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Indian markets in a buoyant mood
Wed, 22 Oct 11:30 am

After opening positive, the Indian Indices have continued to gain momentum during the morning trading session. Broad based buying is being seen on the bourses. Auto, pharma and capital goods stocks are leading the gainers.

The BSE-Sensex is trading up 191 points. The NSE-Nifty is trading up 61 points. The BSE Mid Cap index is trading up 1% and the BSE Small Cap index is trading up 0.9%. The rupee is trading at 61.23 to the US dollar.

Majority of the pharma stocks are trading firm with Natco pharma and Aurobindo pharma being the leading gainers in the pack. Biocon Ltd reported results for second quarter ending September 2014 (2QFY15). The company has reported growth of 3% YoY on the topline. The muted performance was due to decline in sales of its biopharmaceutical division and modest growth in its contract manufacturing segment. On the back of this, the growth in operating profits was flat for the quarter. The operating margins too declined by 30 bps for the quarter. The net profits growth was also flat for the quarter. Biocon was trading down by 1.4% at the time of writing.

Most of the telecom stocks are trading in the green today. Tata Communications and Tata Tele Services are leading the gainers. The telecom regulator TRAI has told the government that it will not be in a position start the process of conducting the spectrum auction in February 2015 without receiving additional information. The regulator has asked the Department of Telecom (DoT) to clarify its position regarding the availability of spectrum. The government wants to auction spectrum for 3G services early next year in the 900 1,800, 2,100, 2,300 and 2,500 MHz bands. While the regulator has fixed the base price for the 900 and 1,800 MHz bands; it has asked the government to quickly make up its mind about exactly how much spectrum and in which service areas it wants to put up for auction. TRAI has also made a recommendation that all vacant 3G slots should also be put up for auction.

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