The domestic stock market retreated from day's high but still settled in the positive territory on Tuesday amid buying in FMCG, auto, and metal counters. Telecom stocks were in focus after the Supreme Court ruled that telecom companies will be allowed 10 years for staggered payment of adjusted gross revenue (AGR) dues.
The apex court said the 10-year payment timeline will begin from April 1, 2021. Moreover, the telecom companies will have to pay 10 per cent of the dues by March 31, 2021. READ MORE
The S&P BSE Sensex ended at 38,900.80, up 273 points, or 0.71 per cent with Bharti Airtel (up over 6 per cent) being the top gainer and ONGC (down over 3 per cent) the biggest loser. NSE's Nifty ended at 11,470, up 83 points or 0.73 per cent. India VIX declined over 5 per cent to 21.67 levels.
Shares of Vodafone Idea settled nearly 13 per cent lower at Rs 8.89 on the BSE after the Supreme Court's decision on the AGR case. The company had sought 15 years to pay its AGR dues, including spectrum usage charge, license fee, interest, penalty, and interest on the penalty.
In the broader market, the S&P BSE MidCap index ended over 1 per cent higher at 14,832 levels while the S&P BSE SmallCap index ended at 14,413, up 77 points, or 0.54 per cent.
Sectorally, Nifty IT ended in the red - down 0.64 per cent to 17,814 levels, with 6 out of 10 constituents declining. On the other hand, Nifty Metal index rallied the most - up over 3 per cent to 2,496.75 levels, followed by Nifty Pharma - up over 2 per cent.