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Indian markets trade flat
Thu, 4 Dec 11:30 am

After opening in the green, the Indian indices are trading flat during the morning session amid outperformance in FMCG stocks. Metal stocks are leading the losers today.

The BSE-Sensex is trading up 29 points. The NSE-Nifty is trading up 3 points. The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading up 0.2%. The rupee is trading at 61.88 to the US dollar.

Most telecom stocks are trading lower today. Mahanagar Telephone Nigam Ltd (MTNL) and Tata Communications are leading the losers. As per a leading financial daily, Vodafone India and Bharti Airtel are heading for showdown with the government over the issue of license extensions in Delhi. The 2G licenses of the two firms had expired a few days ago on 29 Nov 2014. The telcos had sought an extension of 45 days due to the time needed for them to migrate to the new spectrum frequencies that they had won in the Feb 2014 auctions. The telcos had received the spectrum only in October after an inordinate delay on the part of the government. The telcos are currently using Idea Cellular's spectrum in Delhi to handle the ever increasing network traffic. To avoid mass disruptions in services, the two firms have written to the government to give them the license extension. The telcos have stated they are willing to risk being fined by the government but they will not stop their services. They believe that such a fine can be challenged in court as the fault lies with the government for causing the delay in awarding the spectrum.

Energy stocks are trading mixed today. Essar Oil and Gujarat Gas are leading the list of gainers. As per a leading financial daily, the government is deliberating a revision of the subsidy sharing method for energy major Oil and Natural Gas Corporation Ltd (ONGC). This is being done with a goal of lowering the subsidy burden it bears and thus giving a boost to its profits. It may be noted that while petrol and diesel prices have been de-regulated by the government, other fuels like kerosene and cooking gas are still subsidized and ONGC has been bearing a part of this burden. ONGC is trading up 0.6% today.

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