SENSEX rises 300 pts, NIFTY50 tests 24,300; Vodafone Idea jumps 18% on bank guarantees waiver buzz

At 9:24 AM, the S&P BSE SENSEX was trading at 80,421.23 levels, up 311 points, or 0.39%, while the NSE's NIFTY50 index was trading 69 points, or 0.29%, higher at 24,291.35.

Sectorally, telecom stocks were the biggest gainers amid news reports that the Union Cabinet has approved the waiving of bank guarantees for telecom operators on spectrum purchased before 2022.

Indian telecom operators, including Bharti Airtel and Vodafone Idea, collectively hold more than ₹30,000 crore in BG obligations, the report added.

This decision follows the 2021 Cabinet reforms, which eliminated the requirement for bank guarantees on spectrum acquired in the future.

The report further said that by extending this relief to older spectrum holdings as well, the government aims to reduce financial stress in the telecom sector and strengthen its stability.

The BSE Telecommunication index was trading at 2,892.16, up 1.78%.

Among individual names, shares of Vodafone Idea (Vi) rallied as much as 18.22% to ₹8.24 apiece on the NSE.

Broader Market

The BSE MidCap index was trading at 46,014.70 levels, up 0.57%, while the BSE SmallCap index was trading 0.64% higher at 53,933.24 points.

Global Markets

The dollar rallied sharply on Tuesday after US President-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China.

Stocks declined, giving back some of the robust gains of the previous session, when they were buoyed by the nomination of fund manager Scott Bessent as Treasury Secretary, considered by investors as a voice for Wall Street in Washington.

Japan's Nikkei dropped 1.2%, giving back most of Monday's gains, as investors contemplated the risks of tariffs on the nation's many heavyweight exports, particularly automakers. Toyota slid 2% and Nissan tumbled 4%.