Telecom stocks decline

Key indices gyrated in positive and negative zone near flat line in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was down 4.07 points or 0.01% at 38,696.46. The Nifty 50 index was down 8.85 points or 0.08% at 11,595.65. Telecom stocks declined.

Stocks hovered with minor losses in early trade. Indices trimmed gains in morning trade after reversing early losses.

The S&P BSE Mid-Cap index was down 0.63%. The S&P BSE Small-Cap index was down 0.53%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 795 shares rose and 1235 shares fell. A total of 122 shares were unchanged.

Telecom stocks declined. Bharti Airtel (down 3.18%), Vodafone Idea (down 1.74%), MTNL (down 0.83%), Tata Teleservices (Maharashtra) (down 0.33%) and Reliance Communications (down 4.82%) fell.

Shares of Bharti Infratel fell 0.43%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Panacea Biotec rose 11.54% after India Resurgence Fund, along with its affiliates, announced an investment of up to Rs 992 crore in Panacea Biotec. The investment proceeds will be used for a one-time settlement with existing lenders, general working capital and growth requirements of the company. The announcement was made after trading hours yesterday, 8 April 2019.

ITI rose 5.98%. ITI said it achieved a turnover of Rs 2051.59 crore (provisional and unaudited) during the financial year 2018-2019, showing a double digit growth, an increase of 20% over the previous year's turnover of Rs 1703 crore. The announcement was made after trading hours yesterday, 8 April 2019.

Overseas, most Asian shares were trading lower as investors braced for key events later in the week, including the kick-off of the US earnings season and a crucial Brexit summit. In US, the Dow ended the session lower while the S&P 500 and the Nasdaq settled higher on Monday, as investors braced for the first quarter of contracting earnings since 2016.

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