Friday, February 14, 2020

BANKS & VODAFONE IDEA BLEED ON AGR RULING


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Today market started strongly but after the Supreme Court's decision on AGR all the gains were evaporated. The Nifty has fallen 61 points to close at 12113,which was the day's low. At the same time, the Sensex fell 202 points to close at 41258 & Midcap  stocks down 146 points to close at 17979. At the same time, Bank Nifty fallen 395 points to close at 30835.Selling pressure created due to exposure of banks to telecom companies received a setback from the Supreme Court. Today, they will have to pay AGR amount. Shares of telecom companies fell following the scolding by the court. Vodafone Idea crashed 23 % Bharti Infratel 5% but investor confidence in Bharti Airtel was up 4% to a new high. Bank shares have put pressure on the market following the SC order on AGR, HDFC BANK, SBI has more decline. IndusInd Bank was down 2 % while IDFC Bank dipped 1.71 %. Except YES Bank, all constituent of the index were in the red.
TOP GAINERS-YESBANK, BHARTIAIRTEL, UPL, ZEEL, RELIANCE
TOP LOSERS- SBIN, ITC,M&M,GAIL,INFRATEL

2 comments:

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