Sensex edges down on profit-taking; telecom shares hit

Reuters Market Eye - The BSE Sensex is down 0.1 percent, while the broader Nifty falls 0.3 percent on profit-taking, after hitting their highest level since November 2010 on Thursday.

Among blue chip shares, Tata Motors Ltd is down 0.87 percent, while Sun Pharmaceutical Industries Ltd falls 1.8 percent.

Bharti Airtel Ltd's shares fall 1.7 percent after rival Idea Cellular Ltd on Thursday reported lower voice volumes in the July-September quarter from the previous quarter. Idea shares are also down 3 percent.

GAIL (India) Ltd is down 2.1 percent ahead of its July-September earnings later in the day.

However, Deutsche Bank raised its December 2013 target for the BSE Sensex to a record high at 22,000 points from 21,000, saying investor pessimism earlier this year was receding amid positive developments such as a good monsoon.

 

Also, foreign investors have continued to buy local shares, remaining net buyers for a 15th consecutive session. Provisional exchange data showed a net purchase of 9.91 billion rupees on Thursday, bringing the total to nearly 125 billion rupees during that period.

(Reporting by Abhishek Vishnoi)