MARKET WRAP: Sensex falls 202 pts post AGR verdict; Voda-Idea tanks 23%
All that happened in markets today.
 "BSE, Markets")
Photo: Kamlesh Pednekar
Equity market came under pressure on Friday after the Supreme Court (SC) rejected the telecom companies' plea seeking new schedule of adjusted gross revenue (AGR) payments and directed them to clear their dues to the government by March 17. READ MORE
The S&P BSE Sensex slid 202 points or 0.49 per cent to settle at 41,258, with IndusInd Bank (down 4 per cent) being the top loser and Bharti Airtel (up nearly 5 per cent) the biggest gainer.
On the NSE, the benchmark Nifty50 index ended at 12,113, down 61 points or 0.5 per cent.
Among telcos, Vodafone Idea tumbled over 23 per cent to Rs 3.44 apiece on the BSE post the AGR verdict. Bharti Infratel settled nearly 6 per cent lower at Rs 231. On the other hand, Bharti Airtel jumped 5 per cent to a fresh lifetime high of Rs 565 on the BSE as investors bet on a potential duopoly in the Indian telephony market after the Supreme Court today rejected the telcos' review plea on adjusted gross revenues (AGR) payments. The stock settled at Rs 564, up around 4.5 per cent.
AGR verdict: Voda-Idea to struggle; but duopoly may not be ideal solution
AGR verdict: Voda-Idea to struggle; but duopoly may not be ideal solution
Financial and banking stocks, too, took a beating following the decision as, according to reports, they have high exposure to Vodafone Idea's debt. Nifty Bank tumbled 395 points or over 1 per cent to 30,835 points.
In the broader market, the S&P BSE MidCap index slipped 0.8 per cent while the S&P BSE SmallCap index settled 0.4 per cent lower at 14,683.
In the broader market, the S&P BSE MidCap index slipped 0.8 per cent while the S&P BSE SmallCap index settled 0.4 per cent lower at 14,683.
GLOBAL MARKETS
European shares touched record highs on Friday as investors digested whether China’s coronavirus outbreak would cause long-lasting damage to global economy. Earlier, Asian shares had earlier inched higher toward their second straight week of gains, helped by hopes governments will make provisions to soften the impact on their economies from the coronavirus epidemic.
MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2 per cent for weekly gain of 1.8 per cent, while China's blue-chip CSI300 shares rose 0.7 per cent, having staged a stunning recovery to claw back 95 per cent of their losses made after the outbreak.
In commodities, oil edged higher and was on track for its first weekly gain in six weeks.
(With inputs from Reuters)
3:42 PM
SECTOR WATCH | Top losers and gainers on the NSE
3:41 PM
MARKET AT CLOSE | Top losers and gainers on the S&P BSE Sensex
3:39 PM
CLOSING BELL
The S&P BSE Sensex slipped 202 points or 0.49 per cent to end at 41,258-mark while NSE's Nifty50 closed the session at 12,113, down 61 points or 0.5 per cent.
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SpiceJet soars 10% on 21% YoY rise in net profit; B737 may return this year
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2:51 PM
Nifty sectoral indices at this hour
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MARKET UPDATE:: Nifty below 12,100
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Heatmap: S&P BSE Sensex
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Global Markets check
Asian shares inched higher on Friday, on course to post the second straight week of gains, helped by hopes governments will make provisions to soften the impact on their economies from the coronavirus epidemic.
European shares are expected to rise, with pan-European Euro Stoxx 50 futures up 0.21 per cent, German DAX futures adding 0.3 per cent and FTSE futures ticking up 0.21 per cent.
MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.25 per cent on Friday for weekly gain of 1.77 per cent.
Japan's Nikkei dropped 0.59 per cent, not helped by the news of first coronavirus death and signs of a potential rise in domestic infections in the country.
Market sentiment improved also after World Health Organization official said the big jump in China’s reported cases reflects a decision by authorities there to reclassify a backlog of suspected cases by using patients’ chest images, and is not necessarily the “tip of an iceberg” of a wider epidemic.
In commodities, oil prices extended their week-old recovery on hopes that the world’s biggest producers would cut output more as demand looks set to drop sharply due to the outbreak of coronavirus.
Japan's Nikkei dropped 0.59 per cent, not helped by the news of first coronavirus death and signs of a potential rise in domestic infections in the country.
Market sentiment improved also after World Health Organization official said the big jump in China’s reported cases reflects a decision by authorities there to reclassify a backlog of suspected cases by using patients’ chest images, and is not necessarily the “tip of an iceberg” of a wider epidemic.
In commodities, oil prices extended their week-old recovery on hopes that the world’s biggest producers would cut output more as demand looks set to drop sharply due to the outbreak of coronavirus.
2:20 PM
RESULTS CORNER:: Spicejet consolidated Q3 net profit up 21.1% YoY at Rs 78 cr
-- Revenue up 46.9% YoY at Rs 3,656.4 cr
-- EBITDAR at Rs 761.6 cr
-- EBITDAR at Rs 761.6 cr
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Post-Budget trend shows nearly half of Nifty500 stocks trade below 50-DMA
Post Budget 2020-21, around 238 stocks have slipped below their 50-day moving average (DMA) while before the Budget, the numbers stood at 178. Among other moving averages, the scenario seems to be the same. For instance, stocks trading below 100-DMA before Budget were 162 which has now increased to 213 whereas stocks below 200-DMA before Budget were 189 but now stands at 206. READ MORE
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Rupee check
Topics : Markets MARKET WRAP
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First Published: Feb 14 2020 | 7:29 AM IST