Sensex, Nifty Updates: Sensex and Nifty traded higher on Wednesday, tracking gains in index-heavyweights Reliance Industries, HDFC and ITC amid positive cues from global markets. Sensex gained 122 points higher to 35,075 and Nifty was trading 16 points higher at 10,318. SGX Nifty was trading 32 points lower at 10. 248, indicating bearish trend in domestic grounds today. Yesterday, indices gave up early gains and closed marginally lower on Tuesday, amid negative opening in European markets and weakness in SGX Nifty. Sensex closed 45 points lower at 34,915 and NSE Nifty fell 10 points to 10,302.
Here's a look at the updates of the market action on BSE and NSE today
10. 33 A: Expert outlook on Vodafone result
Commenting on 4QFY20 results of Vodafone Idea, Keshav Lahoti, Associate Equity Analyst, Angel Broking said,"Vodafone Idea reported 6% revenue growth QoQ to Rs.11,089 crore. EBIDTA grew by 28.1% QoQ due to improvement in margins to 37.3% in Q4FY20 compared to 30.8% in Q3FY20. ARPU for Q4FY20 improved to Rs.121 against Rs.109 in Q3FY20, due to prepaid tariff hike effective from Dec'19. Further impact of tariff hikes in Dec'19 will flow in coming months. Company reported Rs.11,644 crore loss for the quarter. Loss increased due to exceptional items recorded of Rs.6,141 crore mainly pertaining to license fees and spectrum charges. Overall, Vodafone Idea's result was better than street estimates in terms of revenue, ARPU, EBIDTA and EBIDTA margins. "
He added later, "Among all the three leading telecom operators, only Vodafone Idea lost subscribers. The subscriber base of Vodafone Idea declined to 291 million in Q4FY20 from 304 million in Q3FY20. Vodafone reported double digit ARPU growth of 11% QoQ. Reliance Jio and Bharti Airtel's ARPU grew by 1.7% and 14.1% QoQ respectively. Between all the three operators, Bharti Airtel gained the highest revenue market share for the quarter. Vodafone Idea's ability to continue as a going concern is highly dependent on a positive outcome on AGR matter before the Supreme Court for the payment in installments. Next Supreme Court hearing on the AGR matter is scheduled in the third week of July. Favourable Supreme Court ruling, improvement in ARPU, reduction in loss of market share and any major investment by a big tech investor will be the key triggers for upside in the stock."
10. 17 AM: Vodafone Idea drops 5%
Vodafone Idea share price dipped almost 5% on Wednesday's early session after the telecom major reported Rs 11,644 crore loss for the March quarter, due to exceptional items recorded of Rs 6,141 crore mainly pertaining to license fees and spectrum charges. This was against Rs 6,758 crore loss in the same quarter of the last financial year. In the previous quarter, the telco had reported Rs 6,438.8 crore loss.
Vodafone Idea share price fell 4.8% to the intraday low of Rs 10.10 on BSE, as against its earlier closing value of Rs 10.62. The stock opened lower today at Rs 10.35 and also touched Rs 10.73 as it's intraday high. The stock has fallen 13.9% in one year. It has fallen 7.73% value in the last 2 days of consecutive fall.
9. 59 AM: Top gainers and losers
ITC, followed by Axis Bank, HDFC, IndusInd Bank, Bajaj Finance, SBI and Reliance Industries were among the top gainers in the Sensex pack. On the other hand, NTPC, Kotak Bank, L&T, ONGC and Nestle India were among the laggards.
9. 42 AM: Nifty outlook
Reliance securities in its daily note said,"On the daily chart, the index has once again formed Doji pattern. Though major parameters are in favour of bears, due to multiple indecisive formation, we believe the index will consolidate between 10,180 and 10,440 levels before a directional move. In case the index violates, 10,180 level, down move may accelerate and that could drag the index towards 10,067-9,987 zone, which coincides with its 20-day EMA and its 100-day SMA, respectively. On the higher side, a stable move above 10,440 mark will strength the index to surpass its swing high (10,550 level) and support it to test prior high connecting rising trend line, which is now placed around 10,610 mark.
As for the day, support is placed at around 10,180 and then at 10,020 levels, while resistance is observed at 10,440 and then at 10,550 levels."
9. 30 AM: Stocks to watch today on July 1
Vodafone Idea, Bank of Baroda, Bharti Airtel, ONGC, Godfrey Phillips, RITES, Marico among others are the top stocks to watch out for in Wednesday's trading session
9. 18 AM: Opening bell
Sensex and Nifty opened marginally higher on Wednesday, although gained momentum within minutes of trade, amid mixed global cues, including weakness in SGX Nifty. Sensex gained 122 points higher to 35,075 and Nifty was trading 16 points higher at 10,318.
8.55 AM: Companies to post result today
Eveready Industries, Intense Technologies are among the companies that will report Q4 results today.
8. 50 AM: Global indices today
Barring Nikkie and SGX Nifty that were trading marginally lower, other Asian equities were largely rising today. European indices barring Germany's DAX closed in red. Wall Street's NASDAQ closed in green yesterday.
8. 45 AM: Market Expectations
Sensex and Nifty are likely to open lower amid weak global cues, including weakness in SGX Nifty. SGX Nifty was trading 32 points lower at 10. 248, indicating bearish trend in domestic grounds today.
8. 30 AM: Closing bell
On Tuesday, Sensex closed 45 points lower at 34,915 and NSE Nifty fell 10 points to 10,302.
Sensex, Nifty fall in volatile trade; log biggest quarterly gain in 10 years