Sensex ends lower but metal, telecom Stocks Surge

Mumbai: Despite handsome gains posted by telecom and metal scrips, Indian equities ended lower on Monday. The benchmark Sensex settled 72 points lower, the Nifty ended below the 11,900-point mark.

However, buying was seen in broader markets. The BSE Midcap index gained 0.44 percent and the Small-cap index ended 0.27 percent higher.

The Nifty metal index closed 1.79 percent higher as the sentiment turned favourable for the base metal over reports that US and China trade talks are heading in a positive direction. Tata Steel, Hindalco, and SAIL closed higher in the range of 2 to 5 percent.

Vodafone Idea (VIL) advanced nearly 25 percent on the NSE while Bharti Airtel also surged by 3.5 percent after Finance Minister Nirmala Sitharaman on Friday stated that the government does not want that any telecom company shuts operations.

“Post Q2 results, the market seems to have entered an indecisive period of trade having rallied well in the last two months and lack of major data releases this week. Investors are awaiting triggers on the resolution of US-China trade tensions and future interest rate trajectory of the US central bank,” said Vinod Nair, Head of Research, Geojit Financial Services.

Yes, Bank was the top loser, closing 4 percent lower. It was followed by Bajaj Auto and Mahindra & Mahindra which fell nearly 2 percent. (IANS)

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