Among the sectors, BSE Telecom index was up almost 2 percent with telecom major Vodafone Idea jumping over 13 percent hitting upper circuit of Rs 12.09 per share.
The Indian equity market continues to hold ground with Sensex up 502.76 points or 1.47 percent at 34790, and the Nifty jumped 148.50 points or 1.46 percent at 10290.70 as the economy starts to open up.
Among the sectors, BSE Telecom index was up almost 2 percent with telecom major Vodafone Idea jumping over 13 percent hitting upper circuit of Rs 12.09 per share. It was also the most active stocks on NSE in terms of volumes with 1,22,84,26,342 shares being traded at 12:20 hours.
The other gainers included Mahanagar Telecom Nigam which jumped 10 percent. There were pending buy orders of 224,772 shares, with no sellers available. The stock also hit upper circuit of Rs 9.29 per share. This was followed by Tejas Networks, HFCL, OnMobile Global and Reliance Communications which gained 4-8 percent.
Rajesh Palviya, Head - Technical and Derivative Research, Axis Securities is of the view that telecomis one of the few sectors which is looking strong.
Brokerage firm Axis Securities has a buy on Bharti Airtel with target of Rs 650 per share. The brokerage firm values the company based on SOTP valuation at Rs 650. The value could increase by a further Rs 40 per share if Vodafone-Idea shuts down. The firms SOTP valuation implies an EV/EBIDTA of 9.5x on FY22E EBIDTA," said the Axis Securities note.
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