Telecom stocks edge lower

Key benchmark indices hovered in negative zone in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex was down 27.69 points or 0.11% at 25,224.63. The 50-unit Nifty 50 index was currently off 11.30 points or 0.15% at 7,672. The Sensex lost 62.58 points or 0.24% at the day's low of 25,189.74 in early trade. The barometer index rose 63.82 points or 0.25% at the day's high of 25,316.14 at the onset of the trading session, its highest level since 9 December 2015. The Nifty lost 23.55 points or 0.3% at the day's low of 7,659.75 in early trade. The index rose 19.75 points or 0.25% at the day's high of 7,703.05 at the onset of the trading session, its highest level since 8 December 2015.

The market breadth indicating the overall health of the market was strong. On BSE, 1,172 shares rose and 696 shares declined. A total of 113 shares were unchanged. The BSE Mid-Cap index was currently up 0.28%. The BSE Small-Cap index was currently up 0.34%. Both these indices outperformed the Sensex.

In overseas stock markets, Asian markets edged lower as falling crude oil prices heightened fears about receding global growth. US stocks edged higher yesterday, 10 December 2015, as beaten down energy stocks witnessed bargain hunting.

Telecom stocks declined. Tata Teleservices (Maharashtra) (down 2.07%), Mahanagar Telephone Nigam (down 2.02%), Idea Cellular (down 1.3%), Reliance Communications (down 0.38%) and Bharti Airtel (down 0.3%) edged lower.

Cement stocks edged higher. Ambuja Cements (up 0.97%), ACC (up 0.48%) and UltraTech Cement (up 0.65%) gained. Shree Cement (down 0.24%) declined.

Grasim Industries was off 0.63%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Maruti Suzuki India rose 0.63% at Rs 4,525 on reports the company plans to raise prices of its cars by up to Rs 20,000 from 1 January 2016 to offset cost increases and unfavourable foreign exchange rates. The stock hit a high of Rs 4,530 and a low of Rs 4,482 so far during the day.

Tata Power Company rose 0.4% at Rs 62.85 after the company announced that Tata Power Solar, India's largest integrated solar player, has successfully commissioned a 12 megawatts (MW) solar rooftop project for RSSB Educational & Environmental Society (RSSB-EES) in Amritsar, Punjab. This project is the largest solar rooftop plant in the world set up in a single phase. The plant will produce more than 150 lakh units of power annually and offset over 19,000 tonnes of carbon emissions every year. The company made the announcement after market hours yesterday, 10 December 2015.

Siemens rose 0.62% at Rs 1,155.60 announced that it has won an order worth about Rs 102 crore to supply a 400 kV gas insulated switchgear (GIS) substation to West Bengal State Electricity Transmission Company (WBSETCL). The scope of the order includes engineering, supply, installation and commissioning of the GIS Substation. The 400 kV GIS solution is being manufactured at Siemens' manufacturing plant at Aurangabad. The company made the announcement after market hours yesterday, 10 December 2015.

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