Indian stock markets continued to extend losses on account of selling pressure in heavy weights and weak global cues. All the sectors are trading in the red led by metals and banking.
The BSE-Sensex is down by 185 points while NSE-Nifty is trading 50 points below the dotted line. BSE Midcap and BSE Small cap indices are trading lower by 0.33% and 0.21% respectively. The rupee is trading at 45.08 to the US dollar.
Telecom Stocks are trading mixed with MTNL, Reliance Communication trading strong; however Bharti Airtel is trading weak. Bharti Airtel, the country’s largest GSM Company by subscribers, has acquired nearly 6 lakh 3G subscribers since the launch of its next generation telephony services in January. These subscribers offer higher average revenues and the company is witnessing a good data usage of over 1 terabyte per day from a single city. The company has till date launched 3G services in 11 cities and targets a roll-out in 40 cities across 13 telecom circles where it has secured a 3G license by March-end. The company expects the average revenue per user (ARPU) numbers to firm up because of 3G as the conventional voice service rates have plummeted due to competition.
Bharti Airtel currently gets around 9% revenues from data services and expects this to rise significantly once 3G becomes fully operational.
At a glance the latest inflation numbers show that the prices seem to be easing. The food inflation eased to 9.52% for the week ended Feb 26, 2011 as compared to 10.39% seen in the previous week. The fuel price index for the week ended Feb 26, 2011 stood at 9.48% as compared to 12.56% in the week earlier. The primary articles index was up 13.96% compared with an annual rise of 14.85% in the week earlier. The wholesale price index, the most widely watched gauge of prices in India stood at 8.23% in January from a year earlier, compared with 8.43% in December.