Key benchmark indices hit the day's low in morning trade. Premium valuation in largecaps and lack of fresh triggers influenced investors to lock profits. The Nifty descended towards its crucial level of 12,200. At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 141.96 points or 0.34% at 41,416.04. The Nifty 50 index was down 43.7 points or 0.36% at 12,212.15.
The S&P BSE Mid-Cap index was up 0.15%. The S&P BSE Small-Cap index was up 0.29%. Both these indices outperformed the Sensex.
The market breadth was positive. On the BSE, 1,036 shares rose and 804 shares fell. A total of 111 shares were unchanged. In Nifty 50 index, 16 stocks advanced while 34 stocks declined.
Buzzing Index:
Telecom Regulatory Authority of India released telecom subscription data for the month of October 2019 during market hours yesterday.
In mobile broadband segment, Reliance Industries' telecom unit, Reliance Jio, added 91 lakh users in October 2019, taking its total market share to 58.3%. Bharti Airtel added 50 lakh users in October 2019, taking its market share to 20.9% while Vodafone Idea added 36 lakh users in the same period, taking its market share to 18.5%.
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In overall mobile users, Bharti Airtel and Vodafone Idea added 0.1 million and 0.2 million respectively.
The S&P BSE Telecom index rose 0.42% to 1,130.24. Vodafone Idea was down 0.98% and Reliance Industries declined 0.42%. Bharti Airtel traded 0.2% higher at Rs 461.4.
Stocks in Spotlight:
Jet Airways (India) was locked in an upper circuit of 5% at Rs 29.6. The U.K.-based Hinduja Group, run by brothers Gopichand Hinduja and Ashok Hinduja, is preparing a bid to buy grounded carrier Jet Airways (India). The group plans to submit an expression of interest by the 15 January deadline, signaling its intent to make a formal offer. Hinduja is seeking a partner to bid, reports added.
HEG slipped 0.97%. Life Insurance Corporation of India has reduced stake in HEG from 8.9% to 6.85%.
Shares of Kalpataru Power Transmission rose 1.03% at Rs 405.35. The firm secured new orders of Rs 979 crore across various businesses.
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