Telecom stocks drop

The stock market continued to trade with modest losses in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, fell 191.06 points or 0.58% at 32,983.33. The Nifty 50 index dropped 57.65 points or 0.57% at 10,126.50. The Sensex was trading below 33,000 level after falling below that level in intraday trade. Weakness in global stocks weighed on sentiment on the domestic bourses. Key telecom stocks dropped. Cement stocks fell.

Key indices started the session on a negative note amid weakness in global stocks. Indices extended losses in morning trade and traded with modest losses in mid-morning trade. Among secondary indices, the S&P BSE Mid-Cap index fell 0.18%. The S&P BSE Small-Cap index declined 0.49%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was weak. On the BSE, 1,422 shares declined and 761 shares advanced. A total of 147 shares were unchanged.

Key telecom stocks dropped. Reliance Communications (down 4.42%), Idea Cellular (down 2.79%) and Bharti Airtel (down 2.54%) declined.

Cement stocks fell. Ambuja Cements (down 1.29%), ACC (down 0.98%), UltraTech Cement (down 0.53%), Grasim Industries (down 0.38%) and Shree Cement (down 0.27%) declined.

Shares of Hindustan Aeronautics were trading at Rs 1,166.85 on BSE, a discount of 3.96% from the issue price of Rs 1,215 on its debut on the bourses today, 28 March 2018. The shares got listed on the BSE at Rs 1,169. The stock had hit a high of Rs 1,184 and low of Rs 1,150 so far during the day.

On the macro front, the total revenue received under Goods and Services Tax (GST) for the month of February 2018 (received in February/March upto 26 March) has been Rs 85174 crore. 1.05 crore taxpayers have been registered under GST so far till 25 March 2018.

Overseas, Asian stocks dropped tracking overnight slide on Wall Street. US stocks closed sharply lower yesterday, 27 March 2018, erasing earlier gains, as a decline in the broader tech sector brought the major indices down. Last week, reports emerged alleging that Cambridge Analytica, an analytics company, had gathered data from 50 million Facebook profiles without users' permission, raising concerns over data privacy.

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