The relaxation of norms for foreign direct investment up to 100 per cent in telecom companies lifted prominent players in the sector. However, it did not lead to any frenzied buying by investors.

Two of the telecom players-Reliance Communications and Idea Cellular, hit fresh 52-week highs but the price gains were not significant.

RCom touched a new high of Rs 151.25 before easing to Rs 149.90, a gain of Rs 3.95. The counter registered a trading volume of about 33 lakh shares within the first 30 minutes of trading.

Idea Cellular was another stock to touch a new yearly high of Rs 163.55 before it fell to Rs 162.10, a gain of Rs 4.25. The trading volume touched about 12 lakh shares.

But the big boy in the sector (among listed stocks) Bharti Airtel rose to Rs 325.90, up by Rs 4.80 with a trading volume of about 9.4 lakh shares. Tata Teleservices (Maharashtra) was up by 40 paise to Rs 7.45 and this counter too witnessed robust trading volume of 17.8 lakh shares. In fact, in terms of percentage, this stock has made significant gains in the past one month—rising from a low of Rs 5 that it had touched on June 13 to the current levels.

The state-owned MTNL, which will not be a beneficiary of the Government move, was nonetheless a gainer too, up by 55 paise to Rs 17.30 with a trading volume of 4.88 lakh shares.

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