Sensex up 0.2%,Infosys gains

Sensex opened higher ahead of the announcement of a crucial new domestic telecom policy.

Written by Agencies | Mumbai | Published:October 10, 2011 9:51 am

Sensex opened 0.2 percent higher today,supported by hopes for a resolution to the euro zone’s debt troubles,ahead of the announcement of a crucial new domestic telecom policy.

Software services bellwether Infosys’ shares led the gainers on the main 30-share BSE index that was up 0.24 percent at 16,271 points at 9:19 a.m. (0349 GMT),with 14 of its components rising.

Telecoms stocks Bharti Airtel,Reliance Communications and Tata Tele were down 0.3 to 3 percent ahead of the telecom policy scheduled to be announced at 2 p.m. (0830 GMT).

The 50-share NSE Nifty index gained 0.14 percent to 4,895.35.

Company INFO More on Reliance Communications

Stocks More on Bharti Airtel

STOCKS/PRE-OPEN: Sensex to open higher,telecoms watched

Sensex is expected to start slightly higher on Monday,supported by hopes for a resolution to the euro zone’s debt troubles after leaders from Germany and France pledged to unveil a comprehensive plan to solve the crisis.

Telecoms stocks such as Bharti Airtel ,Reliance Communications and Tata Tele will be watched as the government is scheduled to unveil a new telecoms policy at 2 p.m. (0830 GMT).

The much-awaited policy is expected to include revised rules on grant and pricing of second-generation radio airwaves,to make the sector more transparent after it was hit by a massive scandal.

Ambareesh Baliga,chief operating officer at Way2Wealth,said investors would be circumspect ahead of quarterly earnings and industrial output data later this week.

The MSCI’s broadest index of Asia Pacific shares outside Japan was down 0.15 percent by 0257 GMT,while Japan’s Nikkei rose nearly 1 percent.

The Nifty India stock futures traded in Singapore were up 0.37 percent,pointing to a slightly higher opening for the Indian market.

On Friday,the main stock index ended 2.8 percent higher at 16,232.54 after a four-day slide.

STOCKS TO WATCH

* Reliance Capital after the firm received $680 million from Nippon Life for 26 percent stake sell in its insurance unit Reliance Life.

* Unichem Laboratories after it received an approval from the U.S. Food and Drugs Administration for lamotrigine tablets.

FACTORS TO WATCH

* Euro edges up on EU pledge,markets cautious

* Oil edges up in choppy trade,posts weekly gain

* Stocks,euro inch up on debt deal hopes

* Wall St fends off bear to end higher for week

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