Updated Mar 02, 2021 | 10:56 IST
During the Monday session, roughly 2,308.80 Mhz of spectrum – carrying telecom signals across seven bands and valued at almost Rs 4 lakh crore (at the reserve or start price) – was available for auction. Representational image. | Photo Credit: iStock Images
Key Highlights
While the breakup of the bids was not available immediately, it is worth noting that Reliance Jio Infocomm made an earnest money deposit (EMD) of Rs 10,000 crore with Bharti Airtel and Vodafone Idea making deposits of Rs 3,000 crore and Rs 475 crore respectively Bids were, reportedly, received in the 800 Mhz, 900 Mhz, 1800 Mhz, 2100 Mhz and 2300 Mhz bands but the premium 700 Mhz band remained untouched on the first day
Here s the breaking down of the pre-market actions:
State of the markets
SGX Nifty signals gap-up start: Nifty futures on the Singapore Exchange traded 101.5 points, or 0.69 per cent, higher at 14,894.50 in signs that Dalal Street was headed for a positive start on Tuesday.
Tech View: No follow-through selling a respite
Nifty50 on Monday topped the 14,750 level and formed an Inside Bar on the daily chart. The price action for the day was noteworthy. First, there was no follow-through to the long bearish candle on Friday. Second, the 50-pack index took support from a rising 50-day moving average and at 50 per cent retracement of 13,596-15,431 rally. Besides, the index broke below minor swing low of 14,613, before seeing recovery, said independent analyst Manish Shah.
Synopsis
Despite the short sale, the government is expected to generate the second-highest proceeds after it had raised Rs 1,13,932 crore in the 2015 auctions, with Reliance Jio Infocomm, Bharti Airtel and Vodafone Idea mostly bidding to renew airwave permits expiring from July.
Getty Images
The government is believed to have generated Rs 77,800 crore from the 4G spectrum auction that got underway Monday and ended on Tuesday, the second day itself, making it one of the shortest such sales in recent times.
Despite the short sale, the government is expected to generate the second-highest proceeds after it had raised Rs 1,13,932 crore in the 2015 auctions, with Reliance Jio Infocomm,
Key equity indices advanced for the second session and closed near the day s high with strong gains on Tuesday. The Nifty managed to close above the crucial 14,900 mark. Barring the Nifty PSU Bank index, all other sectoral indices on the NSE ended in the green.
Positive development surrounding global COVID-19 vaccination programmes and stabilizing US Treasury yields boosted sentiment. Buying was also triggered as India s GST collection for the month of February stood above the Rs 1 lakh crore mark for the fifth straight month, cementing the signs of economic recovery.
As per the provisional, the barometer index, the S&P BSE Sensex, rose 447.05 points or 0.9% at 50,296.19. The Nifty 50 index surged 157.55 points or 1.07% at 14,919.10.