Sensex closes 200 points lower; exposure to telcos weighs on banks4 min read . Updated: 17 Feb 2020, 03:45 PM IST
- 17 of 30 Sensex stocks in red
- BSE MidCap 143 points down
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The benchmark indices closed lower for third straight day. Sensex closed 0.5% lower at 41,055.69. Nifty slipped 0.6% to 12,045.80.
Shares of ONGC Ltd fell 3%. The state-owned firm on Friday reported a 50% year-on-year decline in its December quarter net profit after it faced the double whammy of falling oil and gas prices and a drop in production.
Creditors to Dewan Housing Finance Corp Ltd will meet on 20 February to discuss, among other issues, the expressions of interest received from prospective investors.
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The tougher the Supreme Court has acted against India’s telcos, the higher shares of Bharti Airtel Ltd have risen. Ever since it ruled that telcos need to shell out hefty payouts to the government, on account of license fee dues and penalties, Airtel shares have risen by about 57%.
In the past one year, Airtel shares have doubled, making it the biggest gainer among Nifty stocks.
The National Company Law Appellate Tribunal (NCLAT) on Monday rejected the pleas challenging the sale of bankrupt steel maker Bhushan Power and Steel Ltd (BPSL) to JSW Steel Ltd, paving the way for the latter to complete the process of its impending acquisition.
The Securities and Exchange Board of India (Sebi) board meeting is set to consider a number of important agendas on Monday. This event is also important as it is the last full board meeting under chairman Ajay Tyagi.
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Nifty Bank index fell 0.25% while BSE Bankex was 0.29% down following SC's Friday order on AGR dues.
Punjab National Bank fell 2.40%, Bank of India slipped 1.4%, while State Bank of India edged down 1.7%.
Indian banks are burdened with nearly $140 billion of bad loans and face another huge hit if Vodafone Idea is forced into bankruptcy.
Bharti Airtel Limited on Monday paid ₹10,000 crore to department of telecommunications (DoT) as part payment of its adjusted gross revenue (AGR) dues. The company is currently in the process of determining the total quantum of the money it needs to pay DoT for the dues.
As per DoT calculations, Bharti Airtel has to pay ₹35,586 crore to the government.
The rupee declined by 10 paise to 71.47 against the US dollar in opening trade, amid sustained foreign fund outflows and weak opening in domestic equities.
Bajaj Finance Ltd on Monday beat State Bank of India to enter into India's elite top 10 most valued firm after former shares rose nearly 12% so far this year.
Bajaj Finance had a market capitalization of ₹2.87 trillion, after its shares were traded at ₹4773.85 on BSE, 0.1% higher. Bajaj Finance now ranks at the tenth position, and has replaced in the top 10 to State Bank of India with market cap of ₹2.81 trillion.
Among sectoral indices oil and gas, energy, power, and metal traded lower, while consumer durable, IT and FMCG were up.
Godrej Properties Ltd on Monday said it will acquire 26.58 acres of prime property in the national capital for ₹1,359 crores.
At 0943am, shares of Godrej Properties were down 0.5% at ₹1,135 rupees on the BSE.
Oil prices also fell in Asian trade on Monday as investors worried about the impact of coronavirus outbreak on demand. Brent crude was down 33 cents at $56.99 a barrel. US West Texas Intermediate was fell 13 cents to $51.92.
In early deals today, the Singapore traded SGX Nifty fell 0.2% to 12,105 points indicating a subdued start for the India's Nifty.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1% to 555.50, easing further from last week's top of 558.30, which was the highest since late January.
US stocks posted mixed results on Friday. The benchmark Dow Jones closed down 0.1% at 29,398.08 points. The Nasdaq posted a gain of 0.2% at 9,731.18 points, while the broad-based S&P 500 also rose 0.2 percent to 3,380.16 points.