Cement, telecom stocks decline

Key benchmark indices nudged higher in morning trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 63.61 points or 0.18% at 35,553.65. The Nifty 50 index was up 2 points or 0.02% at 10,771.15. Cement stocks declined. Telecom stocks fell.

Market opened on a flat note.

The S&P BSE Mid-Cap index was down 0.44%. The S&P BSE Small-Cap index was down 0.38%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 744 shares rose and 1233 shares fell. A total of 104 shares were unchanged.

 

Overseas, most Asian stocks fell as concerns linger over the impact of potential global trade restrictions. US stocks rose yesterday, 26 June 2018 as a rally in American crude overshadowed lingering concerns about the impact of heightened trade tensions.

Cement stocks declined. Ambuja Cements (down 0.73%), ACC (down 1.11%) and UltraTech Cement (down 0.41%) fell. Shree Cement (up 0.16%) rose.

Grasim Industries was off 0.76%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

Telecom stocks fell. Idea Cellular (down 1.81%), MTNL (down 1.19%), Tata Teleservices (Maharashtra) (down 0.21%), Bharti Airtel (down 0.25%) and Reliance Communications (down 1.74%) declined.

Shares of Bharti Infratel gained 2.67%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

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