6:00 PM Mumbai – Three leading wireless carriers Bharti Airtel, Idea Cellular and Vodafone and Tata Teleservices and Reliance and Reliance Jio committed nearly ₹109,000 crore in the largest wireless spectrum auction.
Stocks in Mumbai struggled to advance as investors began to turn cautious and rupee firmed after a week of tumultuous trading.
Market indexes are likely to face headwinds in the next two months of trading as corporate balance sheets remain stretched and banks are struggling with non-performing loans.
The near 3% correction this week in Mumbai trading may be sending signal for the future correction and market indexes are likely to face a deeper correction of as much as 10%.
The market rally after national election last year is struggling to extend as corporations are struggling with aggregate demand, regional and smaller banks are dealing with balance sheet issues and consumers are still facing rising food prices.
Infrastructure stocks had shot up nearly 100% during the election rally and next downturn in market indexes is expected to be led by the sector, banks and capital goods stocks.
Rupee gained 17 paisa 62.50 against one dollar.
The Sensex Index added 1.06 to close at 27,458.64. The CNX Nifty slid 0.75 to 8,341.40.
For the week, Sensex Index declined 2.8% and CNX Nifty dropped 2.6%.
Gainers & Losers
Bharti Airtel Limited
plunged 5.6% to ₹376.20 and the largest wireless service provider acquired 111.6 megahertz of telecom spectrum and 2100 megahertz bands worth ₹29,130 crore by the Government of India.
Cadila Healthcare Limited
closed unchanged at ₹1,661.20 after the pharmaceutical products maker secured 50% stake in Zydus BSV Pharma Pvt Ltd. from joint venture partner Bharat serums and Vaccine Ltd.
Idea Cellular Limited
declined 4.9% to ₹171.45 after the third-largest mobile operator plans to bid ₹30,100 crore in telecom spectrum auction.
Reliance Communications Limited
dropped 3.6% to ₹58.25 after the second-largest mobile operator plans to bid ₹4,299 crore in telecom spectrum auction.
Reliance Industries Limited
slipped 2.3% to ₹811.75 and the conglomerate’s subsidiary acquired the telecom spectrum worth ₹10,077.53 crore in 13 key circles across India.
Reliance Jio Infocomm plans to provide 4G Long-Term Evolution network in 800 megahertz, 1800 megahertz and 2300 megahertz bands through an integrated ecosystem.
Larsen & Toubro Limited
advanced 2.5% to ₹1,676.85 and the engineering infrastructure maker won orders worth ₹1,711 crore in March.