Market Now: BSE Telecom index extends losses for the sixth session

NEW DELHI: Extending its losing-run for the sixth session, the BSE Telecom index was trading 0.20 per cent down at 1,390 around 11.27 am (IST) in Friday's trade with shares of Vindhya Telelinks (down 1.83 per cent), Sterlite Technologies (down 3.04 per cent), Mahanagar Telephone Nigam ( MTNL) (down 1.12 per cent), Reliance Communications (down 0.94 per cent) and Bharti Airtel (down 0.56 per cent) as the top losers in the index.

Reliance Communications saw some selling on reports that the National Company Law Tribunal is set to pronounce its decision on Monday on whether or not to consider the proposal of the merger between Reliance Communications' wireless business and Aircel.

Stocks such as ITI (up 4.25 per cent), OnMobile Global (up 3.73 per cent), Himachal Futuristic Communications (up 2.97 per cent) and Tata Communications (up 2.95 per cent) were gaining in the index.

Benchmark Nifty50 and Sensex remained low despite a fresh spell of buying emerged in pharma and banking stocks.

Nifty was trading 76 points lower at 9,743, while Sensex was 209 points down at 31,322 around 11.27 am (IST).

Axis Bank, State Bank of India and YES Bank, Lupin and Dr. Reddy's Laboratories were trading in green in the Nifty chart, whereas Vedanta, hindalco, Hero MotoCorp and Reliance Industries were losing.

Shares of JP Associates, Suzlon Energy, Unitech, HCL Tech, HDIL, NCC, IFCI, Adani Power, South Indian Bank, Union Bank India, Tata Motors and IDFC Bank were among most traded securities on NSE.

In the Nifty50 pack, 14 stocks were trading in green, while 37 stocks were in red.

On BSE, 878 stocks were advancing whereas 1,379 stocks were lagging.

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