Telecom stocks decline

Key indices were trading with modest gains in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 102.10 points or 0.26% at 38,832.96. The Nifty 50 index was up 37.30 points or 0.32% at 11,679.10.

Local stocks were trading with modest gains in early trade on buying demand in index pivotals. Key indices hovered in positive zone in morning trade. Stocks gyrated in a small range in mid-morning trade.

The S&P BSE Mid-Cap index was off 0.45%. The S&P BSE Small-Cap index was off 0.2%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 957 shares rose and 1227 shares fell. A total of 133 shares were unchanged.

Hero MotoCorp slipped 0.44% ahead of its January-March 2019 quarterly earnings today, 26 April 2019.

Yes Bank fell 0.25% ahead of its January-March 2019 quarterly earnings today, 26 April 2019.

Axis Bank rose 1.8% after the bank reported turnaround results after market hours yesterday, 25 April 2019. Axis Bank reported net profit of Rs 1505.06 crore in Q4 March 2019 compared with net loss of Rs 2188.74 Q4 March 2018. Total income rose 25.86% to Rs 18324.31 crore in Q4 March 2019 over Q4 March 2018.

The bank's gross non-performing assets (NPAs) stood at Rs 29,789.44 crore as on 31 March 2019 as against Rs 30,854.67 crore as on 31 December 2018 and Rs 34,248.64 crore as on 31 March 2018. The ratio of gross NPAs to gross advances stood at 5.26% as on 31 March 2019 as against 5.75% as on 31 December 2018 and 6.77% as on 31 March 2018.

The ratio of net NPAs to net advances stood at 2.06% as on 31 March 2019 as against 2.36% as on 31 December 2018 and 3.40% as on 31 March 2018. The bank's provisions and contingencies fell 62.23% to Rs 2,711.43 crore in Q4 March 2019 over Q4 March 2018.

Telecom stocks declined. Bharti Airtel (down 1.51%), Vodafone Idea (down 2.37%), MTNL (down 0.33%), Tata Teleservices (Maharashtra) (down 1.66%) and Reliance Communications (down 2.21%) fell.

Shares of Bharti Infratel fell 1.23%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Meanwhile, stock markets will remain closed on Monday, 29 April 2019, on account of General Elections (Lok Sabha).

On the political front, the fourth phase of voting in the 2019 Lok Sabha election will take place across 71 parliamentary constituencies in nine states on 29 April 2019. The 2019 Indian general election, which is scheduled to be held in seven phases, kicked off on 11 April 2019. It will conclude on 19 May 2019. The counting of votes will be conducted on 23 May 2019, and on the same day the results will be declared.

Overseas, Asian stocks fell back Friday after mixed messages from U.S. benchmarks and as earnings season continued.

U.S. stocks closed mostly lower Thursday as manufacturing-related sectors logged big losses, offsetting a rally in social-media shares.

In US economic data, orders for durable goods rose by 2.7% in March, the largest one-month increase since last summer, the Commerce Department said. A key measure of business investment, core durable orders, rose 1.3% in March, the third straight monthly increase.

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