Stocks continue trading with losses; telecom shares slide

The Sensex and the Nifty continued trading with losses in mid-afternoon session. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 174.70 points or 0.44% at 39,775.76. The Nifty 50 index was down 62.85 points or 0.53% at 11,902.75.

The market breadth was negative. On BSE, 989 shares rose and 1400 shares fell. A total of 143 shares were unchanged. In broader market, the BSE Mid-Cap index was down 0.60%. The BSE Small-Cap index was down 0.38%.

Telecom stocks fell across the board. Tata Teleservices (Maharashtra) (down 4.86%), Reliance Communications (down 2.99%), MTNL (down 1.74%), Vodafone Idea (down 0.68%) and Bharti Airtel (down 0.36%), declined.

Most pharma stocks slipped. Biocon (down 3.41%), Aurobindo Pharmaceuticals (down 1.87%), Piramal Enterprises (down 1.79%), Cadilla Healthcare (down 1.71%), Divi's Laboratories (down 1.41%), Dr Reddy's Laboratories (down 1.10%), Sun Pharmaceuticals (down 0.88%), Glenmark Pharmaceuticals (down 0.87) and Lupin (down 0.51%), declined. While, Cipla was up 0.55%.

The yield on India's 10-year benchmark federal paper fell to 6.9971% at 14:30 IST, compared with 7.037% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.295, compared with its close of 69.44 during the previous trading session.

In the global commodities markets, Brent for August 2019 settlement was down $1.37 at $60.92 a barrel.

All eyes will be on Consumer inflation (CPI) numbers for May and Industrial Production (IIP) numbers for April which will release today, 12 June 2019.

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