Indian share markets surged further in the afternoon session and finished in the green for the second straight session on heavy buying in realty stocks, metal stocks and bank stocks.

At the closing bell, the BSE Sensex closed higher by 276 points and the NSE Nifty finished up 87 points. The S&P BSE Mid Cap finished up by 1.4% while & S&P BSE Small Cap too finished up by 1.2%. FMCG stocks finished in red.

Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.91% and the Nikkei 225 rose 0.26%. The Shanghai Composite lost 0.08%. European markets are lower today with shares in France off the most. The CAC 40 is down 0.09% while London’s FTSE 100 is off 0.03% and Germany’s DAX is lower by 0.03%.

The rupee was trading at Rs 64.13 against the US$ in the afternoon session. Oil prices were trading at US$ 47.67 at the time of writing.

The Inter-Ministerial Group (IMG) on telecom industry, in its latest meeting has hinted on extending the timeline for deferred spectrum payment by telcos to 16 years instead of 10. This news is a big sigh of relief to telecom operators.

This proposal would improve the cash flow of telecom companies. Currently, a portion of spectrum auction amount is taken as upfront payment by the Department of Telecom (DoT) and the balance after a two-year moratorium is paid out every year in 10 installments.

IMG discussed different proposals including convergence between DoT and RBI guidelines on the issue of allowing spectrum as collateral and shifting from prime lending rate (PLR) to marginal cost of funds-based lending rate (MCLR) for interest and penalty payments, pertaining to license fee and spectrum usage charges.

Telecom companies finished the trading on a firm note with Bharti Airtel share price and Idea Cellular share price surging 2.4% and 3% respectively.