The 50-share index Nifty touched intraday high of 8662.60 levels at the lunch hours, but could not sustain there for long time, closing flat at 8635.55 level, down by 5.6 points or 0.06% while 30-share index Sensex closed at 27849.56 levels down by 32.90 points or 0.12%. Out of 50 stocks in Nifty 50 index, 18 stocks advanced and 33 stocks declined in today’s session. BSE MidCap and SmallCap indices opened with minor gains of 3.99 points and 6.68 points respectively.
Reliance Communications closed up by 11.33%; Idea closed up by 26.54%; and Bharti Airtel closed up by 7.36%. Telecom stocks gained the most based on confirmation by Vodafone about merger talks with Idea Cellular. Telecom stocks gained as the merger between two of the largest telecom players augurs well for the industry profitability and structure.