Top telecom companies are expected raise mobile phone bills of consumers by 20-30% this year to revive revenue growth and cut losses in the fiercely competitive sector.
The BSE's Sensex pared losses suffered in previous session and closed near important resistance levels on Tuesday taking support from positive global peers. The benchmark recorded its highest gains for the month of January in 18 years.
"Almost all the banking stocks saw buying activity and ICICI Bank was among the top most gainer in the banking space on Tuesday. Bank Nifty closed at its highest level since the rally started in December 2011. From the current close, Bank Nifty can test resistance around 10000-10300," said Rakesh Gandhi, Sr Technical Analyst of LKP Securities Ltd.
"Nifty has now an immediate hurdle of 5250 while the Sensex could face some resistance at 17300. The uptrend can only be reversed only if Nifty trades below 5075 and Sensex below 16800. Many of mid-cap and frontline stocks have given fresh breakout in yesterday rally such as IRB Infra, MRF, ICICI bank and Tata motors," added Rakesh.
Stocks in news:
Airline stocks will be in focus after the state-owned oil companies slashed jet fuel prices by over 3 per cent as an appreciating rupee made imports cheaper.
JSPL Ltd will be in focus on report the company is set to buy a majority 60% stake in Gopalpur Ports Ltd, the company building a new port at Gopalpur in Orissa.
GMR Infrastructure Ltd will be watched after the company is close to finalizing a $2 billion loan from a consortium of banks led by Barclays PLC to finance its bid for concessions to re-develop airports in Brazil.
Reliance Industries Ltd after Parliament's Public Accounts Committee (PAC) decided to scrutinise the findings of the Comptroller and Auditor General (CAG) on the KG-D6 gas block.
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