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Nifty edges higher; telecom stocks surge
Highlights
Nifty Edges Higher; Telecom Stocks Surge. The Nifty rises 0.7 per cent, heading for a sixth consecutive session of gains. Telecom stocks lead gains after Idea Cellular Ltd\'s April-June profit beat estimates and after the sector regulator issued guidelines for mobile phone spectrum sharing between carriers that is seen benefiting the bigger incumbent.
Mumbai: The Nifty rises 0.7 per cent, heading for a sixth consecutive session of gains. Telecom stocks lead gains after Idea Cellular Ltd's April-June profit beat estimates and after the sector regulator issued guidelines for mobile phone spectrum sharing between carriers that is seen benefiting the bigger incumbent.
Bharti Airtel Ltd gains 4.1 per cent while Idea Cellular is up 4.3 per cent.
Among other blue-chips, Hindalco Industries Ltd gains 1.9 per cent after LME aluminium hit a new 16-month peak on Tuesday as supply constraints prompted expectations of further gains.
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