Markets gained for the third straight session on Thursday led by Bharti Airtel on expectation that the telecom major could emerge as one of the major beneficiaries following today’s Supreme Court verdict.
The 30-share Sensex ended above the 17,000 mark for the third straight session up 105 points at 17,406 and the 50-share Nifty ended up 30 points at 5,265.
The Supreme Court today cancelled licences given to the telecom firms involved in 2G spectrum allocation scam. A total of 122 licences had been issued since January 2008.
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(Updated at 14:34 hrs)
Markets continue to trade on a firm note in late noon deals on the back of sustained buying visible in the teck, realty and IT stocks. The Sensex is up 180 points at 17,480 and the 50 share- Nifty has advanced 34 points to 5,269 levels.
The Asian markets ended the day on a strong note with Shanghai and Hang Seng closing higher by 2% each and the Nikkei also edged higher by nearly 1% in trades today. Meanwhile, the European markets are trading on a flat note.
Back home, in a major development the Supreme Court ordered cancellation 122 2G spectrum 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."
Bharti Airtel continues to remain the top gainer among the Sensex stocks. The stock has rallied 9.4% to Rs 395 on back on huge volumes and the Supreme Court's verdict.
Sterlite Industries, DLF, Wipro, Hero MotoCorp, BHEL, Hindalco, Gail India, ONGC, Tata Power, Mahindra & Mahindra, TCS, ICICI Bank and HUL are also among the gainers, up 1.5-5.3% each.
However, Cipla, Sun Pharma, Jindal Steel, ITC, Tata Motors, HDFC, Bajaj Auto and Reliance Industries are among the notable losers.
BSE Teck index is the top sectoral gainer, up 2.4% or 82 points at 3,554 levels. Power index has also jumped 1.7% to 2,144 levels. Realty, IT, Capital Goods, Metal, PSU and Oil & Gas indices have also advanced 0.4-1.6% each.
At the same time, healthcare and consumer durable stocks are facing a mild selling pressure.
Hexaware Technologies is the top gainer among the teck stocks, up 10.4% to Rs 97. HCL Tech, Idea Cellular, Tata Communication, Tech Mahindra and TCS are also among the gainers.
Among the individual shares, Aban Offshore has rallied 10% to Rs 524, extending its 7% gains after the company's international operations, undertaken through special purpose vehicles, have shown better performance than domestic business during the quarter ended December 2011.
The broader markets are trading higher, the BSE mid-cap index has advanced 38 points to 5,975 levels and the small-cap index is up 41 points at 6,615.
The overall breadth remains positive as 1,515 stocks are advancing while 1,223 are declining.
