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Last Updated : Mar 25, 2020 01:56 PM IST | Source: Moneycontrol.com

D-Street Buzz: Telecom stocks ring loud; shares of Bharti Airtel surge 8%

Among the sectoral indices, bank, finance, energy traded with strong gains. All sectoral indices were in the green.

 
 
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Most telecom stocks traded with healthy gains in intraday trade, giving a boost to their sectoral index on BSE on March 25.

Shares of Bharti Airtel, HFCL, Vindhya Telelinks, OnMobile Global and ITI traded with healthy gains, jumping up to 8 percent.

The BSE Telecom index was 5.12 percent up at 939.19 around 13:40 hours IST.

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Market benchmarks Sensex and Nifty were up 6 percent around that time. Among the sectoral indices, bank, finance, energy traded with strong gains of up to 9 percent. All sectoral indices were in the green.

The share price of Reliance Industries (RIL) jumped over 8 percent and is the top index gainer pushing the stock market higher after media reports indicated that Facebook may pick up stake in Jio.

The social media giant Facebook Inc is in talks to buy a 10 percent stake in billionaire Mukesh Ambani’s telecom and internet services venture Reliance Jio, said a Financial Times report on March 24.

Meanwhile, the coronavirus outbreak will deal a huge blow to the Indian economy and the country’s April-June GDP may drop to negative 5 percent year-on-year or even more, brokerages have said.

JP Morgan said quantifying the near-term cost of the lockdown was difficult but about 60 percent of the GDP would be significantly impacted.
First Published on Mar 25, 2020 01:56 pm
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