Market Now: Telecom index down; Bharti Infratel declines over 1%

NEW DELHI: Telecom stocks GTL (down 1.76 per cent), OnMobile Global (down 1.57 per cent), Tata Teleservices (Maharashtra) (down 1.28 per cent) and Bharti Infratel (down 1.22 per cent) were trading in the red during Wednesday's trade.

The BSE Telecom index was trading 0.39 per cent down at 1,433 around 11:15 am (IST) on Wednesday.

Shares of Sterlite Technologies (down 1.20 per cent), ITI (down 0.59 per cent), Mahanagar Telephone Nigam (down 0.22 per cent), Vindhya Telelinks (down 0.20 per cent), GTL Infrastructure (down 0.19 per cent), Aksh Optifibre (down 0.13 per cent) and Bharti Airtel (down 0.13 per cent) were also losing in trade.

However, shares of Himachal Futuristic Communications (up 0.87 per cent), Reliance Communications (up 0.53 per cent), Tejas Networks (up 0.16 per cent) and Idea Cellular (up 0.06 per cent) were in the green in the telecom index around that time.

Benchmark indices Sensex and Nifty50 turned cautious today as investors await key macroeconomic data due later in the day, amid a weak trend in other Asian markets.

The NSE Nifty50 index was down 53 points at 10,501, while the BSE Sensex was 156 points down at 34,191.

Among the 50 stocks in the Nifty50 index, 16 were trading in the green, while 33 were in the red.

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