Sensex Ends Flat; Telecom and Energy Stocks Witness Selling

Tue, 30 Jun Closing

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After opening the day on a positive note, Indian share markets witnessed selling pressure during closing hours today and ended marginally lower.

Benchmark indices gave up early gains in the last hour of trading, amid negative opening in European markets and weakness in SGX nifty.

In opening trade today, the BSE Sensex rose over 200 points tracking gains from global counterparts that were buoyed by positive macroeconomic numbers in US and China.

At the closing bell, the BSE Sensex stood lower by 46 points. The NSE Nifty closed down by 10 points.

SGX Nifty was trading at 10,259, up by 4 points, at the time of writing.

The BSE Mid Cap index ended the day down by 0.2%, while the BSE Small Cap index ended down by 0.8%.

Sectoral indices ended on a mixed note with stocks in the telecom sector and energy sector witnessing selling pressure.

Automobile stocks, on the other hand, witnessed buying interest.

Asian stock markets rose today after data showed China's manufacturing sector grew more than expected in June, a hopeful sign for a global economy still struggling to recover from the sweeping impact of the coronavirus crisis.

Sentiment in the region, which got a boost from overnight gains on Wall Street thanks to strong housing data, got a further lift from a survey in China showing a quickening in activity in its vast factory sector.

As of the most recent closing prices, the Nikkei ended 1.3% higher, while the Shanghai Composite ended up 0.8%. The Hang Seng ended up by 0.5%.

The rupee is trading at 75.51 against the US$.

Gold prices are trading up by 0.2% at Rs 48,347.

Speaking of the current stock market scenario, the last few months have witnessed the kind of shifts that most investors would recall as once in a lifetime.

The Sensex is up 34% from the lows in March 2020. At that time, it had declined by over 20%. That seemed to suggest the start of a bear market.

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Moving on, market participants were tracking Vodafone Idea share price.

Shares of the company dipped as much as 5% today, ahead of the announcement of the March quarter results for FY20.

Brokerages are expecting around 6% growth in Vodafone Idea's Q4 revenue on a sequential basis, on the back of 12% rise in average revenue per user (ARPU). While loss is expected to narrow for the quarter, the company may perform well on the operational front.

In news from the realty sector, Omaxe was among the top buzzing stocks today.

Shares of the company were locked in the 20% lower circuit limit for second straight day today.

Omaxe, which was scheduled to announce its January-March quarter (Q4FY20) earnings on June 29, has postponed the same by one month.

The company informed the stock exchange that the board of directors of the company is now scheduled to meet on July 29, 2020 to approve the Q4 results.

The board will also consider and recommend dividend on preference shares and equity shares. It will also approve the enabling resolution for shareholder's approval to undertake fund raising activity.

The stock of the real estate developer was trading at its 52-week low price and has tanked 36% in the past two trading days.

It hit a 52-week high of Rs 222 last week, in intra-day trade on the BSE.

Moving on to news from the power sector, state-run power producer SJVN on Monday reported a 13% decline in consolidated net profit to Rs 4 billion for the January-March quarter compared to the year-ago period.

The consolidated net profit was Rs 4.6 billion in the quarter ended on March 31, 2019.

Total income in the quarter declined to Rs 7 billion from Rs 8.7 billion in the same period last year.

For the year ended 2019-20, the company's consolidated net profit rose to Rs 16.6 billion, from Rs 13.7 billion in 2018-19.

The board has recommended a final dividend of Rs 0.50 per share of 10 each for 2019-20 subject to the approval of shareholders in the ensuing Annual General Meeting.

The final dividend is in addition to the interim dividend of Rs 1.70 per equity share for 2019-20 paid in the month of February 2020.

The company has also approved a consolidated one-time rebate of Rs 578.2 million to the DISCOMs and Power Departments of States/Union Territories for the lockdown period.

SJVN share price ended the day down by 2%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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