The Indian stock markets continued to trade firm on account of sustained buying interest in heavyweights during the last two hours of trade. All sectoral indices are trading in the green. Stocks from the metal, banking, auto, realty and consumer durables sectors are leading the pack of gainers.
The BSE-Sensex is trading up by 470 points while NSE-Nifty is trading 136 points above yesterday's closing. The BSE Mid Cap and BSE Small Cap indices are trading up by 1.8% and 1.3% respectively. The rupee is trading at 51.57 to the US dollar.
Telecom stocks have been trading mixed with MTNL, Tata Communications and Tata Teleservices (Maharashtra) leading the pack of gainers. However, Idea Cellular, Bharti Airtel and ADC India Communications are trading weak. As per a leading financial daily, Idea Cellular has benefitted the most from newly implemented mobile number portability (MNP) system by gaining the maximum number of subscribers. As on November 15, the company has reported a gain of 1.6 million subscribers. It has surpassed both Vodafone and Bharti Airtel that reported gain of 1.2 million and 0.3 mn customers respectively.
In a separate news, Communications Minister Mr. Sibal has warned of taking strict actions against the telecom operators for not adhering to the MNP provisions. So far, the notices have been issued to Bharti Airtel, Idea, Loop, Reliance Communication and Vodafone.
Pharma stocks have been trading mixed as well with Orchid Chemicals, Wockhardt and JB Chemicals and Pharmaceuticals leading the pack of gainers. However, Dr Reddys Laboratories, Lupin and Elder Pharma are trading weak. As per a leading financial daily, Dr Reddy's Laboratories (DRL) has been issued a notice by Central Bureau of Investigation (CBI). The notice is regarding the details of tax benefits that the company availed during the reign of Mr. Chandra Babu Naidu as Chief Minister in Andhra Pradesh. The report says that CBI notice follows a public interest litigation (PIL) filed by former chief minister Mr. Reddy's widow in Andhra Pradesh's high court. As per the company's management, the company has already responded to the notice.