in the noon deals. The Sensex is up 177 points at 17,477 and the Nifty has advanced 40 points to 5,275 levels. The markets erased some of the gains post the Supreme Court order- cancelling all 122 licenses issued after 2008.
According to Deven Choksey, Chief executive officer, KR Choksey securities, "The market is viewing it positively and will only recover because the earlier licences which have been cancelled will be re-issued after the revised guidelines come out and the monetary considerations will be swapped against the new licences."
Back to markets, Bharti Airtel is the top gainer among the Sensex stocks, up 8.2% to Rs 391 on back of huge volume after the Supreme Court cancelled all 122 2G licences handed out in India after 2008. The Telecom Regulatory Authority of India (TRAI) must go in for a fresh issue of licences, ruled the Supreme Court. DLF, Sterlite Industries, BHEL, Wipro, Tata Power, Hindalco, Gail India, ONGC, Hero MotoCorp, Mahindra & Mahindra, TCS and Coal India are also trading higher by 1.5-4.3% each.
However, Cipla, ITC, Sun Pharma, Tata Motors and Jindal Steel are among the notable losers.
BSE Teck index is the top sectoral gainer, up 2.3% or 80 points to 3,552 levels. Power, Realty, Capital Goods, Metal, IT, PSU and Oil & GFas indices are also up 0.6-1.6% each.
At the same time, Healthcare and consumer durable stocks are witnessing some amount of selling pressure.
Hexaware Technologies is the top gainer from the teck space, up nearly 12% to Rs 98. Idea Cellular, HCL Technologies, Tech Mahindra, Tata Communication, MTNL and Zee Entertainment are also trading higher.
Among the individual shares. State Bank of India (SBI) is trading lower by 5% at Rs 1,975, declining 7% from day’s high of Rs 2,113 on worries over its exposure to telecom companies after the Supreme Court quashed all 122 spectrum licences granted to telecom companies after January 2008.
The broader markets are also trading firm. The BSE mid-cap index has advanced 0.36% to 5,974 and the small-cap index is up 41 points at 6,615.
The overall breadth is positive as 1,482 stocks are advancing while 1,141 are declining.