Indian shares little changed as telecom gains offset energy weakness

FILE PHOTO: The Bombay Stock Exchange (BSE) building is seen in Mumbai, India, January 31, 2020. REUTERS/Francis Mascarenhas

BENGALURU (Reuters) – Indian shares were flat on Wednesday as losses in power transmission firms, including NTPC and Power Grid Corp, were countered by telecom stocks on hopes that measures on the telecom sector will be discussed at a cabinet meeting.

The blue-chip NSE Nifty 50 index was 0.06% higher at 17,371.75 by 0349 GMT and the benchmark S&P BSE Sensex rose 0.09% to 58,334.52.

Bharti Airtel Ltd, with a more than 1% jump, was up for a second session and the top gainer on the Nifty 50. Vodafone Idea Ltd rose nearly 6%.

India’s telecoms department, among measures to improve health of the debt-laden sector, has proposed a four-year moratorium on adjusted gross revenue and spectrum payments besides a reduction in spectrum usage charge, prospectively, the Economic Times reported on Wednesday.

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