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MARKET LIVE: Indices volatile; telecom stocks gain ahead of AGR verdict
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MARKET LIVE | Markets | GDP data
SI Reporter |
Last Updated at September 1, 2020 10:15 IST
EVENT HIGHLIGHTS
The benchmark indices were trading flat with a positive bias in Tuesday's volatile session ahead of the Supreme Court's verdict on the AGR matter.
The Supreme court is set to deliver decisions on three key issues: the tenure for staggered payment of AGR dues, whether or not Reliance Jio has to pay the hefty AGR dues bill of Rcom, and Bharti Airtel, that of Aircel and Videocon. And three, whether banks can, as creditors, transfer spectrum to a new buyer under IBC, without first taking cognizance of the dues of the government. READ MORE
The S&P BSE Sensex hovered around 38,690 levels, up 50 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 and Bharti Airtel rose as much as 7 per cent and 1 per cent, respectively.
The trend among all the Nifty sectoral indices was positive, led by Nifty Metal index, up 1.5 per cent.
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 Supreme court is set to deliver decisions on three key issues: the tenure for staggered payment of AGR dues, whether or not Reliance Jio has to pay the hefty AGR dues bill of Rcom, and Bharti Airtel, that of Aircel and Videocon. And three, whether banks can, as creditors, transfer spectrum to a new buyer under IBC, without first taking cognizance of the dues of the government. READ MORE
The S&P BSE Sensex hovered around 38,690 levels, up 50 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 and Bharti Airtel rose as much as 7 per cent and 1 per cent, respectively.
The trend among all the Nifty sectoral indices was positive, led by Nifty Metal index, up 1.5 per cent.
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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