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Sensex, Nifty End On Flat Note; Telecom Stocks Rally

Indian markets ended little changed on Monday even as shares of telecom companies soared after Vodafone Idea, Bharti Airtel and Reliance Jio all hiked mobile and data tariffs by up to 42 percent in an attempt to tide over the crisis in the telecom sector.

Bharti Airtel surged 4.1 percent and Vodafone Idea jumped nearly 14 percent while Reliance Industries, which owns Jio, rallied 2.3 percent.

The benchmark S&P BSE Sensex ended up 8.36 points at 40,802.17 while the broader NSE Nifty index slipped 7.85 points to close at 12,048.20.

Private sector lender Yes Bank plunged as much as 6.6 percent. The lender announced that it would raise up to $2 billion through preferential allotment of shares from several investors.

Globally, other markets rose as expectations for economic recovery in Japan, the United States and China helped offset concerns that the U.S. support for Hong Kong may stall the U.S.-China trade negotiations.

European stocks also ticked higher on the back of better-than-expected manufacturing data from China.

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