Share markets in India are presently trading on a positive note. Barring IT sector, all sectoral indices are trading in green with stocks in the realty sector and finance sector witnessing maximum buying interest.

The BSE Sensex is trading up by 110 points (up 0.3%), while the NSE Nifty is trading up by 49 points (up 0.5%). The BSE Mid Cap index is trading up by 1.5% and the BSE Small Cap index is trading up by 1.1%.

The rupee is trading at Rs 70.17 against the US$.

The domestic currency strengthened in the early trade today following softening crude oil prices which eased concerns over India's current account deficit expansion.

On Tuesday, the rupee climbed 112 paise to register its best single-day gain in over five years.

In the news from the finance sector, shares of financial companies including banks, non-banking financial companies (NBFC), housing finance companies (HFCs) and microfinance institutions are witnessing buying interest today after the Reserve Bank of India (RBI) announced the plan to scale up liquidity infusion via the purchase of government bonds. On Tuesday, the RBI announced bond buyback programme for the current year on expectations to raise bond prices and boost bank treasury profits when lenders need capital.

Shares of Bajaj Finance, DHFL, Indiabulls housing finance, Bajaj Finserv were up by 2% - 5%.

Moving on to the news from the telecom sector, Reliance Communication share price is witnessing selling pressure today after the telecom department told the company and Reliance Jio Infocomm that it can't approve their deal to trade airwaves as it does not conform to its guidelines.

Shares of the company plunged over 12% in early trade today on the back of the above news.

As per an article in The Economic Times, the development follows Jio's letter to the department of telecommunications (DoT), written last week on Friday, where it sought assurance from the government that it won't be held liable for RCom's past dues related to airwaves.

This is not in accordance with the government's spectrum trading norms, which stipulate the buyer is liable for dues that haven't been recovered from the seller.

Here's an excerpt from the article:

"The trading rules clearly say DoT can ask both the operators or any one of them to pay the dues. Since Jio has imposed conditions, we cannot accept it (the deal) as it goes against the guidelines," said a senior DoT official.

The news came as a big blow to Anil Ambani owned telecom company's efforts to repay creditors and avoid insolvency proceedings. The deal was supposed to fund the payment of Rs 5.5 billion to Ericsson.

The telecom company has already missed the Supreme Court-mandated December 15 deadline for payment to Ericsson. It now faces the prospect of being dragged back into insolvency proceedings, besides a revival of contempt of court petition against Anil Ambani.

Earlier, the Supreme Court directed DoT to approve the spectrum trading pact and accept a Rs 14 billion corporate guarantee, instead of a bank guarantee, as well as a parcel of land from an RCom subsidiary to cover the spectrum user charge (SUC) claim of Rs 29.5 billion.

Speaking of the telecom sector, the whole telecom business has been an underwhelming story so far. The below chart shows the underperformance of the telecom sector:

Telecom Sector: A Decade of Underperformance