Indian equity market moved in a range on Wednesday as gains in Telecom Stocks over spectrum auctions were offset by a sharp fall in Hindalco Industries over an investigation into the allocation of coal blocks. Frontline index Nifty and Sensex ended at 8,699.95 down by 12 points and 28,659.17 plunged 50 points respectively.
Telecom stocks such as Bharti Airtel gained after operators were seen as having successfully secured most of their spectrum needs at the ongoing auction of mobile airwaves.
However, Hindalco Industries fell to its lowest since May 5, 2014 after a court summoned billionaire Kumar Mangalam Birla, chairman of Aditya Birla Group to which Hindalco belongs and former Prime Minister Manmohan Singh.
The summons were related to the allocation of coal blocks to Hindalco during the previous Congress government, which were later overturned by the supreme court. Hindalco declined to comment.
Among the sectorial indices of NSE, CNX Metal (-1.69%), CNX Pharma (-0.92%) and CNX PSU Bank (-0.69%) were top losers while CNX Realty (0.58%), CNX Finance (0.10%) and CNX Auto (0.06%) were top gainers of the day.
Out of the 50 stocks of Nifty 19 stocks ended in green while 31 ended in red.
Meanwhile USDINR pair ended the day with gain of 2 paisa at 62.78.
Top 5 Nifty Gainers: Bharti Airtel (5.99%), NTPC (3.10%), Tech Mahindra (2.82%), M&M (2.26%) and Kotak Bank (2.09%)
Top 5 Nifty Losers: Hindalco (-5.11%), Cairn (-2.88%), Sesa Sterlite (-2.78%), Tata Steel (-1.87%) and BOB (-1.81%)
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