Sensex gains 131 points; Bharti Airtel surges (Lead)

February 2nd, 2012 - 7:57 pm ICT by IANS  

Sensex Mumbai, Feb 2 (IANS) A benchmark index for Indian equities closed 131 points higher Thursday, led by an almost seven percent jump in the share price of Bharti Airtel after the Supreme Court directed the cancellation of 122 telecom licences issued after 2008, a move that would benefit the older players.

The 30-scrip sensitive index (Sensex) of the BSE, which opened at 17,438.07 points, ended the day at 17,431.85 points, up 0.76 percent or 131.27 points from its previous close at 17,300.58 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange closed 0.65 percent or 34.20 points higher at 5,269.90 points.

The country’s largest telecom firm Bharti Airtel surged 6.88 percent at Rs.385.95 after the Supreme Court ordered the cancellation of all the 122 licences for 2G spectrum allocated in 2008 during the tenure of then telecom minister A. Raja.

Bharti Airtel seem to be the biggest gainer of the move as major portion of the subscribers of the affected companies are expected to shift to it.

Other prominent Sensex gainers were DLF, up 4.05 percent at Rs.225.85; Sterlite Inds, up 3.90 percent at Rs.123.95; Wipro, up 3.46 percent at Rs.425.85; Gail India, up 3.15 percent at Rs.388.35 and Hindalco Inds, up 3.04 percent at Rs.157.50.

Major Sensex losers included: Cipla, down 2.53 percent at Rs.339.70; ITC, down 1.36 percent at Rs.198.80; Jindal Steel, down 1.05 percent at Rs.571.10 and Tata Motors, down 0.99 percent at Rs.246.10.

Broader markets as well as most of the sectoral indices also closed in the positive. The BSE midcap index rose 0.55 percent and the smallcap index 0.54 percent higher.

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