Telecom stocks gain after Reliance fails to win any 900 MHZ spectrum

Telecom stocks gained on Friday after a mobile unit of Reliance Industries did not win any spectrum in the premium 900 megahertz in an auction for airwaves, which could help ease competition in the sector.

Telecom stocks gained on Friday after a mobile unit of Reliance Industries did not win any spectrum in the premium 900 megahertz in an auction for airwaves, which could help ease competition in the sector.

Shares in telecom companies gain with Bharti Airtel rising 1.7% while Idea Cellular gains more than 2% after winning airwaves in the premium 900 megahertz band spectrum.

India's benchmark BSE index gains 0.3% while broader NSE index up 0.23%.

However, Indian Oil Corp shares fall 1.7% after the company reported a net loss of 9.61 billion rupees in the December quarter.

Overseas investors bought Indian shares worth 3.99 billion rupees ($64 million) on Thursday, provisional exchange data shows.

Foreign investors were net buyers for the second straight session after a nine-day selling streak in the secondary share market, the data showed.