After opening in the green, the Indian indices have given up the early gains and are trading below the dotted line. FMCG and pharma stocks are leading the list of losers currently. Mid and small cap stocks though are witnessing buying interest.
Telecom stocks are trading mixed today. While Reliance Communications is leading the gainers; Idea Cellular is leading the losers. As per a leading financial daily, the telecom commission (TC) which is the highest decision making body in the telecom sector, has finalised the base price for the spectrum to be auctioned in the upcoming auctions in Feb 2015. However, the TC has put in a few conditions. These have not been made public yet as the TC's decision will be placed before the telecom minister for the final go ahead. While the base price of the GSM spectrum bands have been maintained as per the recommendations; the base price of the CDMA spectrum band has been increased by 15%. The government also plans to auction 3G airwaves in the auctions, the base price for which has not been finalized.
Energy stocks are trading mixed today. Cairn India and Petronet LNG are leading the gainers. As per a leading financial daily, ONGC's overseas business arm ONGC Videsh Ltdhas won an offshore oil and gas block in New Zealand. This makes ONGC the first domestic firm in the energy sector to have made an investment in New Zealand. The company has won this offshore exploration license in the Taranaki Basin, which reports suggest to be a region with numerous commercially successful oil and gas fields.