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Gains from companies benefited by the 2G verdict announced by the Supreme Court pushed the Indian markets to close in the green today.
After opening firmly, the markets dipped slightly following the 2G verdict which cancelled 122 telecom licences issued in 2008 by the then Telecom Minister, Mr A. Raja.
The Sensex closed up at 0.76 per cent or 131.27 points at 17,431.85 while the Nifty also ended up 0.65 per cent or 34.20 points at 5,269.90.
“It is a combination of positive global cues, good corporate results and the gains by a few telecom companies that have resulted in the upward swing in the Indian markets today,” said Mr Abhinav Angirish, Founder and CEO, Invest Online.
Among the telecom stocks, Bharti Airtel ended at Rs 385.95, up 6.88 per cent. This was followed by Idea Cellular which closed at Rs 95.85, up 2.88 per cent.
However, Reliance Communications and Unitech, the promoter company of Uninor, fell sharply on the bourses following the verdict. Reliance Communications closed at Rs 96.85, down 3.54 per cent and Unitech closed at Rs 25.10, down 7.04 per cent on the BSE.
Sector-wise, the BSE Teck index was up 2.08 per cent, the BSE IT index was up 1.53 per cent and the BSE Metal index was up 1.40 per cent.
Bharti Airtel (up 6.88 per cent), DLF (up 4.05 per cent), Sterlite Industries (up 3.90 per cent) were the top three gainers while Cipla (down 2.53 per cent), ITC (down 1.36 per cent) and Jindal Steel (down 1.05 per cent) were the top three losers.
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