05:52
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The market gave up morning gains to trade flat on the first day of the April series. The Nifty continued to hover around the 8350 level supported by IT stocks. However, the BSE Midcap Index underperformed benchmarks, down half a percent.
The 30-share BSE Sensex advanced 25.58 points to 27483.16 and the 50-share NSE Nifty slipped 2.20 points to 8339.95. Declining shares outnumbered advancing ones by a ratio of 1433 to 955 on the BSE.
Telecom stocks continued to be in focus on account of the details emerging from the telecom auctions. Idea Cellular was the highest spender at Rs 30,306 crore. Apart from this, Bharti Airtel spent Rs 29,310 crore with Reliance Communications from the listed space shelling out Rs 4,299 crore. Macquarie says given the biggest overhang related to spectrum auction is behind, they have increased their target price for both Bharti and Idea Rs 460 and Rs 215, respectively.
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Posted in: Indian Market Tips
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