Benchmark indices end mixed; RIL saves the day

The broader NSE Nifty ended 3.15 points down.

Market benchmarks Sensex and Nifty ended on a mixed note after a volatile session on Friday, with gains in Reliance Industries offsetting losses in other heavyweights HDFC, ICICI Bank and TCS.

After hitting a record intra-day high of 42,063.93, the 30-share BSE Sensex settled 12.81 points, or 0.03%, higher at 41,945.37.

The broader NSE Nifty, however, ended 3.15 points, or 0.03%, down at 12,352.35.

On the Sensex chart, Bharti Airtel was the top gainer, rallying 5.47%, after experts said the Supreme Court’s rejection of a review of its order that put ₹1.47 lakh crore liability of past dues on telcos, will weaken Vodafone Idea’s ability to compete in the Indian market; in turn, providing an opportunity for Bharti Airtel and Reliance Jio to gain market share.

Shares of Vodafone Idea plunged 25.21%.

Ahead of their quarterly earnings, Reliance Industries and HCL Tech advanced up to 2.79%, while TCS fell 0.79%.

Heavyweight HDFC dropped 1.23%.

In percentage terms, IndusInd Bank, SBI, HDFC, ICICI Bank and L&T were among the top losers.

On the contrary, Bharti Airtel, Reliance, Sun Pharma, HCL Tech and Maruti Suzuki emerged as major gainers.

According to traders, domestic investors are awaiting directional cues from key corporate results for cues amid concerns over higher bank non-performing assets and a spike in retail inflation.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended higher. European markets also started on a positive note.

Brent crude oil futures rose 0.36% to USD 64.86 per barrel.

The rupee depreciated 11 paise to 71.04 per US dollar (intra-day).

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Printable version | Feb 24, 2020 6:43:18 PM |

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