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Mapping the market: Telecom stocks ring loudly, midcaps outperform

30 January, 2017 11:45 AM
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Mapping the market: Telecom stocks ring loudly, midcaps outperform

NEW DELHI: On the day when equities traded in a small range near the flat line, a potential merger between two top telecom players kept Dalal Street busy on Monday.

The merger talks between Vodafone and Idea Cellular helped telecommunication stocks surge up to 26 per cent and capped losses of the benchmark indices in Monday’s trade following profit-booking and mixed global cues.

The BSE Sensex closed 32.90 points, or 0.12 per cent down, at 27,849.56 while the 50-share NSE Nifty index closed 8.50 points down at 8,632.75.

A good connection:Shares of telecom stocks hogged the limelight on Monday after Vodafone confirmed that the company is in talks with the Aditya Birla Group for the merger of its Indian entity and Idea Cellular in what will be the largest such deal in the country's telecom space once it materialises. Shares of Idea Cellular closed 25.64 per cent up at Rs 98. The BSE Telecom index closed 5.87 per cent up at 1,250.57.

Multifold rise: Shares of PNB Gilts hit upper circuit of 5 per cent after the company reported sevenfold rise in net profit at Rs 65.88 crore for the quarter ended December 31, against Rs 9.32 crore in the corresponding quarter last year. The scrip settled at Rs 54.60.

Earnings booster dose: Shares of Bajaj Finance surged nearly 6 per cent up at Rs 1,054.20 after the company posted 36.04 percent rise in net profit for the quarter ended December 31. For the quarter under review, the company reported a standalone net profit of Rs 555.65 crore compared with Rs 408.46 crore in the same period last year.

Sectorwise: Among the sectoral indices on BSE, the telecom index soared the most at 5.87 per cent followed by teck (up 0.81 per cent) and healthcare (up 0.16 per cent). On the other hand, BSE auto, bankex, power and consumer durables indices closed lower by 0.88 per cent, 0.76 per cent, 0.58 per cent and 0.48 per cent, respectively.

Midcaps outperformed: Midcap stocks on the Dalal Street outpaced broader markets on Monday with the BSE Midcap index gained 0.28 per cent. The BSE Smallcap index closed lower by 0.32 per cent.

Most active stocks: Idea Cellular was the most active in terms of traded volume on NSE on Friday. It was followed by Reliance Communications, JP Power, Mercator and JP Associates.

Spurt in OI: Futures of Idea Cellular saw the biggest jump in open interest (OI) at 41.73 per cent. It was followed by Bharti Infratel (up 36.85 per cent) and Bharti Airtel (up 24.15 per cent).


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