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Telecom stocks decline

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Stocks hovered in negative zone in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 121.39 points or 0.34% at 35,912.72. The Nifty 50 index was down 48.45 points or 0.45% at 10,745.20. Telecom stocks declined.

Domestic stocks drifted lower in early trade on selling pressure in index pivotals. Key indices extended decline in morning trade

The S&P BSE Mid-Cap index was down 0.32%. The S&P BSE Small-Cap index was down 0.37%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 842 shares rose and 1253 shares fell. A total of 111 shares were unchanged.

Telecom stocks declined. Bharti Airtel (down 3.25%), MTNL (down 1.08%), Tata Teleservices (Maharashtra) (down 3.06%) and Reliance Communications (down 4.33%) declined. Vodafone Idea (up 0.33%) rose.

Shares of Bharti Infratel fell 2.7%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Dewan Housing Finance Corporation fell 1.09%. The company announced after market hours yesterday, 13 February 2019, that due to full-time engagement with other assignments within the company, Harshil Mehta, has expressed his desire to resign from the position of whole time director (designated as joint managing director & CEO) from the board of directors of the company with immediate effect. However, he would continue to be associated with the company and shall hold the designation of executive president-retail business with effect from 14 February 2019. The board of directors of the company have accepted his aforesaid resignation from the board with effect from 13 February 2019.

The nomination and remuneration committee of the board of directors of the company has recommended to the board the appointment of Sunjoy Joshi as an independent director and Srinath Sridharan as a non-executive director of the company subject to receipt of requisite approvals from the regulatory authorities.

Overseas, most Asian stocks were trading lower Thursday as investors awaited the outcome of high-level trade talks between the U.S. and China, and data on the Chinese economy. A third day of bilateral trade negotiations were under way in Beijing, with Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer expected Thursday for more high-level discussions.

On the data front, China's exports unexpectedly accelerated last month, official data released on Thursday showed. The country's exports surged 9.1% from a year earlier in January, reversing a 4.4% decline in December. Imports dropped 1.5% in January, following a 7.6% decrease in December. China's trade surplus with all trading partners stood at $39.16 billion in January, much smaller than the $57.06 billion surplus recorded in December.

The Japanese economy rebounded in the final quarter of 2018 due to solid spending by households and companies. The economy expanded at an annualized rate of 1.4% in the October-December period following a 2.6% contraction in the previous quarter, government data showed Thursday. The economy grew 0.3% from the quarter before.

U.S. stocks closed higher Wednesday, trimming gains but with the S&P 500 and Nasdaq rising for a fourth straight session, on hopes that negotiators will come close to a deal after trade talks. US President Donald Trump said Tuesday that he would allow for flexibility on the timeline for a deal with China if an agreement looks close. Meanwhile, Chinese President Xi Jinping is reportedly expected to meet key members of the U.S. delegation on Friday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 14 2019. 11:32 IST