New Delhi, April 23 (Agency) : Telecom stocks are the top performers in the markets on Tuesday.
The telecom stocks index is up a massive 5 per cent.
Tejas Networks is up more than 19 per cent. Tata Teleservices is up 11 per cent, Vodafone Idea is up 11 per cent, ITI is up 8 per cent, MTNL is up 6 per cent.
In addition, Bharti Airtel is top gainer among the Sensex stocks with gains of more than 3 per cent.
Tejas Networks reported a beat on revenue and margin estimates, led by BSNL’s 4G project execution, Emkay Global Financial Services said.
The brokerage said Tejas benefits chiefly from GoI emphasis on domestic manufacturing and the PLI scheme; large spends on BSNL, BharatNet, and the Railways; references from TCom and TCS, thus adding new clients; and the global move towards replacing Chinese telecom equipment.
BSE Sensex gained more than 200 points on Tuesday with the re-emergence of a bullish trend in the last two days. Sensex is trading at 73,881 points, up by 233 points.
The telecom index is followed by the realty index with gains of more than 2.6 per cent. Sobha is up 6 per cent, Lodha is up 3 per cent, DLF is up 3 per cent.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said the undercurrent of the bullishness of this market has been reinforced by the market action during the last two trading days which saw Nifty spiking by 486 points from Friday’s lows. External factors like the high bond yields in the US and geopolitical concerns in the Middle East are not impacting the underlying bullish trend.