Share market update: Telecom stocks dull; MTNL, Bharti Infratel, Airtel lose steam

NEW DELHI: Most telecom stocks were trading with losses during afternoon trade on Thursday.

The BSE Telecom index was trading 0.46 per cent down at 1,156 around 12:30 pm.

Shares of Aksh Optifibre (down 2.95 per cent), Sterlite Technologies (down 2.39 per cent), Tata Communications (down 1.91 per cent) and Tata Teleservices (Maharashtra) (down 1.51 per cent) were among the top losers in the telecom index.


Stocks such as ITI (down 1.50 per cent), GTL (down 1.46 per cent), Mahanagar Telephone Nigam (down 1.25 per cent), GTPL Hathway (down 0.78 per cent), GTL Infrastructure (down 0.76 per cent), Bharti Airtel (down 0.57 per cent) and Bharti Infratel (down 0.53 per cent) were also under pressure.

Meanwhile, Tejas Networks (up 2.87 per cent), Vindhya Telelinks (up 1.37 per cent), Idea Cellular (up 1.35 per cent) and OnMobile Global (up 0.56 per cent) were in the green in the index.

Shares of Reliance Communications and Himachal Futuristic Communications were trading flat around that time.

Equity markets were under pressure amid weak global cues.

Macro indicators such as rising crude oil prices and weakening rupee too hit market sentiment.

Moreover, investors were on the sidelines on the last of June series of future and option contracts.

The BSE Sensex was 108 points down at 35,109, while the NSE Nifty50 index was down 48 points at 10,624.

Among the 50 stocks in the Nifty index, 17 were trading in the green, while 33 were in the red.

In the Sensex index, 11 stocks were advancing, while 20 were declining.