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BSE TELECOM tumbles over 4%; all constituents in red
Among sectors, BSE Information Technology index lost 6.5 percent, BSE Telecom index fell 5.8 percent and Nifty Pharma index shed 5.2 percent during the week. However, BSE Power index added 2.6 percent.
BSE Telecom index, Tata Teleservices (Maharashtra) Ltd (up 3.33%), Vodafone Idea Ltd (up 2.21%), GTL Infrastructure Ltd (up 1.95%), Route Mobile Ltd (up 1.94%), Tata Communications Ltd (up 0.66%), were the top gainers.
Telecom Stocks - The telecom stocks are likely to be on the investor's radar as the telecom department may approve proposals worth Rs 3,245 crore w.r.t telecom equipment PLI coming week. The BSE Telecom index has ended in green on Monday and is up by 0.71 per cent.
Despite the squeeze of 0.51 per cent in the BSE Telecom index, the stocks of Vindhya Telelinks, Tejas Networks, Optiemus Infracom and GTL Infrastructure recorded impressive returns on Wednesday. Watch out for these stocks on Thursday.
Telecom Stocks - The telecom stocks have caught investor's attention on Wednesday. The BSE Telecom index has faced selling pressure amid the Cabinet refusing proposal for telecom relief measures.
Dalal Street Investment Journal
Vodafone Idea, HFCL and Indus Tower put together contribute to the BSE Telecom index gains
Vodafone Idea - Rallying for 6 consecutive days, the stock has gained 14.68 per cent in Tuesday's trading session. It has outperformed the top-performing BSE Telecom index which gained 3.08 per cent on Tuesday.
On the flip side, BSE Telecom (down 0.52 percent), finance (down 0.24 percent), FMCG (down 0.22 percent) and Bankex (down 0.16 percent) ended in the red.
BSE telecom, IT, energy, capital goods and teck indices closed over a percent higher each. More than 200 stocks, including Bharti Airtel, HCL Tech, Infosys, Larsen & Toubro and TCS, hit their fresh 52-week highs on BSE in intraday trade.
Sectors and stocks Among the sectors, BSE auto rose 3.19 percent, while capital goods, consumer durables, power, industrials, consumer discretionary rose more than 2 percent each. BSE telecom fell 1.66 percent and FMCG index closed 0.37 percent lower.
BSE IT index closed 1.70 percent higher. On the flip side, BSE telecom fell over a percent, so did finance, oil & gas and realty.
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