Sensex, Nifty at day's high; telecom stocks in action

Domestic barometers hit the day's high in mid-afternoon trade. The Nifty scaled the 13,700 mark. Buying was seen in banking, financial and metal stocks while IT shares corrected.

At 14:22 IST, the barometer index, the S&P BSE Sensex, surged 474.42 points or 1.02% at 46,918.64. The Nifty 50 index rose 135.90 points or 1% at 13,737.

In broader market, the S&P BSE Mid-Cap index was up 0.31% while the S&P BSE Small-Cap index added 0.66%.

The market breadth was positive. On the BSE, 1669 shares rose and 1182 shares fell. A total of 175 shares were unchanged. In Nifty 50, 35 stocks advanced while 15 stocks declined.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 7,86,74,527 with 17,29,984 deaths. India reported 2,83,849 active cases of COVID-19 infection and 1,46,756 deaths while 96,93,173 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The Union Cabinet on Wednesday approved the proposal for revision of the guidelines for obtaining license for providing Direct-To-Home (DTH) broadcasting service in India. License for the DTH will be issued for a period of 20 years in place of present 10 years. Further the period of License may be renewed by 10 years at a time. License fee has been revised from 10% of GR to 8% of AGR. AGR will be calculated by deduction of GST from GR. License Fee will be collected on quarterly basis in lieu of presently annual basis

Buzzing Segment:

Telecom stocks were in action after TRAI released the telecom subscription data for October 2020 on Wednesday, 23 December 2020.

Bharti Airtel (up 2.14%) added 36.74 lakh new subscribers in the month of October 2020 and its total subscriber based stood at 33.02 crore. Bharti Airtel had pipped Reliance Jio in new mobile subscriber addition in September 2020, according to data published by telecom regulator TRAI.

Reliance Jio added 22.28 lakh new subscribers in the month of October 2020. Jio's total subscriber base stands at 40.63 crore as of October 2020. Reliance Industries, which controls Reliance Jio, was up 2.17%.

Vodafone Idea (down 2.77%) lost 22.56 lakh subscribers in October 2020 and its subscriber base shrunk to 29.28 crore as of October 2020.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 73.5750 as compared to its previous closing of 73.765.

The yield on 10-year benchmark federal paper rose to 5.974% compared with its closing of 5.950% in the previous trading session.

MCX Gold futures for 5 February 2021 settlement lost 0.07% to Rs 50,112.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.23% to 90.132.

In the commodities market, Brent crude for February 2020 settlement rose 38 cents to $51.58 a barrel. The contract rose 2.24% to settle at $51.20 in the previous trading session.

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