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Markets up 3.8% for the week
Fri, 7 Mar Closing

Indian equity markets started the day on a positive note. They continued their uptrend in late noon trades to scale fresh highs, amid firm buying by foreign funds. Foreign Institutional Investors (FIIs) have remained net buyers in equities for the past 15 straight trading sessions. Realty and Banking stocks were the biggest gainers. While the BSE Sensex closed higher by 405 points, the NSE-Nifty closed higher by 125 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.

As regards global markets, Asian indices closed in the red. European indices have opened in the red. The rupee was trading at Rs 61.06 to the dollar at the time of writing.

SBI is planning to introduce a share purchase programme worth Rs 80-120 bn for all its employees. The bank aims to launch this scheme during the next financial year. All the employees will be eligible. The shares will be offered at a discount. The size of the issue will depend on the price at which the shares will be offered.

The Department of Telecommunications (DoT) is currently discussing details of the auction of 700 MHz spectrum band. 700 MHz band is considered as one of the most efficient bands currently used worldwide. However, the DoT may need to seek recommendations from the Telecom regulatory Authority of India (TRAI) on reserve price of 700 MHz spectrum like other bands. At present, many countries like the US, Latin America and Australia are either using or are setting up long-term evolution (LTE) networks on 700MHz spectrum. There are more than 280 devices available in the market that can be used for 4G or LTE services on 700 MHz spectrum. The Government has about 100 MHz of spectrum available in the 700 Mhz band that can be auctioned.

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