Nifty regains 11,700; telecom stocks slip

Indices came off day's low but traded with significant losses in morning trade. The Nifty bounced back from its 200 days simple moving average placed at 11,684.74. Market sentiment continued to be negative on the back of weak global cues.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 267.35 points or 0.66% at 40,013.85.

The Nifty 50 index was down 81.25 points or 0.69% at 11,716.65. It came off day's low of 11,679.55 hit in early trade.

In the broader market, the S&P BSE Mid-Cap index was down 0.84% while the S&P BSE Small-Cap index was down 0.38%.

The market breadth was titled in the favour of sellers. On the BSE, 622 shares rose and 1154 shares fell. A total of 87 shares were unchanged. In Nifty 50 index, 8 stocks advanced while 42 stocks declined.

Buzzing Index:

The S&P BSE Telecom index declined 1.7% to 1,189.97 after the Telecom Regulatory Authority of India (TRAI) released telecom subscription data for the month of December 2019 yesterday, 25 February 2020.

Bharti Airtel (down 2.07%), Reliance Industries (down 0.91%) and Vodafone Idea (down 0.51%) declined.

Reliance Jio Infocomm, controlled by Reliance Industries (RIL), recorded a sharp fall in mobile phone user additions in December 2019. Jio added 82,308 mobile users, taking its subscriber base past 37 crore in December. This was lower than 9.1 million and 5.6 million customer additions reported by the company in October and November respectively last year.

Debt-laden Vodafone Idea lost 36.44 lakh users in December, while Bharti Airtel lost 11,050 users over November 2019. Consequently, Vodafone Idea and Airtel's customer bases fell to 33.26 crore and 32.72 crore respectively, as per latest subscriber data collated by TRAI.

Stocks in Spotlight:

Yes Bank (up 1%) is banned from trading in NSE's F&O segment for today after the security crossed 95% of market wide position limit.

Aurobindo Pharma rose 1.34% The drug maker said its Unit VIII, API manufacturing facility at Hyderabad received the Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAI) status from US drug regulator.

Cipla fell 2.48% to Rs 414.80. The company has received a warning letter from US drug regulator for its Goa facility. The United States Food and Drug Administration (USFDA) had inspected Cipla's Goa facility from 16 to 27 September 2019. The company said that it remains committed to maintaining the highest standards of compliance and will work closely with the agency to comprehensively address all the observations.

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