D-Street Buzz: Telecom stocks surge led by Vodafone Idea; Tech Mahindra down 3%, Airtel most active

D-Street Buzz: Telecom stocks surge led by Vodafone Idea; Tech Mahindra down 3%, Airtel most active

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Benchmark indices continues trading on a flat positive note with Sensex up 36.17 points or 0.09 percent at 40829.98, and the Nifty traded flat at 12056.

Nifty Infra is up a percent led by Bharti Airtel which jumped 7 percent. Share price of telecom stocks including Bharti Airtel and Vodafone Idea jumped up to 21 percent intraday on December 2 after the companies raised prices of their prepaid voice and data services.

Telecom operator Vodafone Idea on December 1 said it will charge 6 paise per minute for every outgoing call made by customers to the network of other operators. This is after Vodafone Idea mocked Reliance Jio for a similar charge it had introduced in October this year to recover the interconnect usage charge.

Nifty Pharma was down over a percent dragged by Sun Pharma and Glenmark Pharma which shed 2 percent each followed by Cipla, Dr Reddy’s Labs and Lupin.

Nifty Auto shed half a percent dragged by Eicher Motors, Bajaj Auto, Maruti Suzuki, MRF and TVS Motor Company.

From the IT space, the top losers included Tech Mahindra and Just Dial which shed 3 percent each followed by Tata Elxsi, Tata Consultancy Services, Hexaware Tech and Wipro.

The top gainers from Nifty index are Bharti Airtel which jumped over 7 percent followed by Grasim Industries, Reliance Industries, Bharti Infratel and JSW Steel while the top losers included Tech Mahindra, Eicher Motors, Bajaj Finance, Sun Pharma and ONGC.

The most active stocks included Bharti Airtel, YES Bank, Reliance Industries, Zee Entertainment and Indiabulls Housing.

Adani Transmission, Bharti Airtel, Reliance Industries, Pfizer and Gujarat Gas have hit new 52-week high on NSE.

About 862 shares have advanced, 1179 shares declined, and 149 shares are unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.

courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/d-street-buzz-telecom-stocks-surge-led-by-vodafone-idea-tech-mahindra-down-3-airtel-most-active_13233261.html

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