Telecom stocks ring in gain; Nifty zooms 84 points

Firm buying in key heavyweights supported by a rally in telecom stocks led the benchmark Nifty to end above the key 7,750-level on the back of a robust 84 points gain at the National Stock Exchange (NSE) here today.
Encouraging corporate earnings bolstered the investor sentiment, while good FII inflows into Indian equities along with global market turning positive amid easing tension over Ukraine after downing of a passenger aircraft also helped the 50-issue index to rise for the sixth consecutive session.
Telecom stocks were main player in the surge following yesterday's smart Q1 results from Idea Cellular. Telecom regulator TRAI recommending sharing of all categories of airwaves held by operators, too, was welcomed by the market.

Key IT, energy, FMCG, pharma, banking, auto, metal and infra shares saw buying spree, while some PSU Banks, the broader mid and small cap segments posted losses.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 161.17 crore yesterday, as per provisional data from stock exchanges.
The Nifty traded between a high of 7,773.85 points and a low of 7,704.80 points before ending at 7,767.85 points, up 83.65 points, or 1.09 per cent, from its previous close.
Major gainers included Bharti Airtel 5.03 per cent, Reliance 3.34 per cent, HDFC 3.04 per cent, TCS 2.79 per cent and Dr Reddy's Lab rose 2.63 per cent.

Turnover in the cash segment climbed to Rs 15,822.10 crore from Rs 14,273.80 crore yesterday. A total of 8,142.87 lakh shares changed hands in 67,10,343 trades, while total market capitalisation stood at Rs 89,29,195 crore.