Indian equity markets continued
the upward momentum for the third straight day tracking the recovery of rupee
from its all time high, hit last week. Indian benchmark indices gained over
1.5% in today’s trading session. Nifty ended the day at 5,680.40, surging by
87.45 points while Sensex was up by 290.30 points & ended at 19,270.06.
Bharti Airtel shares gained ahead
of spectrum pricing meet. According to CNBC-TV18 sources, the Telecom
Regulatory Authority of India (TRAI) board meet will mull sharp cut in spectrum
pricing. Nomura has upgraded the stock to buy with a target price of Rs 360.
"The stock should react positively to improvements in operational key
performance indicators, which we think can be sustained over the next 12
months. After 3 years of earnings cuts, the stock is finally seeing some
upgrades. We have also raise FY14 and FY15 earnings per share estimates by 5-12
percent," Nomura said.
The coal secretary said that the
government is not ruling out buyback or special dividend option for Coal India.
Company's board will take a decision on this soon. The chairman says that the
company has about USD 200 million of debt on its books.
Among the sectoral indices CNX
PSE gained over 3.10% followed by CNX Infra (3.06%) and Bank Nifty (2.88%).
Meanwhile CNX Media plunged -0.69%.
Out of 50 stocks of Nifty 32
stocks ended in positive territory and 18 in negative.
Top 5 Nifty gainers: ICICI Bank
(7.64%), Bharti Airtel (5.81%), CIPLA (5.23%), ONGC (5.15%) and Asian Paint
(4.83%) were top index gainers.
Top 5 Nifty losers: BOB (-2.70%),
Coal India (-2.49%), Tata Power (-2.41%), SesaGoa (-2.38%), LUPIN (-1.90%) were
top index losers.
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