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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Nifty trades near 10,800 mark
(14:30, 22 Aug 2019)

Key benchmark indices hit fresh intraday low in mid-afternoon trade. The Nifty slipped below the 10,900 mark in the morning trade and was now trading near 10,800 level. At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 341.82 points or 0.92% at 36,718.55. The Nifty 50 index was down 115.05 points or 1.05% at 10,803.65.

Losers outpaced gainers. On the BSE, 502 shares rose and 1845 shares fell. A total of 118 shares were unchanged. The S&P BSE Mid-Cap index was down 0.83%. The S&P BSE Small-Cap index fell 1.70%.

NMDC was down 7%. The company said today that it filed revision petition on 19 August 2019, before Mines Tribunal challenging the order letter of Govt. of Karnataka withdrawing the extension of Mining Lease of Donimalai Iron Ore Mine for a period of 20 years with effect from November 2018 to November 2038. The company added that Mines Tribunal (Central Government) has issued a stay order against decision of Karnataka Government.

Dewan Housing Finance Corporation fell 8.88%. Reports suggest that lenders of the troubled NBFC are eyeing a 51 percent stake in the company by converting a part of debt into equity.

Telecom shares were under pressure with the sector barometer, the BSE Telecom index, sliding 0.89%.

Telecom major Bharti Airtel was up 0.07% to Rs 354.90. Vodafone Idea was down 3.76% to Rs 5.37

MTNL, Tata Teleservices (Maharashtra) and Reliance Communications fell by 4.53% to 12.59%

According to a latest update from the Telecom Regulatory Authority of India (TRAI), the total number of wireless data subscribers increased from 424.02 million at the end of year 2017 to 578.20 million at the end of the year 2018 with yearly growth rate of 36.36%. The number of wireless data subscribers was 281.58 million at the end of the year 2014. The volume of total wireless data usage increased from 20,092 million GB during the year 2017 to 46,404 million GB during the year 2018 with yearly growth of 131%. The volume of total wireless data usage was 828 million GB during the year 2014.

Total revenue collected from wireless data usage was Rs 54,671.44 crore (excluding rental revenue) in the year 2018 as compared to Rs 38,882 crore in the year 2017. The volume of average wireless data usage per wireless data subscriber per month has increased from 4.13 GB during the year 2017 to 7.69 GB during the year 2018. Average revenue per wireless data subscribers (data ARPU) per month increased from Rs 79.98 in the year 2017 to Rs 90.61 in the year 2018. It was recorded Rs 71.25 per wireless data subscriber per month in the year 2014.

Tata Motors was down 3.96% to Rs 107.85, extending yesterday's 9.29% slump triggered by China's Geely Automobile Holdings announcing on Wednesday that its first-half net profit declined 40% amid a sustained downturn in the world's biggest auto market, and it forecast an uncertain outlook for vehicle demand for the rest of the year. The group is China's highest profile car maker globally, due to its investments in Volvo and Daimler. China is a big market for Tata Motors.

Cement stocks fell across the board. Ambuja Cements (down 1.59%), Ultratech Cement (down 1.25%), ACC (down 0.44%) and Grasim Industries (down 0.02%) declined.

In the commodities market, Brent crude for October 2019 settlement was up 17 cents at $60.47 a barrel. The contract rose 27 cents or 0.45% to settle at $60.30 a barrel during the previous trading session.

MCX Gold futures for 4 October 2019 settlement rose 0.13% at Rs 38,044

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.9100, compared with its close of 71.5525 during the previous trading session.

The yield on 10-year benchmark federal paper fell to 6.552% at 14:24 IST compared with 6.560% at close in the previous trading session.

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