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Sensex, Nifty volatile; HUL rises 2%, pharma metals drag


The News International Team

10:55am Spectrum Auction: Aggressive bidding in the latest round of telecom spectrum auctions will strain the balance sheets of telecom companies, feels Rajan Mathews, Director General of Cellular Operators Association of India (COAI).

In an interview with CNBC-TV18, he says tariffs could rise post the auctions as telecom players try to pass on higher operating costs to consumers.

He expects the auctions to end this week, and says the fierce bidding in the 900 MHz frequency has not come as a surprise.

Mathews says Reliance Jio has been one of the most disciplined bidders and expects the company to bid for 800 MHz and not 900 MHz. 

10:25am FII View: Abhay Laijawala, Deutsche Equities says while current investor focus on a gridlocked upper house of parliament is legitimate, investors must not overlook the tectonic changes that are being ushered on governance and ease of doing business, which will go a long way in rebooting India and reviving its economic dynamism.

“The path to reform will not be easy but this government will move ahead,” he adds.

According to Laijawala, this government’s focus encompasses the entire gamut of reform ranging from external liberalisation to a more effective decentralisation of decision making to states, an obsessive focus on processes and dramatically improving India’s rankings on the ease of doing business,” he adds.

10:00am Market Check

The market seems to be gaining strength gradually. The Sensex is up 71.77 points at 28781.64, and the Nifty is up 22.45 points at 8734.50. About 1042 shares have advanced, 727 shares declined, and 159 shares are unchanged.

HUL, HDFC, GAIL, M&M and Wipro are major gainers while Sun Pharma, Cipla, Coal India, ONGC and Dr Reddy’s Labs are losers in the Sensex.

Gold hovered near its lowest in over three months, hurt by consecutive losses in the last seven sessions as a robust dollar and expectations of higher US interest rates curbed appetite for the metal.

Spot gold had ticked up slightly to USD 1,162.85 an ounce, after dropping 4 percent in the seven sessions to Tuesday. The metal slumped to USD 1,155.60 in the previous session, its lowest since December 1.

Bullion has taken a hit from stronger-than-expected US non-farm payrolls data on Friday that renewed expectations the Federal Reserve would begin to increase interest rates in June.

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