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Market Now: Bharti Airtel, Infratel drag sectoral index down

NEW DELHI: Losses in heavyweights Bharti Airtel (down 1.77 per cent) and Bharti Infratel (down 1.72 per cent) weighed on the telecom index in the morning trade on Tuesday.

The BSE Telecom index was trading 0.91 per cent down at 1,363 around 10:50 am (IST) on Tuesday.

Shares of Bharti Airtel cracked after the telecom major had moved the telecom tribunal, challenging Trai's recent show cause notice asking the market leader to share details of non-transparent and discriminatory tariffs that it has allegedly offered consumers, ET reported, quoting people aware of the matter.

Shares of GTL Infrastructure (down 1.50 per cent) and Tejas Networks (down 1.50 per cent) also appeared beaten down.

GTL Infrastructure has sought to intervene in the bankruptcy proceedings of Aircel in the National Company Law Tribunal in a bid to recover rentals and get a forensic audit of the struggling telco's accounts.

On the other hand, shares of Vindhya Telelinks (up 4.81 per cent), Aksh Optifibre (up 3.13 per cent), Himachal Futuristic Communications (up 2.31 per cent), Mahanagar Telephone Nigam (up 1.82 per cent), ITI (up 1.65 per cent), GTL (up 1.27 per cent), Sterlite Technologies (up 1.08 per cent), Idea Cellular (up 0.93 per cent), Tata Teleservices (Maharashtra) (up 0.71 per cent), Tata Communications (up 0.65 per cent), Reliance Communications (up 0.64 per cent), OnMobile Global (up 0.23 per cent) and GTPL Hathway (up 0.11 per cent) were trading with gains.

Equity benchmarks Nifty50 and Sensex rose on Tuesday, tracking firm global cues on reports of trade negotiations between the US and China, easing fears of a trade war.

However, bourses cooled off a bit on selling in auto and select telecom stocks.

The NSE Nifty50 index was up 37 points at 10,168, while the BSE Sensex was up 109 points at 33,175.

Axis Bank and ICICI Bank were among the top gainers in the Sensex kitty.

Hero MotoCorp, Mahindra & Mahindra and HDFC were among the losers in the Sensex index.

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