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Small caps at year's high
Fri, 5 Dec 11:30 am

The Indian Indices have remained close to the dotted line during the morning session of trade. Metal and engineering stocks are leading the gainers while IT and pharma stocks are trading in the red. Mid and small cap stocks are witnessing buying interest.

The BSE-Sensex is trading up by 27 points. The NSE-Nifty is trading up 8 points. The BSE Mid Cap index is trading up 0.6% and the BSE Small Cap index is trading up 1%. The rupee is trading at 61.87 to the US dollar.

Energy stocks are trading mixed today. GAIL and Reliance Industries are leading the gainers. As per a leading financial daily, gas transporting major GAIL has signed a gas sales and purchase agreement with WGL Midstream. The latter is a US based company. The agreement is for supply of 430,000 dth per day of natural gas. The contract would be for a term of 20 years. It is expected that the supply would commence with the start of the Cove Point LNG export facility which is scheduled to happen in the next two years. The stock was trading up 1% at the time of writing.

Most telecom stocks are trading higher today. Bharti Airtel and Tata Teleservices are leading the gainers. As per a leading financial daily, the government is moving ahead with the process of spectrum auctions scheduled for Feb 2015. The Department of Telecom (DoT) has appointed a Kolkata based firm mjunction to conduct the auctions. The government has however, not yet confirmed if the auction will put up for sale both 2G and 3G spectrum. The DoT wanted to split the auctions in two parts by conducting 2G auctions in Feb and 3G auctions in May. However, this has been opposed by operators as well as the regulator TRAI citing reasons of spectrum shortage in such a situation. To ensure simultaneous auctions of 2G as well as 3G airwaves, the DoT is in talks with the defense ministry on swapping spectrum between them. A final decision is expected soon.

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