Market Now: Telecom index in the red; RCom, Idea, Airtel among drags
NEW DELHI: Most of the telecom stocks including Reliance Communications (down 3.15 per cent), Idea Cellular (down 1.20 per cent), MTNL (down 1.20 per cent) and Bharti Airtel (down 0.58 per cent) were trading in the red during afternoon trade on Tuesday, keeping the sectoral index under pressure.
The BSE Telecom index was trading 0.56 per cent down at 1,306 around 12:30 pm (IST).
Shares of Himachal Futuristic Communications (down 1.82 per cent), Aksh Optifibre (down 1.22 per cent), OnMobile Global (down 1.09 per cent), GTL (down 1.09 per cent), Tata Communications (down 0.83 per cent), Tejas Networks (down 0.54 per cent), Tata Teleservices (Maharashtra) (down 0.47 per cent), Sterlite Technologies (down 0.42 per cent) and Bharti Infratel (down 0.36 per cent) were also in the red.
However, shares of GTL Infrastructure (up 4.97 per cent) zoomed 5 per cent in Tuesday's trade. Shares of Vindhya Telelinks (up 0.26 per cent) and ITI (up 0.20 per cent) were also marginally up.
Equity benchmarks were trading in the positive zone amid firm global cues. Sustained buying by investors ahead of earnings season, scheduled to begin this week, amid a firm trend at other Asian markets boosted market sentiment.
The NSE Nifty50 index was up 25 points at 10,405, while the BSE Sensex was 100 points up at 33,888.
ICICI Bank and Axis Bank were the top gainers in the Sensex index, both surging over 4 per cent.
On the contrary, Mahindra & Mahindra, Hero MotoCorp and Dr Reddy's Labs were the top losers of the Sensex pack.