Sensex seen consolidating; telecom stocks slump

Reuters Market Eye - The BSE Sensex is trading in the red, after earlier marking its highest intraday level since December 9. Consolidation comes after shares rose for 3 out of 4 sessions as of Wednesday, marking a 2.8 percent gain for the BSE Sensex.

Mobile carriers slump on concerns over possible high bidding prices at a spectrum auction next month after eight companies applied to bid, signalling much stronger competition than expected.

Bharti Airtel Ltd falls 4 percent, Idea Cellular drops 5.8 percent and Reliance Communications is 3.6 percent lower.

However, HCL Technologies Ltd gains 2.8 percent after earlier rising to a record high of 1,383.30 rupees after the company reported December-quarter consolidated net profit rose more than expected.

 

The BSE Sensex was trading down 48 points as of 1.46 p.m.

(Reporting by Abhishek Vishnoi)