Reliance Industries, Tata Motors, BHEL, ONGC, Axis Bank, BPCL and Bharti Infratel were early gainers while GAIL, Hero Motocorp, Tata Steel, Infosys, Wipro, Idea Cellular, Aurobindo Pharma and Eicher Motors were losers.

9:53 am Goldman on Jio: Goldman Sachs feels top 10 percent of Indian mobile subscribers will likely view Reliance Jio’s offers as attractive and these top 10 percent subscribers have an average ARPU (average revenue per user) of Rs 600 and account for 40 percent of industry revenues.

Customer concerns around call failure and likely further cuts from rival telecom companies are key hurdles for Jio, it feels while estimating 50 percent customer retention in FY18.

Goldman expects 50 million customers for Jio in FY18 with pre-tax ARPU of Rs 250 driving wireless revenues of USD 2 billion in FY18.

9:42 am FII View: Mahesh Nandurkar of CLSA says with spot steel, oil and coal prices up 15 percent over FY17 average, investor concerns over FY18 margin outlook is rising.

Source: moneycontrol.com