Market Now: Telecom stocks fall; GTL Infra cracks 3%

image

NEW DELHI: Most of the telecom stocks were trading in the red during the early trade on Monday.

The BSE Telecom index was trading 0.47 per cent down at 1,290 around 10:15 am (IST) with shares of GTL Infrastructure (down 2.91 per cent), Tata Communications (down 2.21 per cent), ITI (down 1.98 per cent) and Aksh Optifibre (down 1.60 per cent) as the top losers.

Shares of GTPL Hathway (down 1.45 per cent), Reliance Communications (down 1.35 per cent), Idea Cellular (down 0.83 per cent), Mahanagar Telephone Nigam (down 0.74 per cent), GTL (down 0.71 per cent), Bharti Infratel (down 0.29 per cent), Tejas Networks (down 0.21 per cent), Himachal Futuristic Communications (down 0.18 per cent) and Bharti Airtel (down 0.15 per cent) were also down.

Global brokerage firm Jefferies is bearish on Indian telecom sector. While talking to ET Now, it said that it expected a subdued quarter for the telecom sector and the heavyweights Idea Cellular and Bharti Airtel might report a quarterly loss.

Meanwhile, Shares of Tata Teleservices (Maharashtra) (up 1.01 per cent), Vindhya Telelinks (up 0.59 per cent), Sterlite Technologies (up 0.44 per cent) and OnMobile Global (up 0.32 per cent) were trading in the green around the same time.

Equity benchmarks pared some losses on buying in pharma and FMCG stocks.

The NSE Nifty50 index was down 12 points at 10,469, while the BSE Sensex was 50 points down at 34,142.

Among the 31 stocks in the Sensex index, 19 were trading in the green, while 12 were in the red.

Shares of Sun Pharma, NTPC and Dr Reddy’s Labs advanced up to 1 per cent in the Sensex index.

Infosys and Tata Motors, on the other hand, were trading 3 per cent down.

Source: Economic Times