The stock market in India ended in the negative terrain for the first time in the four trading session . However, notably today’s fall has come on low volumes. In fact, the current F&O series today witnessed the lowest total turnover .
The IT, telecom, metals and the banking stocks were among the major laggards. On the other hand, realty, consumer durables, pharma and capital goods stocks were among the top gainers. While the Mid-Cap and the small-Cap index ended on a flat note.
The telecom sector was under pressure as rising prices in the spectrum auctions would further reduce profit margins for the telecom companies. Idea Cellular has slumped over 8% to close at Rs. 126 and Bharti Airtel declined by 2.5% while MTNL ended flat.
Shares of RCom ended lower by 4% to close at Rs120 per share amid disappointing results. Commenting on the same, Amar Ambani, Head of Research at IIFL said, “Rcom results were below our expectation on both revenue and profitability counts and although company would benefit from pricing tailwind in the next few quarters, we still prefer Bharti at current valuation.”
Finally, the BSE Sensex closed at 20334 down 42 points while the NSE Nifty ended lower by 6053 down 10 points compared with the previous closing.
The IT, telecom, metals and the banking stocks were among the major laggards. On the other hand, realty, consumer durables, pharma and capital goods stocks were among the top gainers. While the Mid-Cap and the small-Cap index ended on a flat note.
The telecom sector was under pressure as rising prices in the spectrum auctions would further reduce profit margins for the telecom companies. Idea Cellular has slumped over 8% to close at Rs. 126 and Bharti Airtel declined by 2.5% while MTNL ended flat.
Shares of RCom ended lower by 4% to close at Rs120 per share amid disappointing results. Commenting on the same, Amar Ambani, Head of Research at IIFL said, “Rcom results were below our expectation on both revenue and profitability counts and although company would benefit from pricing tailwind in the next few quarters, we still prefer Bharti at current valuation.”
Finally, the BSE Sensex closed at 20334 down 42 points while the NSE Nifty ended lower by 6053 down 10 points compared with the previous closing.
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