Indian equity benchmark indices traded lower Monday afternoon dragged by selling across the board as investors remained cautious over the ongoing developments in telecom sector amid domestic economic growth concerns.

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At 1:05 pm, the Sensex was trading at 41,089.13, down 168.61 points or 0.41 percent and the Nifty was trading at 12,057.60, down 55.85 points or 0.46 percent.

All the sectoral indices were trading in the red with Nifty PSU Bank falling the most over 2 percent followed by Nifty Media and Nifty Realty declining over 1 percent each.

Nifty Midcap100 and Smallcap100 indices were 0.5 percent and 1.01 percent down respectively.

YES Bank, Coal India, ONGC, Cipla and IOCL led the decline among Nifty50 while GAIL India, Titan Company, IndusInd Bank, Vedanta and Nestle India were the top gainers.

Vodafone Idea surged after both the telcos said that they will pay the AGR dues soon, as ordered by the Supreme Court. Meanwhile, Bharti Airtel was flat even after it paid Rs 10,000 crore for adjusted gross revenue dues as part of its dues to the Department of Telecommunications (DoT).

Shares of Muthoot Finance Ltd jumped over 7 percent, buoyed by a strong third quarter performance. So far this year, the stock has gained nearly 3 percent, while the one year return on the stock is more than 50 percent (Sensex return at 15 percent). The five-year return on the stock is more than 268 percent, compared to Sensex return of over 41 percent.

The stock price of Sun TV slipped over 8 percent post the company's Q3 earnings. The total income dipped 7.89 percent to Rs 914.17 crore during the quarter under review, as against Rs 992.58 crore in the corresponding period of the previous fiscal. The company reported a 7.15 percent increase in consolidated profit after tax for the December quarter at Rs 384.69 crore.

Meanwhile, in Asia, markets reversed earlier losses and moved back toward a three-week top as China's persistent efforts to cushion the blow from a coronavirus outbreak calmed nervous investors, although Japanese stocks faltered on growing recession risks.

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First Published:Feb 17, 2020 1:35 PM IST