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MARKETS: Sensex up 300 pts; Voda Idea tanks 20%, PSBs dip after AGR verdict
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MARKET LIVE | Markets | GDP data
SI Reporter |
Last Updated at September 1, 2020 12:30 IST
EVENT HIGHLIGHTS
The benchmark indices were trading higher on Tuesday after the Supreme Court ruled that telecom companies will be allowed 10 years for staggered payment of adjusted gross revenue (AGR) dues.
The apex court said the 10-year payment timeline will begin from April 1, 2021. Moreover, the telecom companies will have to pay 10 per cent of the dues by March 31, 2021
The S&P BSE Sensex hovered around 38,920 levels, up 200 points, after briefly reclaiming the 39,000-level earlier in the session. The Nifty50 index was trading around 11,420 levels. IndusInd Bank (up 4%), Tata steel, State Bank of India, and Bajaj Finance (all up 2%) were the top Sensex gainers. On the other hand, ONGC dipped 3 per cent.
Among telecom stocks, Vodafone Idea tanked as much as 20 per cent while Bharti Airtel surged 6 per cent post the AGR verdict.
The trend among all the Nifty sectoral indices was mixed, with the Nifty PSU Bank index trading 2 per cent lower.
In the broader market, the S&P BSE MidCap index was ruling 1.4 per cent higher, and the SmallCap index was up 0.6 per cent.
The apex court said the 10-year payment timeline will begin from April 1, 2021. Moreover, the telecom companies will have to pay 10 per cent of the dues by March 31, 2021
The S&P BSE Sensex hovered around 38,920 levels, up 200 points, after briefly reclaiming the 39,000-level earlier in the session. The Nifty50 index was trading around 11,420 levels. IndusInd Bank (up 4%), Tata steel, State Bank of India, and Bajaj Finance (all up 2%) were the top Sensex gainers. On the other hand, ONGC dipped 3 per cent.
Among telecom stocks, Vodafone Idea tanked as much as 20 per cent while Bharti Airtel surged 6 per cent post the AGR verdict.
The trend among all the Nifty sectoral indices was mixed, with the Nifty PSU Bank index trading 2 per cent lower.
In the broader market, the S&P BSE MidCap index was ruling 1.4 per cent higher, and the SmallCap index was up 0.6 per cent.
Results today
Apart from these, a total of 37 companies including ONGC, Shalimar Paints are scheduled to announce their June quarter earnings today which might induce stock-specific moves.
Apart from these, a total of 37 companies including ONGC, Shalimar Paints are scheduled to announce their June quarter earnings today which might induce stock-specific moves.
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