Telecom, power scrips in spotlight

After moving in a narrow (positive) range in early noon trades, the market has risen steadily on positive developments in the telecom and power sectors. The Sensex, as a result, is now up 19 points at 6,572, while the Nifty has added seven points to 2,067.

SBI, with a traded volume of over 13.38 lakh, has logged nearly 3% gains (Rs 19) to Rs 653. ICICI Bank is still up 1.38% (Rs 5) at Rs 367, while HDFC Bank is subdued with a per cent loss (Rs 5) at Rs 556.

Following cabinet approval to hike FDI limit in telecom sector to 74%, telecom stocks shot up on strong buying support. Tata Tele has zoomed 15.46% (Rs 5) to Rs 34. While MTNL has added 1.84% (Rs 3) to Rs 141, VSNL has logged 2.59% gains (Rs 6) to Rs 232. Bharti, however, with a traded volume of over 7.18 crore, is down a rupee at Rs 222.

BHEL has flared up 4.28% (Rs 32) to Rs 790. While Tata Power has surged 4.42% (Rs 17) to Rs 396, Reliance Energy has added 2.17% (Rs 12) to Rs 573.

Hindalco has advanced 2.59% (Rs 35) to Rs 1,366, and Tisco is up a per cent (Rs 3) at Rs 385.

Grasim and Gujarat Ambuja are trading slightly over a per cent gain each at Rs 1,335 and Rs 453, respectively. ACC is up Rs 2 at Rs 357.

Infosys is trading with a per cent gain (Rs 21) at Rs 2,084. Satyam is up a tad at Rs 408, Wipro is subdued at Rs 689 - down Rs 6.

HLL is trading lower by 2.37% (Rs 4) at Rs 165, with a traded volume of over 3.35 lakh. ITC and Reliance are down a per cent each at Rs 1,337 (down Rs 13) and Rs 539 (down Rs 3), respectively. Over 12.31 lakh Reliance shares have changed hands on the BSE so far.

Alstom continues to reel under selling pressure, and has tanked nearly 15% (Rs 14) to Rs 78. While Indian Rayon has shed 2.95% to Rs 426, Novartis is down 2.62% at Rs 579.