MARKET WRAP: Indices end flat, Sensex slips 38 pts; Airtel rebounds, up 3%
All that happened in markets today.
 "Mumbai Police's Economic Offences Wing fresh notices to 300 NSEL brokers")
Benchmark indices ended flat with negative bias on Thursday amid selling in financial, IT and auto counters. Although, the session did witness some stellar stock-specific performances, the broader market remained weak. That apart, telecom companies came under heavy pressure during the day after the Supreme Court (SC) rejected their appeal against the Union government’s definition of Adjusted Gross Revenue (AGR). READ MORE
Although, Bharti Airtel made a smart comeback after slipping 10 per cent in the intra-day deals, Vodafone Idea plummeted over 23 per cent to Rs 4.33 apiece on the BSE. CLICK TO READ EXPERTS' TAKE
The S&P BSE Sensex lost 38 points or 0.10 per cent to end at 39,020, with Bharti Airtel (up over 3 per cent) being the top gainer and YES Bank (down nearly 6 per cent) the biggest loser.
In the broader market, the S&P BSE MidCap index lost 57 points or 0.39 per cent to settle at 14,339 levels and the S&P BSE SmallCap index closed at 13,204, down 19 points or 0.14 per cent.
Market breadth was in favour of declines as out of 2,619 companies traded on the BSE, 1,382 declined and 1,074 advanced while 163 remained unchanged.
On the NSE, the broader Nifty50 index settled at 11,583, down 22 points or 0.19 per cent. Among the sectoral indices, all but realty stocks ended in the red. Nifty Realty gained nearly 1 per cent to end at 263.90 levels. PSU Bank stocks slipped the most, followed by private banks. The Nifty PSU Bank lost 3.45 per cent to close at 2,228.35.
BUZZING STOCKS
Reliance Industries hit a new high of Rs 1,441 apiece on the BSE. At close, the stock stood at Rs 1,436, up over 3 per cent. Other heavyweights such as HCL Technologies (HCL Tech) and Asian Paints, too, gained in the trade. HCL Tech ended at Rs 1,119 on the BSE, up over 2 per cent, Asian Paints rose over 1 per cent to 1,791 on the BSE.
Among others, shares of state-owned Mahanagar Telephone Nigam Limited (MTNL) advanced 5 per cent to Rs 6.19 apiece on the BSE after the Cabinet on Wednesday approved a Rs 70,000 crore relief package for the company and for Bharat Sanchar Nigam Ltd (BSNL). While approving the package for the two financially stressed entities, the Union Cabinet also drew up a timeline to merge them.
GLOBAL MARKETS
Asian shares pulled ahead on Thursday as corporate earnings and a ceasefire in northern Syria helped prop up sentiment, though the backdrop of trade and Brexit uncertainties was enough to prevent a decisive shift towards riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3 per cent with Japan’s Nikkei finishing up 0.55 per cent after hitting a one-year high. Australian shares climbed 0.3 per cent. Chinese shares did open higher but soon erased those gains with the blue-chip index easing 0.3 per cent.
In commodities, oil prices slipped. Brent crude futures fell 17 cents, or 0.3 per cent, to $61 a barrel. West Texas Intermediate (WTI) crude futures dropped 32 cents, or 0.6 per cent, to $55.65 per barrel.
(With inputs from Reuters)
3:48 PM
Telecom stocks end mixed
(S&P BSE Telecom index; Source: BSE)
3:47 PM
Nifty snapshot
3:46 PM
Infosys contributes most to Sensex's fall today
3:45 PM
Sensex heat map :: Bharti Airtel stages a sharp rebound
3:41 PM
![]()
CLOSING BELL
The S&P BSE Sensex ended at 39,020, down 38 points or 0.10 per cent while NSE's Nifty50 index lost 22 points or 0.19 per cent to end at 11,583.
3:24 PM
Top 5 losers on the BSE
3:07 PM
RIL hits new high in the trade today
2:54 PM
MARKET CHECK | Bharti Airtel recovers from day's low; up 3%
2:41 PM
![]()
Lower taxes may help home-grown hedge funds attract corporate money
The recent cut in corporation tax rates could help open a door to more capital for the beleaguered domestic hedge fund industry.
Companies under the minimum alternate tax (MAT) regime earlier had to pay a tax on gains on investments in such hedge funds. Those shifting to the lower non-MAT regime would no longer have to pay this additional tax on gains through investment in such funds, potentially making it a more attractive route for corporate capital, according to experts. READ MORE
2:33 PM![]()
SBI Q2 preview | Stake sale in SBI Life to aid performance; slippages eyed
State Bank of India (SBI), which is scheduled to report its September quarter earnings for financial year 2019-20 (Q2FY20) on Friday, October 25, is expected to post a decent set of numbers with gains from the stake sale in SBI Life to compensate for any negative earnings’ impact due to mark-down of deferred tax asset (DTA). READ FULL PREVIEW HERE
2:28 PM![]()
NEWS ALERT | Availability of finance significantly lower: Maruti
-- Goa is the only state that rolled back registration fees
2:23 PM
Sectoral trends at NSE at this hour
2:10 PM
![]()
FPIs bullish on insurance stocks; holding touches new high in Sep quarter
Foreign portfolio investors (FPIs) lapped up insurance-sector stocks in the July-September quarter this year, with their holdings in these companies rising by one to four percentage points during the period.
So far this calendar year (CY19), FPIs’ stake in SBI Life Insurance has risen to 23.72 per cent from 4.87 per cent at the end of the December 2018 quarter. Their holding in ICICI Lombard has increased to 20.84 per cent from 12.22 per cent, and in HDFC Life to 15.94 per cent from 8.23 per cent during the same period, show data. READ MORE
1:58 PM
Market check
1:57 PM![]()
Airtel, Voda-Idea tumble up to 20% as SC rejects telcos' definition of AGR
Shares ot telecom companies Bharti Airtel and Vodafone-Idea came under heavy pressure in the afternoon trade on Thursday after the Supreme Court (SC) rejected telcos' definition of adjusted gross revenue (AGR). The apex court, on the other hand, upheld the Department of Telecommunications (DoT)'s view that other than termination fee and roaming charges, all revenue accruing to telcos are to be included in AGR, CNBC TV-18 reported. READ MORE
Topics : Markets MARKET WRAP
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Oct 24 2019 | 7:11 AM IST
