Market extends gains

Key benchmark extended gains and hit fresh record high in morning trade. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 314.41 points or 0.85% at 37,299.05. The Nifty 50 index was up 75.90 points or 0.68% at 11,243.20. The Sensex and the Nifty, both, scaled fresh record high in morning trade. Telecom stocks gained. Positive Asian stocks boosted sentiment on the domestic bourses.

Key benchmark indices saw a gap-up opening triggered by positive Asian stocks.

The S&P BSE Mid-Cap index was up 0.62%. The S&P BSE Small-Cap index was up 0.65%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1320 shares rose and 691 shares fell. A total of 98 shares were unchanged.

Overseas, Asian stocks edged higher following a series of steps by China shifting to stimulus mode. US equity indexes closed mostly lower Thursday thanks to Facebook Inc.'s historic plunge, as gains in the energy and industrial sectors weren't enough to offset the social network's meltdown.

Back home, telecom stocks gained. Idea Cellular (up 3.69%), MTNL (up 0.98%), Tata Teleservices (Maharashtra) (up 7.44%), and Reliance Communications (up 1.01%) rose.

Shares of Bharti Infratel rose 0.12%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Bharti Airtel rose 3.58% after consolidated net income fell 73.5% to Rs 97 crore on 8.6% decline in total revenues to Rs 20080 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 26 July 2018.

Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) fell 12.6% to Rs 6837 crore in Q1 June 2018 over Q1 June 2017.

India revenues for Q1 June 2018 at Rs 14930 crore have declined by 7.0% Y-o-Y (declined 13.5% on reported) on an underlying basis. Mobile segment continues to be impacted by aggressive industry pricing and has witnessed Y-o-Y de-growth of 11.0%.

India other business have witnessed healthy Y-o-Y growth e.g. 10.6% in Digital TV and 11.8% in Airtel Business on an underlying basis. Mobile data traffic has quadrupled to 2,151 billion MBs in the quarter as compared to 472 billion MBs in the corresponding quarter last year. Mobile broadband customers increased by 75.2% to 85.7 million from 48.9 million in the corresponding quarter last year.

Biocon jumped 8.87%. On a consolidated basis, Biocon's net profit rose 47.23% to Rs 119.70 crore on 21.18% increase in net sales to Rs 1123.80 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 26 July 2018.

Tata Coffee fell 0.66%. On a consolidated basis, Tata Coffee's net profit fell 30.48% to Rs 31.22 crore on 14.84% increase in net sales to Rs 422.16 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 26 July 2018.

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