The market extended gains in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 106.43 points or 0.28% at 38,706.77. The Nifty 50 index was up 20 points or 0.17% at 11,618.25. Shares of index heavyweights HDFC and L&T gained.
Key benchmark indices edged higher in early trade on buying demand in index pivotals. Indices trimmed gains in morning trade. Stocks hovered in positive zone in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index was up 0.2%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1127 shares rose and 1077 shares fell. A total of 139 shares were unchanged.
Index heavyweight and housing finance major HDFC advanced 1.76% to Rs 2,001.95.
Index heavyweight and engineering and construction major L&T gained 1.24% to Rs 1,368.
Telecom stocks declined. Vodafone Idea (down 1.52%), MTNL (down 0.53%), Tata Teleservices (Maharashtra) (down 0.68%) fell. Reliance Communications (up 4.59%) rose.
Shares of Bharti Infratel rose 1.34%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Bharti Airtel fell 1.98%. The company's consolidated net profit rose 29.31% to Rs 107.20 crore on 6.23% increase in net sales to Rs 20,602.20 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 6 May 2019.
Bharti Airtel reported net exceptional gain of Rs 2022.10 crore in Q4 March 2019 that comprises of (i) charge of Rs 145.50 crore towards operating costs on network re-farming and up-gradation program and (ii) credit of Rs 2167.60 crore pertaining to re-assessment of levies, based on a recent pronouncement related to the manner of determination of such levies.
Bharti Airtel and Hughes Communications India (HCIL), a subsidiary of Hughes Network Systems, LLC (HUGHES), the global leader in broadband satellite networks and services, announced an agreement to combine their VSAT operations in India. The transaction is subject to approvals by relevant authorities. As per the agreement, Hughes will have majority ownership in the combined entity and Airtel will have a significant shareholding. The combined entity will benefit from enhanced scale, improved operational efficiencies and wider market reach. The combined entity will be well positioned to leverage the demand for secure connectivity in a rapidly growing digital economy. HCIL is the leading broadband satellite service operator in India. It provides a comprehensive range of broadband networking technologies, solutions, and services for businesses and governments. The combine identity will be able to introduce new VSAT and related technologies to deliver a wide range of quality products and service. The combined entity will continue to serve existing Hughes and Airtel customers.
Overseas, Asian stocks were mixed Tuesday amid renewed tensions between the U.S. and China after Washington said tariffs on Chinese goods will rise on Friday. Sentiment remained fragile as traders waited for the next development in the trade negotiations. Talks with Chinese officials will reportedly take place Thursday and Friday.
U.S. stocks finished lower Monday even in the wake of a dramatic comeback after President Donald Trump threatened over the weekend to increase tariffs on $200 billion of Chinese goods to 25% from 10%, raising fresh fears about a market-disruptive clash between the world's largest economies.
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