Market cautious ahead of exit polls data; Tata Tele down 6%

Epic Update Tata Teleservices

The market continued to be cautious ahead of key exit poll data for assembly elections in five states that will be announced later in the day.

The Sensex was down 4.55 points at 28897.39, while the Nifty was down 4.45 points at 8919.85.

About 1,011 shares have advanced, 877 shares declined, while 91 shares remain unchanged.

Dr Reddy’s Laboratories, GAIL were the top losers on the index, while Asian Paints, SBI and Axis Bank gained the most on both the indices.

Tata Teleservices plunged 6 percent intraday after the Reserve Bank of India (RBI) opposed its settlement deal with DoCoMo in the Delhi High Court. The central bank opposed the consent terms filed by Tata Sons and NTT DoCoMo in their long-standing dispute.

The RBI opined that the put clause agreement in the settlement is illegal and may lead to extra short-term gains for the Japanese partner.

Last month, Tata Sons agreed to pay USD 1.17 billion in damages to Japan’s DoCoMo, following which, both the sides decided to approach the Delhi High Court to accept their settlement.

Shares of Dr Reddy’s Laboratories plummeted 3.5 percent intraday as investors turned cautious on its plant getting 13 observations from the US drug regulator.

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Market cautious ahead of exit polls data; Tata Tele down 6%