Stock market update: Telecom stocks up; Bharti Infratel, Airtel trade with marginal gains

NEW DELHI: A majority of telecom stocks were trading with gains during afternoon trade on Friday.

The BSE Telecom index was trading 0.85 per cent up at 1,100 around 12:45 pm, with Sterlite Technologies (up 7.79 per cent) as the top gainer.

Shares of GTL Infrastructure (up 4.69 per cent), Himachal Futuristic Communications (up 3.23 per cent), Aksh Optifibre (up 2.13 per cent), Vindhya Telelinks (up 1.25 per cent) and GTPL Hathway (up 1.24 per cent) were also among the top gainers.


Tata Communications (up 0.60 per cent), ITI (up 0.56 per cent), GTL (up 0.50 per cent), Bharti Airtel (up 0.45 per cent), MTNL (up 0.34 per cent) and Bharti Infratel (up 0.19 per cent) too were in the green.

However, Tejas Networks (down 2.50 per cent), Tata Teleservices (Maharashtra) (down 0.75 per cent), Idea Cellular (down 0.60 per cent) and OnMobile Global (down 0.24 per cent) were in the red around that time.

Market was in the positive territory amid buying in heavyweights including Infosys, Reliance Industries, ICICI Bank and Larsen & Toubro.

Benchmark BSE Sensex was up 181 points at 36,533, while the NSE Nifty50 index was up 57 points at 11,014.

Among the 50 stocks in the Nifty index, 27 were trading in the green, while 23 were in the red.

In the Sensex index, 19 stocks were advancing, while 12 were declining.

Bajaj Auto, falling nearly 5 per cent, was leading among the Sensex losers.

The automaker on Friday reported 20.71 per cent rise in standalone net profit at Rs 1,115.23 crore for the quarter ended June 30, 2018. It had posted a net profit of Rs 923.93 crore in the corresponding quarter last year.

ETNow poll had predicted a net profit of Rs 1,249 crore for Bajaj Auto in Q1.