Indices trade with minor cuts; telecom stocks edge lower

The key equity barometers continued to trade with limited losses in mid-afternoon trade. The Nifty managed to hold ground above the 17,500 mark.

At 14:25 IST, the S&P BSE Sensex was down 127.66 points or 0.22% to 58,448.71. The Nifty 50 index slipped 26.75 points or 0.15% to 17,503.55.

The broader market bucked the trend. The S&P BSE Mid-Cap index rose 0.04% while the S&P BSE Small-Cap index gained 0.45%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,974 shares rose and 1,399 shares fell. A total of 125 shares were unchanged.

Buzzing Index:

Telecom stocks were trading in the negative zone, with the S&P BSE Telecom index sliding 0.51% to 1,889.48.

Among the index constituents, Tata Teleservices (Maharashtra) (down 4.98%), OnMobile Global (down 2.52%), Vodafone Idea (down 1.98%), Tejas Networks (down 1.66%) and Tata Communications (down 0.86%) were the top losers.

On the other hand, Railtel Corporation of India Ltd (up 6.09%), Sterlite Technologies Ltd (up 4.54%), Vindhya Telelinks (up 3.18%) and Bharti Airtel (up 0.19%) advanced.

Stocks in Spotlight:

Prestige Estates Projects recorded sales value of Rs 3,268.7 crore in Q4 FY22, up by 77% YoY. Sales volume in the fourth quarter increased by 76% YoY to 4.85 million square feet. Collections improved by 39% YoY to Rs 2,461 crore in Q4 FY22.

Man Infraconstruction said that it has received letter of acceptance (LoA) from Bharat Mumbai Container Terminal (BMCTPL) for a contact worth Rs 937.89 crore. The contract is for supplying materials for the reclamation works being done under the second phase (Phase-II) of the works at JNPT, Navi Mumbai, Maharashtra.

Numbers to Track:

The yield on the 10-year benchmark federal paper rose to 7.221% from its previous close of 7.189%.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 76.19, compared with its close of 76.15 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement gained 0.24% to Rs 52,782.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.07% to 100.36.

In the commodities market, Brent crude for May 2022 settlement rose 34 cents or 0.32% at $104.98 a barrel.

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