Indian Indices Extend Gains; Bharti Airtel and ONGC Surge Over 7%

Tue, 19 May 12:30 pm

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Share markets in India are presently trading on a strong note. Benchmark indices extended gains, tracking firm cues from global markets and the initial success in coronavirus vaccine trials.

Data from Moderna's vaccine showed it produced protective antibodies in a small group of healthy volunteers.

The BSE Sensex is trading up by 569 points, up 1.9%, while the NSE Nifty is trading up by 165 points.

The BSE Mid Cap index is trading up by 1.4%, while the BSE Small Cap index is trading up by 0.7%.

On the sectoral front, gains are largely seen in the telecom sector, finance sector, and banking sector.

The rupee is trading at 75.62 against the US$.

Gold Prices are currently trading up by 0.1% at Rs 46,710.

Note that the coronavirus impact has shaken markets worldwide. For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

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Naturally, there is an atmosphere of fear all round.

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Moving on, market participants are tracking Bajaj Finance share price, Nesco share price and Sanofi India share price as these companies are scheduled to announce their March quarter results (Q4FY20) later today.

In news from the telecom sector, shares of Bharti Airtel surged 10% intraday today to hit a record high of Rs 591.95 on the BSE after the company reported 15.1% year-on-year (YoY) growth in its consolidated revenue at Rs 237.2 billion for Q4FY20.

Shares of the company surged today as brokerages stayed upbeat on the scrip even after the telco reported a surprise Rs 52.4 billion loss for March quarter.

The telecom operator said it took a hit from an exceptional item of Rs 70 billion in the quarter, which comprised mainly of a charge on account of reassessment of regulatory cost based on a recent judgment on one-time spectrum charge (OTSC)-related matter.

Bharti Airtel's consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) witnessed an increase of 51.7% YoY to Rs 103.3 billion in Q4FY20.

The company's domestic revenues reported a strong 14.4% YoY jump at Rs 174.4 billion during the quarter.

Mobile revenues witnessed a YoY growth of 21.8% primarily led by increase in 4G customer base coupled with improved tariffs.

Subscriber additions for the quarter were flat sequentially at 284 million, but 4G subscriptions grew 10% to 136 million.

The company delivered a strong 25.2% YoY growth in average revenue per user (ARPU) at Rs 154, as against Rs 123 in the same period last year. Sequentially, the ARPU rose 14.3% from Rs 135.

Bharti Airtel share price is presently trading up by 8.7%.

Moving on to news from the oil & gas sector, shares of oil and gas companies are in focus today as crude oil prices extended gains into the fourth straight session, amid signs that producers are cutting output as demand picks up.

Shares of ONGC, Oil India, Petronet LNG, and Indraprastha Gas are trading up in the range of 3-7%.

On Monday, oil prices jumped to their highest in over two months. Brent Crude futures for July delivery rose US$ 2.31, or 7%, to US$ 34.81 a barrel, while US West Texas Intermediate (WTI) crude rose US$ 2.39, or 8%, to US$ 31.82.

As per a Reuters report, oil markets were boosted by signs that output cuts agreed by the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia, a group known as OPEC+, are being implemented on the ground.

Bullish oil investors have also become more optimistic as Saudi Arabia said it would cut an extra 1 million barrels a day in June, with the United Arab Emirates and Kuwait also contributing more than their targeted reductions.

Note that last month, crude oil futures crashed and briefly went to negative prices, implying that investors would need to pay buyers to take delivery of crude oil amid dwindling storage space.

What effects crude oil prices have on Indian stocks markets and the Indian economy remains to be seen. Meanwhile we will keep you updated on the latest developments from this space.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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